Financial Performance Analysis of Renewable Energy Sector Companies: An Application at Borsa Istanbul

With minimizing the destruction of conventional energy resources over the atmosphere and undertaking projects that have been developed to benefit more from alternative energy sources, the focus has been on increasing the number of companies with renewable energy production. In the context of energy efficiency, the utilization of resources by placeable to efficient areas has been supported by public subsidies, investments are predictable, offer regular cash flow and the high expectations of profitability have fueled the interest of private sector companies in the renewable energy field. For reasons such as new investments, the provision of needed working capital, and the liquidation of existing debts, the number of renewable energy companies traded publicly as the Stock Exchange Istanbula quote has begun to rise. The aim of this study is to analyze the financial performance of renewable energy companies traded in the Stock Exchange Istanbul listing from 2018 to 2021 using the Bulut Indices, Topsis and Aras methods, and to integrate the results of the Copeland process. The study analyzed relations between performance ranking results of related methods with Spearman rho correlation. The results of the integrated new financial performance rankings were found to produce relatively reliable results for 2020 and 2021, compared to 2018 and 2019 for the performance rankings of the respective companies. The study found that the best performing companies were Gesan, Smart, and Sayas, with Pamel, Huner and Aydem among the lowest performing companies.