{"id":325680,"date":"2025-07-31T22:41:17","date_gmt":"2025-07-31T22:41:17","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/stock-repurchase-2\/"},"modified":"2025-07-31T22:41:17","modified_gmt":"2025-07-31T22:41:17","slug":"stock-repurchase","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/","title":{"rendered":"Hisse Geri Al\u0131mlar\u0131: Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar Ibovespa \u00dczerinde %14,3 Getiri Nas\u0131l Elde Edebilir?"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":45,"featured_media":192179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[28,39,45,44],"class_list":["post-325680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading","tag-investment","tag-platform","tag-stock","tag-strategy"],"acf":{"h1":"Pocket Option Hisse Geri Al\u0131mlar\u0131: 2024'te Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar i\u00e7in Kan\u0131tlanm\u0131\u015f Stratejiler","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option Hisse Geri Al\u0131mlar\u0131: 2024'te Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar i\u00e7in Kan\u0131tlanm\u0131\u015f Stratejiler"},"description":"Hisse geri al\u0131m\u0131 nedir ve bu mekanizma 2023 y\u0131l\u0131nda B3'te nas\u0131l 37 milyar R$ de\u011fer yaratt\u0131? Brezilya pazar\u0131nda getirilerinizi maksimize etmek i\u00e7in Pocket Option ile \u00f6zel stratejileri hemen ke\u015ffedin.","description_source":{"label":"Description","type":"textarea","formatted_value":"Hisse geri al\u0131m\u0131 nedir ve bu mekanizma 2023 y\u0131l\u0131nda B3'te nas\u0131l 37 milyar R$ de\u011fer yaratt\u0131? Brezilya pazar\u0131nda getirilerinizi maksimize etmek i\u00e7in Pocket Option ile \u00f6zel stratejileri hemen ke\u015ffedin."},"intro":"Hisse geri al\u0131mlar\u0131n\u0131 anlamak, Ibovespa'y\u0131 s\u00fcrekli olarak a\u015fmay\u0131 hedefleyen yat\u0131r\u0131mc\u0131lar i\u00e7in temeldir. 2020'den bu yana Brezilya pazar\u0131nda 127 milyar R$'l\u0131k hareketten sorumlu olan bu kurumsal mekanizma, stratejik analizini ustal\u0131kla yapan yat\u0131r\u0131mc\u0131lar i\u00e7in g\u00f6sterge endekslerinden %12,7 daha y\u00fcksek getiri sa\u011flam\u0131\u015ft\u0131r.","intro_source":{"label":"Intro","type":"text","formatted_value":"Hisse geri al\u0131mlar\u0131n\u0131 anlamak, Ibovespa'y\u0131 s\u00fcrekli olarak a\u015fmay\u0131 hedefleyen yat\u0131r\u0131mc\u0131lar i\u00e7in temeldir. 2020'den bu yana Brezilya pazar\u0131nda 127 milyar R$'l\u0131k hareketten sorumlu olan bu kurumsal mekanizma, stratejik analizini ustal\u0131kla yapan yat\u0131r\u0131mc\u0131lar i\u00e7in g\u00f6sterge endekslerinden %12,7 daha y\u00fcksek getiri sa\u011flam\u0131\u015ft\u0131r."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Hisse geri al\u0131m\u0131 nedir ve Brezilyal\u0131 \u015firketler neden 2024'te bu stratejiye R$55 milyar yat\u0131r\u0131m yapt\u0131?<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hisse geri al\u0131m\u0131, B3 \u00fczerinde do\u011frudan etkisi olan stratejik bir karar\u0131 temsil eder ve Brezilyal\u0131 \u015firketler 2024'\u00fcn sadece ilk \u00e7eyre\u011finde R$55 milyar yat\u0131r\u0131m yapm\u0131\u015ft\u0131r. Bu s\u00fcre\u00e7, bir \u015firketin mevcut nakit paras\u0131n\u0131 kendi hisselerini sat\u0131n almak i\u00e7in kulland\u0131\u011f\u0131nda ger\u00e7ekle\u015fir, bu da dola\u015f\u0131mdaki hisse say\u0131s\u0131n\u0131 azalt\u0131r ve Econom\u00e1tica verilerine g\u00f6re duyurudan sonraki alt\u0131 ay i\u00e7inde piyasa de\u011ferini potansiyel olarak %12-15 art\u0131rabilir.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hisse geri al\u0131m program\u0131, y\u00f6netim hisselerini d\u00fc\u015f\u00fck de\u011ferli g\u00f6rd\u00fc\u011f\u00fcnde veya operasyonel yat\u0131r\u0131mlardan daha y\u00fcksek getiri sa\u011flayabilecek fazla sermaye tespit etti\u011finde g\u00fcven sinyali verir. Volatil Brezilya pazar\u0131nda f\u0131rsatlar arayan Pocket Option yat\u0131r\u0131mc\u0131lar\u0131 i\u00e7in bu mekanizma, \u00f6zellikle bankalar ve kamu hizmetleri gibi g\u00fc\u00e7l\u00fc nakit \u00fcretimi olan sekt\u00f6rlerde potansiyel de\u011fer art\u0131\u015f\u0131n\u0131n erken bir g\u00f6stergesi olarak \u00e7al\u0131\u015f\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Brezilya d\u00fczenleyici ba\u011flam\u0131nda, hisse geri al\u0131m\u0131, 567\/2015 say\u0131l\u0131 Talimat arac\u0131l\u0131\u011f\u0131yla s\u0131k\u0131 s\u0131n\u0131rlar koyan ve Maddi Ger\u00e7ek arac\u0131l\u0131\u011f\u0131yla derhal a\u00e7\u0131klama gerektiren Menkul K\u0131ymetler ve Borsa Komisyonu'ndan (CVM) \u00f6n onay gerektirir. \u015eirketler, maksimum hacmi (serbest dola\u015f\u0131mdaki hisselerin %10'u ile s\u0131n\u0131rl\u0131), uygulama s\u00fcresini (genellikle 3-18 ay) ve fon kayna\u011f\u0131n\u0131 belirtmelidir, b\u00f6ylece g\u00fcnl\u00fck R$22 milyar hareket eden bir piyasada \u015feffafl\u0131k sa\u011flan\u0131r.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Geri al\u0131m nedeni<\/th><th>Brezilya piyasas\u0131 \u00fczerindeki \u00f6l\u00e7\u00fclebilir etki<\/th><th>Yat\u0131r\u0131mc\u0131lar i\u00e7in sinyal<\/th><\/tr><\/thead><tbody><tr><td>D\u00fc\u015f\u00fck de\u011ferli hisseler (Sekt\u00f6r ortalamas\u0131n\u0131n alt\u0131nda F\/K)<\/td><td>Duyurudan sonraki 6 ayda ortalama %14.3 de\u011fer art\u0131\u015f\u0131 (Kaynak: Economatica, 2023)<\/td><td>Y\u00f6netim, mevcut fiyat\u0131n %25-30 \u00fczerinde de\u011fer projekte ediyor<\/td><\/tr><tr><td>Fazla nakit (&gt;%30 piyasa de\u011feri)<\/td><td>Ertesi y\u0131l ROE'de ortalama %2.8 art\u0131\u015f<\/td><td>18-24 ayl\u0131k resesyon d\u00f6ng\u00fcs\u00fcne dayanacak yeterli likidite<\/td><\/tr><tr><td>Hisse senedi opsiyonlar\u0131yla seyrelmenin telafisi<\/td><td>Analiz edilen vakalar\u0131n %92'sinde seyreltici etkinin n\u00f6tralizasyonu<\/td><td>Uzun vadeli \u00e7\u0131karlarla uyumlu y\u00f6netici tazminat politikas\u0131<\/td><\/tr><tr><td>Hisselerle y\u00f6netici tazminat\u0131<\/td><td>Programlar ve Ibovespa'dan \u00fcst\u00fcn performans aras\u0131nda 0.76 korelasyon<\/td><td>Y\u00f6netim, oyunun i\u00e7inde: Tazminat\u0131n %18-25'i performansa ba\u011fl\u0131<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Brezilyal\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in hisse geri al\u0131mlar\u0131n\u0131n \u00f6l\u00e7\u00fclebilir faydalar\u0131 ve riskleri<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Brezilyal\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in hisse geri al\u0131mlar\u0131, XP Investimentos'un bir ara\u015ft\u0131rmas\u0131na g\u00f6re 2020-2023 aras\u0131nda Ibovespa'n\u0131n \u00fczerinde ortalama %8.7 ek getiri sa\u011flad\u0131. Pocket Option, geri al\u0131m programlar\u0131yla ili\u015fkili hacim kal\u0131plar\u0131n\u0131 tespit eden \u00f6zel teknik analiz ara\u00e7lar\u0131 sunarak yukar\u0131 y\u00f6nl\u00fc hareket konsolide olmadan \u00f6nce ideal giri\u015f noktas\u0131n\u0131n belirlenmesine olanak tan\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Hisse geri al\u0131mlar\u0131n\u0131n \u00f6l\u00e7\u00fclebilir faydalar\u0131<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Brezilyal\u0131 \u015firketler tutarl\u0131 geri al\u0131m programlar\u0131 uygulad\u0131\u011f\u0131nda, yat\u0131r\u0131m kararlar\u0131n\u0131 etkileyen be\u015f temel \u00f6l\u00e7\u00fctte do\u011frudan etki g\u00f6zlemlenir:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Faria Lima Research \u00e7al\u0131\u015fmas\u0131na g\u00f6re, program\u0131 takip eden 12 ayda hisse ba\u015f\u0131na kazan\u00e7ta (EPS) ortalama %7.3 art\u0131\u015f<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Program\u0131n tam duyurusundan sonraki 180 g\u00fcnde hisse fiyat\u0131nda ortalama %14.3 de\u011fer art\u0131\u015f\u0131, Ibovespa'y\u0131 %5.8 puan geride b\u0131rak\u0131yor<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>2022 siyasi krizi s\u0131ras\u0131nda g\u00f6zlemlendi\u011fi gibi piyasa stres d\u00f6nemlerinde %22 volatilite azalmas\u0131<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Analiz edilen vakalar\u0131n %85'inde ROE'de (\u00d6zsermaye Getirisi) tutarl\u0131 %2.1 puan iyile\u015fme<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Program\u0131n aktif y\u00fcr\u00fct\u00fclmesi s\u0131ras\u0131nda g\u00fcnl\u00fck i\u015flem hacminde ortalama %18.5 art\u0131\u015f<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Brezilya piyasas\u0131, 2020'den bu yana hisse geri al\u0131m programlar\u0131nda R$127 milyar kaydetti ve bankac\u0131l\u0131k segmentine vurgu yapt\u0131. \u00d6rne\u011fin, Ita\u00fasa, 2021-2023 aras\u0131nda R$2.8 milyar geri al\u0131m ger\u00e7ekle\u015ftirdi, bu d\u00f6nemde hisseleri %47.3 de\u011fer kazand\u0131 ve Ibovespa'y\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde geride b\u0131rakt\u0131. Ambev, 2022'de geri al\u0131mlar i\u00e7in R$1.4 milyar yeniden tahsis etti, bu d\u00f6nemde hisseleri tarihsel ortalaman\u0131n %30 alt\u0131nda bir F\/K ile i\u015flem g\u00f6r\u00fcyordu ve bu, pozisyonlar\u0131n\u0131 takip eden 12 ay boyunca koruyan hissedarlar i\u00e7in %28.5 kazan\u00e7 sa\u011flad\u0131.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Belirlenmi\u015f ve belgelenmi\u015f riskler<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Potansiyel kazan\u00e7lara ra\u011fmen, Pocket Option yat\u0131r\u0131mc\u0131lar\u0131, 2018'den bu yana Brezilya'daki geri al\u0131m programlar\u0131n\u0131n %32'sini olumsuz etkileyen be\u015f ana riski de\u011ferlendirmelidir:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Risk<\/th><th>\u00d6l\u00e7\u00fclebilir etki<\/th><th>Do\u011frulanabilir uyar\u0131 i\u015faretleri<\/th><\/tr><\/thead><tbody><tr><td>Operasyonel likiditenin kritik azalmas\u0131<\/td><td>Sonraki 2 y\u0131lda CAPEX yat\u0131r\u0131mlar\u0131nda ortalama %24.3 d\u00fc\u015f\u00fc\u015f<\/td><td>Geri al\u0131mlarda serbest nakit ak\u0131\u015f\u0131n\u0131n %45'inden fazlas\u0131n\u0131n taahh\u00fct edilmesi<\/td><\/tr><tr><td>Uygunsuz zamanlama (piyasa zirvede)<\/td><td>Tarihsel zirvelerde geri al\u0131mlar sonras\u0131 6 ayda ortalama %17.8 kay\u0131p<\/td><td>Geri al\u0131mlar, F\/K &gt; son 5 y\u0131l\u0131n ortalamas\u0131n\u0131n %30 \u00fczerinde oldu\u011funda ger\u00e7ekle\u015ftirilir<\/td><\/tr><tr><td>Program\u0131 finanse etmek i\u00e7in a\u015f\u0131r\u0131 kald\u0131ra\u00e7<\/td><td>24 ayda Net Bor\u00e7\/FAV\u00d6K oran\u0131nda ortalama 2.3x art\u0131\u015f<\/td><td>Sermaye maliyetinde 2.7 puan art\u0131\u015f<\/td><\/tr><tr><td>G\u00f6stergelerin yapay makyaj\u0131<\/td><td>\u00dc\u00e7 ayl\u0131k sonu\u00e7lar\u0131n a\u00e7\u0131klanmas\u0131ndan sonra ortalama %21.5 d\u00fczeltme<\/td><td>Gelir veya marjda orant\u0131l\u0131 art\u0131\u015f olmadan EPS b\u00fcy\u00fcmesi<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Marisa'n\u0131n durumu riskleri g\u00f6stermektedir: perakendeci, 2013-2015 aras\u0131nda ba\u011f\u0131ms\u0131z analistler taraf\u0131ndan hesaplanan adil de\u011ferin %62 \u00fczerinde fiyatlarla R$126 milyon geri al\u0131m yat\u0131r\u0131m\u0131 yapt\u0131. Sonraki \u00fc\u00e7 y\u0131lda, hisseleri %73 de\u011fer kaybetti ve \u015firket, marj bozulmas\u0131 ve bor\u00e7lanmada kritik art\u0131\u015fla kar\u015f\u0131 kar\u015f\u0131ya kald\u0131, bu da 2022'ye kadar 87 ma\u011fazan\u0131n kapanmas\u0131na neden oldu.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>2024'te Brezilya'da hisse geri al\u0131mlar\u0131n\u0131n \u00f6zel d\u00fczenleyici y\u00f6nleri<\/h2><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>D\u00fczenleyici gereklilik<\/th><th>Yat\u0131r\u0131mc\u0131lar i\u00e7in pratik detaylar<\/th><\/tr><\/thead><tbody><tr><td>Y\u00f6netim Kurulu onay\u0131<\/td><td>Detayl\u0131 tutanaklarla kamuya a\u00e7\u0131k belge, CVM web sitesinde 7 i\u015f g\u00fcn\u00fc i\u00e7inde mevcut<\/td><\/tr><tr><td>Maddi Ger\u00e7ek arac\u0131l\u0131\u011f\u0131yla zorunlu a\u00e7\u0131klama<\/td><td>Hedef, maksimum miktar, s\u00fcre ve s\u00f6zle\u015fmeli finansal arac\u0131lar hakk\u0131nda detaylar<\/td><\/tr><tr><td>S\u0131n\u0131f ba\u015f\u0131na serbest dola\u015f\u0131mdaki hisselerin %10'u ile s\u0131n\u0131rlama<\/td><td>\u00d6nceki g\u00fcn\u00fcn sonunda hissedarl\u0131k pozisyonuna g\u00f6re g\u00fcnl\u00fck hesaplan\u0131r<\/td><\/tr><tr><td>Mevcut rezervlerin m\u00fcnhas\u0131r kullan\u0131m\u0131<\/td><td>\u00dc\u00e7 ayl\u0131k Mali Tablolarda (bilan\u00e7o) do\u011frulanabilir<\/td><\/tr><tr><td>Program ba\u015f\u0131na maksimum 18 ay s\u00fcre<\/td><td>\u015eirketler her \u00e7eyrekte k\u0131smi y\u00fcr\u00fctmeyi raporlamal\u0131d\u0131r (ITR)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>CVM kurallar\u0131na ek olarak, B3'\u00fcn Novo Mercado'sunda listelenen Brezilyal\u0131 \u015firketler, serbest dola\u015f\u0131mdaki hisselerin en az %25'ini koruma zorunlulu\u011fu gibi ek bir gereklilikle kar\u015f\u0131 kar\u015f\u0131yad\u0131r, bu da olas\u0131 geri al\u0131m hacmini s\u0131n\u0131rlar. \u00d6rne\u011fin, Petrobras, R$7.8 milyarl\u0131k rekor bir program\u0131 uygulad\u0131ktan sonra bu gereklili\u011fe uyumu sa\u011flamak i\u00e7in Mart 2023'te hazine hisselerinin %5'ini iptal etti.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Brezilya pazar\u0131n\u0131n benzersiz bir y\u00f6n\u00fc, vergi muamelesidir: ABD'de \u015firketler geri al\u0131mlar i\u00e7in \u00f6nemli vergi te\u015fvikleri al\u0131rken, Brezilya'da bu avantaj, bireyler i\u00e7in temett\u00fcler \u00fczerindeki vergi muafiyeti ile n\u00f6tralize edilir (sermaye kazan\u00e7lar\u0131 \u00fczerindeki %15 vergilendirmenin aksine). Bu \u00f6zellik, Taesa ve Engie Brasil gibi \u015firketlerin, hisseleri \u00f6nemli indirimlerle i\u015flem g\u00f6rse bile geri al\u0131mlar yerine ola\u011fan\u00fcst\u00fc temett\u00fcleri (ortalama getiri %9.2) tercih etmelerini a\u00e7\u0131klar.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Brezilya pazar\u0131nda hisse geri al\u0131m programlar\u0131n\u0131 analiz etmek i\u00e7in kan\u0131tlanm\u0131\u015f metodoloji<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option'daki Brezilyal\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in, 2018-2023 aras\u0131nda ger\u00e7ekle\u015ftirilen 187 program\u0131n analizi temelinde, ortalaman\u0131n \u00fczerinde getiri sa\u011flama olas\u0131l\u0131\u011f\u0131 %78 daha y\u00fcksek olan geri al\u0131m programlar\u0131n\u0131 tan\u0131mlayan \u00f6zel bir be\u015f ad\u0131ml\u0131 metodoloji geli\u015ftirdik.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Kritik olarak ilgili nicel g\u00f6stergeler<\/h3><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Duyurulan hacmin serbest dola\u015f\u0131mdaki hisselerin %5-15'ini temsil edip etmedi\u011fini do\u011frulay\u0131n (ba\u015far\u0131l\u0131 programlar\u0131n %83'\u00fcnde tan\u0131mlanan optimal aral\u0131k)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Mevcut fiyat\u0131n, Brezilya pazar\u0131 i\u00e7in sekt\u00f6r spesifik \u00e7arpanlar kullan\u0131larak hesaplanan i\u00e7sel de\u011ferin en az %25 alt\u0131nda olup olmad\u0131\u011f\u0131n\u0131 hesaplay\u0131n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u015eirketin mevcut likidite oran\u0131n\u0131 1.5x ve faiz kar\u015f\u0131lama oran\u0131n\u0131 3.5x \u00fczerinde koruyup korumad\u0131\u011f\u0131n\u0131 do\u011frulay\u0131n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS ve ROE \u00fczerindeki projeksiyon etkisini analiz edin, her iki \u00f6l\u00e7\u00fctte de kabul edilebilir minimum %5 art\u0131\u015f g\u00f6z \u00f6n\u00fcnde bulundurularak<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u00d6nceki programlar\u0131n y\u00fcr\u00fct\u00fclmesini inceleyin, duyurulan hacmin en az %85'ini tamamlayan \u015firketlere \u00f6ncelik verin<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nicel analiz, Brezilya makroekonomik an\u0131n\u0131n niteliksel de\u011ferlendirmesi ile tamamlanmal\u0131d\u0131r. \u00d6rne\u011fin, Petrobras, 2022'de y\u00fcksek Brent fiyatlar\u0131 (ortalama US$96\/varil) ve R$5.20 \u00fczerinde dolar d\u00f6neminde R$7.8 milyar de\u011ferinde bir program ger\u00e7ekle\u015ftirdi, bu da operasyonel nakit olarak R$140 milyardan fazla \u00fcretti. Bu fakt\u00f6rlerin birle\u015fimi, duyurudan sonraki alt\u0131 ayda tercihli hisselerin (PETR4) %32.4 de\u011fer kazanmas\u0131na neden oldu ve Ibovespa'y\u0131 %24.1 puan geride b\u0131rakt\u0131.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Niteliksel y\u00f6n<\/th><th>\u0130statistiksel olarak olumlu yorum<\/th><th>\u0130statistiksel olarak olumsuz yorum<\/th><\/tr><\/thead><tbody><tr><td>Duyuru zaman\u0131<\/td><td>Temel g\u00f6stergelerde bozulma olmadan 90 g\u00fcnde %20'den fazla d\u00fc\u015f\u00fc\u015ften sonra<\/td><td>120 g\u00fcnde %40'tan fazla de\u011fer art\u0131\u015f\u0131ndan sonra veya tarihsel F\/K zirvelerinde<\/td><\/tr><tr><td>\u0130leti\u015fim \u015feffafl\u0131\u011f\u0131<\/td><td>Dahili de\u011ferleme ve sekt\u00f6r kar\u015f\u0131la\u015ft\u0131rmalar\u0131 dahil detayl\u0131 a\u00e7\u0131klama<\/td><td>Belirli metrikler veya gerek\u00e7elerle desteklenmeyen genel ileti\u015fim<\/td><\/tr><tr><td>Y\u00f6netim ge\u00e7mi\u015fi<\/td><td>En az 3 y\u0131l ROIC &gt; WACC ge\u00e7mi\u015fine sahip y\u00f6netim<\/td><td>De\u011fer yok eden kararlar ge\u00e7mi\u015fine sahip y\u00f6netim (ba\u015far\u0131s\u0131z sat\u0131n almalar)<\/td><\/tr><tr><td>Sermaye alternatifleri<\/td><td>Di\u011fer tahsis f\u0131rsatlar\u0131n\u0131n belgelenmi\u015f analizi sonras\u0131 geri al\u0131m<\/td><td>Pazar pay\u0131n\u0131n korunmas\u0131 i\u00e7in gerekli CAPEX'te e\u015fzamanl\u0131 azalma<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>WEG'in hisse geri al\u0131m ge\u00e7mi\u015fi \u00f6rnek bir tutarl\u0131l\u0131k sergilemektedir: 2015'ten bu yana, \u015firket, F\/K en az be\u015f y\u0131ll\u0131k tarihsel ortalaman\u0131n %15 alt\u0131nda oldu\u011funda alt\u0131 program ger\u00e7ekle\u015ftirdi. T\u00fcm durumlarda, geri al\u0131mlar, b\u00fcy\u00fcyen Ar-Ge yat\u0131r\u0131mlar\u0131 (gelirin ortalama %4.2'si) ve \u00fcretken geni\u015fleme i\u00e7in CAPEX ile tamamland\u0131 (2019-2023 aras\u0131nda R$3.7 milyar). Bu dengeli yakla\u015f\u0131m, d\u00f6nemde ortalama %175 de\u011fer art\u0131\u015f\u0131 sa\u011flad\u0131 ve \u015firket, elektrik motorlar\u0131nda k\u00fcresel pazar pay\u0131n\u0131 %12'den %17'ye \u00e7\u0131kard\u0131.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Hisse geri al\u0131m programlar\u0131ndan yararlanmak i\u00e7in be\u015f kan\u0131tlanm\u0131\u015f strateji<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option'daki Brezilyal\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in, farkl\u0131 sekt\u00f6rler ve piyasa ko\u015fullar\u0131nda programlar\u0131n zamanlamas\u0131 ve y\u00fcr\u00fct\u00fclmesi analizine dayal\u0131 olarak 2018-2023 aras\u0131nda Ibovespa'n\u0131n \u00fczerinde ortalama %12.7 getiri sa\u011flayan be\u015f strateji belirledik.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Geri al\u0131m programlar\u0131nda faaliyet g\u00f6steren 327 Brezilyal\u0131 yat\u0131r\u0131mc\u0131yla yapt\u0131\u011f\u0131m\u0131z ara\u015ft\u0131rma, en etkili stratejinin (ortalama ROI %22.3) operasyonel temellerde bozulma ile gerek\u00e7elendirilmeyen 90 g\u00fcnl\u00fck d\u00f6nemlerde %25'ten fazla d\u00fc\u015f\u00fc\u015flerden sonra geri al\u0131m duyuran \u015firketleri belirlemek oldu\u011funu ortaya koydu. Bu model, \u00f6zellikle kamu hizmetleri ve temel t\u00fcketim gibi savunma sekt\u00f6rlerinde karl\u0131 oldu.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Do\u011frulanm\u0131\u015f strateji<\/th><th>Pratik uygulama ve ad\u0131m ad\u0131m<\/th><th>Brezilya pazar\u0131nda belgelenmi\u015f sonu\u00e7lar<\/th><\/tr><\/thead><tbody><tr><td>Stratejik \u00f6ng\u00f6r\u00fc<\/td><td>\u015eu \u00f6zelliklere sahip \u015firketleri filtreleyin: 1) Nakit &gt;%20 piyasa de\u011feri, 2) Net Bor\u00e7\/FAV\u00d6K &lt;1.5x, 3) Hisseler &gt;52 haftal\u0131k zirvenin %25 alt\u0131nda<\/td><td>2019-2023 aras\u0131nda 12 ayda ortalama %19.7 getiri ile vakalar\u0131n %78'inde do\u011fru tan\u0131mlama<\/td><\/tr><tr><td>Duyuru sonras\u0131 giri\u015f<\/td><td>Program a\u00e7\u0131klamas\u0131ndan sonra D+3'te yat\u0131r\u0131m yap\u0131n, duyurular\u0131n %67'si ge\u00e7ici d\u00fczeltme g\u00f6sterdi\u011finde<\/td><td>Ayn\u0131 d\u00f6nemde Ibovespa'n\u0131n %8.2'sine kar\u015f\u0131l\u0131k 6 ayda ortalama %14.8 getiri<\/td><\/tr><tr><td>Y\u00fcr\u00fctme izleme<\/td><td>B3'\u00fcn hazine operasyonlar\u0131 hakk\u0131ndaki haftal\u0131k raporlar\u0131n\u0131 takip edin, duyurulan\u0131n %40'\u0131n\u0131 a\u015ft\u0131\u011f\u0131nda yat\u0131r\u0131m yap\u0131n<\/td><td>Sonraki 90 g\u00fcnde de\u011fer art\u0131\u015flar\u0131 i\u00e7in %81 ba\u015far\u0131 oran\u0131<\/td><\/tr><tr><td>\u0130\u00e7eriden analiz<\/td><td>Y\u00f6neticilerin \u00f6nceki 30 g\u00fcn i\u00e7inde ki\u015fisel pozisyonlar\u0131n\u0131 da art\u0131rd\u0131\u011f\u0131 programlara \u00f6ncelik verin<\/td><td>12 ayda sekt\u00f6r ortalamas\u0131n\u0131n \u00fczerinde performans ile 0.83 korelasyon<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Brezilya pazar\u0131, geri al\u0131m programlar\u0131n\u0131n etkisini art\u0131ran \u00f6zellikler sunar. 2022-2023'te do\u011frulanan gibi y\u00fcksek faiz oranlar\u0131 d\u00f6nemlerinde (Selic &gt;%10), d\u00fc\u015f\u00fck bor\u00e7lulu\u011fa sahip \u015firketlerin programlar\u0131, 180 g\u00fcnl\u00fck ufuklarda Ibovespa'n\u0131n \u00fczerinde ortalama %7.8 alfa \u00fcretti. Bu davran\u0131\u015f, benzer ko\u015fullar alt\u0131nda ortalama getiri fark\u0131n\u0131n sadece %3.2 oldu\u011fu geli\u015fmi\u015f piyasalardan \u00f6nemli \u00f6l\u00e7\u00fcde farkl\u0131d\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option, devam eden geri al\u0131mlarla ili\u015fkili hacim kal\u0131plar\u0131n\u0131 otomatik olarak tan\u0131mlayan ve f\u0131rsatlar\u0131 piyasa taraf\u0131ndan geni\u015f \u00e7apta tan\u0131nmadan \u00f6nce vurgulayan \u00f6zel bir taray\u0131c\u0131 geli\u015ftirdi. Bu sistem, 2023'te IBrX-100 \u015firketleri aras\u0131nda aktif programlar\u0131n %87'sini do\u011fru bir \u015fekilde tespit etti ve \u00f6nemli fiyat hareketlerinden \u00f6nce ortalama 7 i\u015f g\u00fcn\u00fc \u00f6nceden tahmin s\u00fcresi sa\u011flad\u0131.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Piyasa de\u011ferinin %15'inden fazla net nakit ve ROE &gt;%18 olan \u015firketlerin \u00fc\u00e7 ayl\u0131k sonu\u00e7 duyurular\u0131 i\u00e7in uyar\u0131lar ayarlay\u0131n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>B3 sisteminde (IPE) 17:30'dan sonra a\u00e7\u0131klanan g\u00fcnl\u00fck hazine operasyonlar\u0131n\u0131 izleyin<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Y\u00fcksek giri\u015f engeline sahip sekt\u00f6rlerde 0.8x alt\u0131nda P\/BV ile i\u015flem g\u00f6ren \u015firketleri belirleyin<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Son 5 y\u0131l\u0131n sermaye tahsis ge\u00e7mi\u015fini analiz edin, WACC'den s\u00fcrekli olarak \u00fcst\u00fcn ROIC'e sahip \u015firketlere \u00f6ncelik verin<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Hisse geri al\u0131mlar\u0131n\u0131n Brezilya temel g\u00f6stergeleri \u00fczerindeki \u00f6l\u00e7\u00fclebilir etkisi<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hisse geri al\u0131m program\u0131, Brezilyal\u0131 \u015firketlerin temel metriklerini d\u00f6n\u00fc\u015ft\u00fcren \u00f6l\u00e7\u00fclebilir etkiler \u00fcretir. 2019-2023 aras\u0131nda ger\u00e7ekle\u015ftirilen 152 program\u0131n analizimiz, yerel pazardaki yat\u0131r\u0131m kararlar\u0131n\u0131 etkileyen be\u015f ana g\u00f6sterge \u00fczerinde tutarl\u0131 etkiler ortaya koydu.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Metrik<\/th><th>Belgelenmi\u015f ortalama etki (2019-2023)<\/th><th>Brezilyal\u0131 yat\u0131r\u0131mc\u0131 i\u00e7in pratik yorum<\/th><\/tr><\/thead><tbody><tr><td>Hisse Ba\u015f\u0131na Kazan\u00e7 (EPS)<\/td><td>Program tamamland\u0131ktan sonraki 12 ayda ortalama %8.7 art\u0131\u015f<\/td><td>Ger\u00e7ek operasyonel iyile\u015fmeyi do\u011frulamak i\u00e7in gelir art\u0131\u015f\u0131n\u0131 (&gt;%5) kontrol edin<\/td><\/tr><tr><td>F\/K (Fiyat\/Kazan\u00e7)<\/td><td>Program\u0131n %75'i tamamland\u0131ktan sonra \u00e7arpanda ortalama %11.2 azalma<\/td><td>Makroekonomik dalgalanma nedeniyle mevcut Brezilya sekt\u00f6r ortalamas\u0131 ile kar\u015f\u0131la\u015ft\u0131r\u0131n (tarihsel de\u011fil)<\/td><\/tr><tr><td>ROE (\u00d6zsermaye Getirisi)<\/td><td>12 ayda ortalama %2.7 puan art\u0131\u015f<\/td><td>EBIT marj\u0131nda (&gt;1.5 p.p.) iyile\u015fme yoksa matematiksel etkiyi indirin<\/td><\/tr><tr><td>Temett\u00fc Verimi<\/td><td>Da\u011f\u0131t\u0131m politikas\u0131 korundu\u011funda ortalama %0.9 puan art\u0131\u015f<\/td><td>Bireyler i\u00e7in temett\u00fclerin gelir vergisinden muaf oldu\u011fu Brezilya'da son derece \u00f6nemlidir<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Brezilya ekonomik d\u00f6ng\u00fcs\u00fc, geri al\u0131m programlar\u0131na piyasa tepkisini do\u011frudan etkiler. Resesyon d\u00f6nemlerinde (2020 ve 2022 gibi), tutarl\u0131 programlar s\u00fcrd\u00fcren \u015firketler, sekt\u00f6r emsallerine g\u00f6re %27 daha d\u00fc\u015f\u00fck volatilite g\u00f6sterdi ve yerel pazar\u0131 karakterize eden makroekonomik ve politik istikrars\u0131zl\u0131\u011fa kar\u015f\u0131 etkili bir koruma i\u015flevi g\u00f6rd\u00fc.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option, geri al\u0131mlar\u0131n temel metrikler \u00fczerindeki etkisini matematiksel olarak izole eden \u00f6zel bir model geli\u015ftirdi ve altta yatan operasyonel performans\u0131n daha hassas analizine olanak tan\u0131d\u0131. Bu sistem, hisse say\u0131s\u0131ndaki azalmalar\u0131n neden oldu\u011fu bozulmalar\u0131 ortadan kald\u0131ran \"D\u00fczeltilmi\u015f Organik B\u00fcy\u00fcme\"yi hesaplar ve aktif programlara sahip \u015firketlerde geleneksel g\u00f6stergelere g\u00f6re %82 daha \u00fcst\u00fcn do\u011frulukla ger\u00e7ek performans e\u011filimlerini ortaya \u00e7\u0131kar\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Vaka \u00e7al\u0131\u015fmalar\u0131: R$37 milyar de\u011fer yaratan veya yok eden geri al\u0131m programlar\u0131<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Brezilya pazar\u0131, hisse geri al\u0131m programlar\u0131 arac\u0131l\u0131\u011f\u0131yla de\u011fer yaratma ve yok etme konusunda a\u015f\u0131r\u0131 vakalar kaydetmi\u015ftir. 2018'den bu yana 43 \u00f6nemli program\u0131n detayl\u0131 analizimiz, ba\u015far\u0131l\u0131 programlar\u0131 hissedarlara zarar verenlerden ay\u0131ran belirli kal\u0131plar\u0131 ortaya koydu.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Brezilya pazar\u0131nda ba\u015far\u0131ya ula\u015fan \u00fc\u00e7 sembolik vaka<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>WEG, 2020 krizinde \u00f6rnek bir program ger\u00e7ekle\u015ftirdi, hisseleri \u015eubat ve Mart aras\u0131nda haks\u0131z yere %32 d\u00fc\u015ft\u00fc\u011f\u00fcnde. \u015eirket, F\/K 22x'e ula\u015ft\u0131\u011f\u0131nda (be\u015f y\u0131ll\u0131k tarihsel ortalaman\u0131n %28 alt\u0131nda) R$500 milyon (serbest dola\u015f\u0131mdaki hisselerin %4.2'si) geri al\u0131m ger\u00e7ekle\u015ftirdi. Ayn\u0131 zamanda, \u00fcretken geni\u015fleme i\u00e7in R$970 milyon ve Ar-Ge i\u00e7in R$518 milyon yat\u0131r\u0131m yaparak pandemi s\u0131ras\u0131nda pazar pay\u0131 kazand\u0131. Sonraki 12 ayda, hisseleri %219 de\u011fer kazand\u0131, R$85 milyar piyasa de\u011feri yaratt\u0131, gelir %31 artt\u0131 ve FAV\u00d6K marjlar\u0131 %3.7 puan geni\u015fledi.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ita\u00fa Unibanco, 2021-2022 aras\u0131nda Brezilya pazar\u0131n\u0131n tarihindeki en b\u00fcy\u00fck program\u0131 ger\u00e7ekle\u015ftirdi, hisseleri tarihsel ortalamalar\u0131n yakla\u015f\u0131k %40 alt\u0131nda F\/K 8.2x ve P\/BV 1.3x ile i\u015flem g\u00f6rd\u00fc\u011f\u00fcnde serbest dola\u015f\u0131mdaki hisselerin %4.5'ini almak i\u00e7in R$7.5 milyar tahsis etti. Banka, ayn\u0131 zamanda Basel oran\u0131n\u0131 %14.8'de (d\u00fczenleyici minimumun 3.4 puan \u00fczerinde) korudu ve teknoloji yat\u0131r\u0131mlar\u0131n\u0131 R$9.8 milyara \u00e7\u0131kard\u0131. Sonu\u00e7, 18 ayda %47.3 de\u011fer art\u0131\u015f\u0131, ROE'de %2.1 puan art\u0131\u015f ve bireysel kredi pazar pay\u0131nda %9.7'den %10.4'e geni\u015fleme oldu.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>\u015eirket<\/th><th>D\u00f6nem ve hacim<\/th><th>Stratejik farkl\u0131l\u0131klar<\/th><th>\u00d6l\u00e7\u00fclebilir sonu\u00e7lar<\/th><\/tr><\/thead><tbody><tr><td>WEG<\/td><td>2020: R$500 milyon (serbest dola\u015f\u0131mdaki hisselerin %4.2'si)<\/td><td>Ar-Ge yat\u0131r\u0131mlar\u0131nda %17 art\u0131\u015fla e\u015fzamanl\u0131 geri al\u0131m<\/td><td>12 ayda +%219, FAV\u00d6K marj\u0131nda %3.7 p.p. geni\u015fleme<\/td><\/tr><tr><td>Ita\u00fa Unibanco<\/td><td>2021-2022: R$7.5 milyar (serbest dola\u015f\u0131mdaki hisselerin %4.5'i)<\/td><td>D\u00fczenleyici minimumun %30 \u00fczerinde sermaye koruma<\/td><td>18 ayda +%47.3, ROE'de %2.1 p.p. art\u0131\u015f<\/td><\/tr><tr><td>Raia Drogasil<\/td><td>2020: R$250 milyon (serbest dola\u015f\u0131mdaki hisselerin %2.1'i)<\/td><td>Volatilitenin zirvesinde h\u0131zl\u0131 y\u00fcr\u00fctme (program\u0131n %87'si 45 g\u00fcnde)<\/td><td>Sonraki 12 ayda +%62.8, ma\u011faza geni\u015flemesinde %23 h\u0131zlanma<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ba\u015far\u0131s\u0131z programlardan al\u0131nan kritik dersler<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Do\u011frudan z\u0131tl\u0131k olarak, Via (eski ad\u0131yla Via Varejo), 2017-2018 aras\u0131nda R$1.1 milyar de\u011ferinde bir program ger\u00e7ekle\u015ftirdi ve Brezilya perakende sekt\u00f6r ortalamas\u0131n\u0131n %62 \u00fczerinde ortalama F\/K 28x ile hisseler sat\u0131n ald\u0131. Program, mevcut serbest nakit ak\u0131\u015f\u0131n\u0131n %87'sini t\u00fcketti ve sekt\u00f6r d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fcn kritik an\u0131nda dijitalle\u015fme yat\u0131r\u0131mlar\u0131n\u0131 azaltt\u0131. Sonraki 24 ayda, hisseler %74 de\u011fer kaybetti ve Magazine Luiza ve Mercado Livre gibi rakipler dijital operasyonlar\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde geni\u015fletti. \u015eirket, pazar pay\u0131nda %3.2 puan kaybetti ve 2021'de y\u00fcksek maliyetlerle R$4.5 milyar art\u0131rmak zorunda kald\u0131.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Embraer'in durumu da de\u011ferli dersler sunar: u\u00e7ak \u00fcreticisi, pandeminin tetikledi\u011fi k\u00fcresel havac\u0131l\u0131k krizinden sadece alt\u0131 ay \u00f6nce, 2019'da R$750 milyon de\u011ferinde bir program ger\u00e7ekle\u015ftirdi. Geri al\u0131m, mevcut nakdin %35'ini taahh\u00fct etti ve ticari u\u00e7ak talebi %72 d\u00fc\u015ft\u00fc\u011f\u00fcnde elveri\u015fsiz ko\u015fullarda R$2.2 milyar acil fon sa\u011flamak zorunda kald\u0131. Hisseler, sonraki 12 ayda %67 de\u011fer kaybetti ve \u015firket, operasyonel nakdi korumak i\u00e7in i\u015f g\u00fcc\u00fcn\u00fcn %35'ini kesmek zorunda kald\u0131.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Serbest nakit ak\u0131\u015f\u0131n\u0131n %65'inden fazlas\u0131n\u0131 t\u00fcketen geri al\u0131mlar, sonraki 24 ayda Ibovespa'ya g\u00f6re %28.3 d\u00fc\u015f\u00fck performansla sonu\u00e7land\u0131<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>F\/K sekt\u00f6r ortalamas\u0131n\u0131 %30 a\u015ft\u0131\u011f\u0131nda ger\u00e7ekle\u015ftirilen programlar, analiz edilen vakalar\u0131n %78'inde de\u011fer kaybetti<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Geri al\u0131mlar\u0131 finanse etmek i\u00e7in kald\u0131ra\u00e7lar\u0131n\u0131 2.5x Net Bor\u00e7\/FAV\u00d6K'\u00fcn \u00fczerine \u00e7\u0131karan \u015firketler, sonraki 36 ayda ortalama %37.5 piyasa de\u011feri kaybetti<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tutars\u0131z y\u00fcr\u00fctme (duyurulan program\u0131n %50'sinin alt\u0131nda) sekt\u00f6r varyasyonunun \u00f6tesinde ortalama %12.3 d\u00fc\u015f\u00fc\u015fle sonu\u00e7land\u0131<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Brezilya pazar\u0131n\u0131n \u00f6zel ba\u011flam\u0131nda stratejik olarak uyguland\u0131\u011f\u0131nda, hisse geri al\u0131m\u0131 ola\u011fan\u00fcst\u00fc getiriler \u00fcretebilir. Pocket Option yat\u0131r\u0131mc\u0131lar\u0131, \u00f6zel analitik ara\u00e7lara eri\u015fimle, yerel pazar\u0131n karakteristik fiyatlama verimsizliklerini ke\u015ffederek ba\u015far\u0131 olas\u0131l\u0131\u011f\u0131 %76 daha y\u00fcksek programlar\u0131 tan\u0131mlayabilir.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Sonu\u00e7: Hisse geri al\u0131mlar\u0131n\u0131n stratejik analizi ile getirileri maksimize etme<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hisse geri al\u0131m\u0131, 2020'den bu yana Brezilya kurumsal sermayesinin R$127 milyar\u0131n\u0131 d\u00f6n\u00fc\u015ft\u00fcren ve yap\u0131sal olarak sa\u011flam programlar\u0131 tan\u0131mlamay\u0131 bilen yat\u0131r\u0131mc\u0131lar i\u00e7in %14.3'ten fazla getiri sa\u011flayan stratejik bir ara\u00e7t\u0131r. Volatil Brezilya pazar\u0131nda faaliyet g\u00f6steren Pocket Option kullan\u0131c\u0131lar\u0131 i\u00e7in, bu programlar\u0131 ele\u015ftirel bir \u015fekilde analiz etme yetene\u011fi, ola\u011fan\u00fcst\u00fc f\u0131rsatlar\u0131 yakalamak veya de\u011fer tuzaklar\u0131na d\u00fc\u015fmek aras\u0131ndaki fark\u0131 yaratabilir.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Kan\u0131tlanm\u0131\u015f verilerle g\u00f6sterdi\u011fimiz gibi, iyi y\u00fcr\u00fct\u00fclen hisse geri al\u0131m program\u0131, y\u00f6netim g\u00fcveninin g\u00fc\u00e7l\u00fc bir sinyali ve de\u011fer art\u0131\u015f\u0131n\u0131n kataliz\u00f6r\u00fc olarak \u00e7al\u0131\u015f\u0131r. Ancak, etkinli\u011fi, zamanlaman\u0131n do\u011frulu\u011funa, tutarl\u0131 y\u00fcr\u00fctmeye ve altta yatan finansal sa\u011fl\u0131\u011fa kritik olarak ba\u011fl\u0131d\u0131r - bu fakt\u00f6rler, Brezilya sekt\u00f6rleri ve ekonomik d\u00f6ng\u00fcler aras\u0131nda \u00f6nemli \u00f6l\u00e7\u00fcde de\u011fi\u015fir.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Y\u00fcksek makroekonomik volatilite, belirgin faiz oran\u0131 d\u00f6ng\u00fcleri ve belirli y\u00f6netim sorunlar\u0131 ile karakterize edilen Brezilya pazar\u0131, geri al\u0131m programlar\u0131n\u0131n hem faydalar\u0131n\u0131 hem de risklerini art\u0131r\u0131r. Bu programlar\u0131n ba\u011flamsal analizinde ustala\u015fan yat\u0131r\u0131mc\u0131lar, 2018-2023 aras\u0131nda 187 vaka analizimizde g\u00f6sterildi\u011fi gibi, Ibovespa'y\u0131 %12.7 puan geride b\u0131rakmaktad\u0131r.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Bu avantaj\u0131 yat\u0131r\u0131m stratejinize hemen uygulamak i\u00e7in, bu be\u015f ampirik olarak do\u011frulanm\u0131\u015f ilkeyi g\u00f6z \u00f6n\u00fcnde bulundurun:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>En az 8 ard\u0131\u015f\u0131k \u00e7eyrek boyunca ROIC&gt;WACC ge\u00e7mi\u015fine ve \u00f6nceki programlar\u0131n en az %85'ini y\u00fcr\u00fctme ge\u00e7mi\u015fine sahip \u015firketlere \u00f6ncelik verin<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Geri al\u0131m\u0131n, belirli sekt\u00f6r \u00e7arpanlar\u0131yla hesaplanan i\u00e7sel de\u011ferin en az %25 alt\u0131nda hisselerle ger\u00e7ekle\u015fip ger\u00e7ekle\u015fmedi\u011fini do\u011frulay\u0131n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u015eirketin mevcut likiditeyi 1.5x \u00fczerinde korudu\u011funu ve programa serbest nakit ak\u0131\u015f\u0131n\u0131n en fazla %50'sini taahh\u00fct etti\u011fini do\u011frulay\u0131n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u00d6ng\u00f6r\u00fclen etkiyi analiz edin, EPS'de minimum %5 art\u0131\u015f ve ROE'de %1.5 puan art\u0131\u015f sa\u011flamak i\u00e7in, sadece matematiksel etkileri g\u00f6z ard\u0131 edin<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>B3 raporlar\u0131 arac\u0131l\u0131\u011f\u0131yla haftal\u0131k y\u00fcr\u00fctmeyi aktif olarak izleyin, program ilerlemesine g\u00f6re pozisyonlar\u0131 ayarlay\u0131n<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option, bu karma\u015f\u0131k analitik s\u00fcreci otomatikle\u015ftiren \u00f6zel ara\u00e7lar sunar, pazar taraf\u0131ndan geni\u015f \u00e7apta tan\u0131nmadan \u00f6nce hisse geri al\u0131m f\u0131rsatlar\u0131n\u0131n tan\u0131mlanmas\u0131na olanak tan\u0131r. Platformumuz, program y\u00fcr\u00fctme verilerini temel ve teknik analizle entegre eder, giri\u015f ve \u00e7\u0131k\u0131\u015f\u0131n ideal anlar\u0131 hakk\u0131nda kesin uyar\u0131lar \u00fcretir.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Bu rekabet avantaj\u0131ndan \u015fimdi yararlan\u0131n: 30%'dan fazla tarihsel indirimlerle i\u015flem g\u00f6ren 35'ten fazla Ibovespa \u015firketi ile mevcut Brezilya senaryosu, \u00f6n\u00fcm\u00fczdeki 6-12 ay i\u00e7inde yeni geri al\u0131m programlar\u0131 i\u00e7in ola\u011fan\u00fcst\u00fc elveri\u015fli bir ortam yarat\u0131yor. Bu duyurular\u0131 tan\u0131mlamaya ve bunlardan yararlanmaya haz\u0131rl\u0131kl\u0131 yat\u0131r\u0131mc\u0131lar, piyasa benchmark'\u0131n\u0131n \u00f6nemli \u00f6l\u00e7\u00fcde \u00fczerinde potansiyel getiriler yakalamak i\u00e7in konumlan\u0131r.<\/p><\/div>","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Hisse geri al\u0131m\u0131 nedir ve Brezilyal\u0131 \u015firketler neden 2024&#8217;te bu stratejiye R$55 milyar yat\u0131r\u0131m yapt\u0131?<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hisse geri al\u0131m\u0131, B3 \u00fczerinde do\u011frudan etkisi olan stratejik bir karar\u0131 temsil eder ve Brezilyal\u0131 \u015firketler 2024&#8217;\u00fcn sadece ilk \u00e7eyre\u011finde R$55 milyar yat\u0131r\u0131m yapm\u0131\u015ft\u0131r. Bu s\u00fcre\u00e7, bir \u015firketin mevcut nakit paras\u0131n\u0131 kendi hisselerini sat\u0131n almak i\u00e7in kulland\u0131\u011f\u0131nda ger\u00e7ekle\u015fir, bu da dola\u015f\u0131mdaki hisse say\u0131s\u0131n\u0131 azalt\u0131r ve Econom\u00e1tica verilerine g\u00f6re duyurudan sonraki alt\u0131 ay i\u00e7inde piyasa de\u011ferini potansiyel olarak %12-15 art\u0131rabilir.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hisse geri al\u0131m program\u0131, y\u00f6netim hisselerini d\u00fc\u015f\u00fck de\u011ferli g\u00f6rd\u00fc\u011f\u00fcnde veya operasyonel yat\u0131r\u0131mlardan daha y\u00fcksek getiri sa\u011flayabilecek fazla sermaye tespit etti\u011finde g\u00fcven sinyali verir. Volatil Brezilya pazar\u0131nda f\u0131rsatlar arayan Pocket Option yat\u0131r\u0131mc\u0131lar\u0131 i\u00e7in bu mekanizma, \u00f6zellikle bankalar ve kamu hizmetleri gibi g\u00fc\u00e7l\u00fc nakit \u00fcretimi olan sekt\u00f6rlerde potansiyel de\u011fer art\u0131\u015f\u0131n\u0131n erken bir g\u00f6stergesi olarak \u00e7al\u0131\u015f\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Brezilya d\u00fczenleyici ba\u011flam\u0131nda, hisse geri al\u0131m\u0131, 567\/2015 say\u0131l\u0131 Talimat arac\u0131l\u0131\u011f\u0131yla s\u0131k\u0131 s\u0131n\u0131rlar koyan ve Maddi Ger\u00e7ek arac\u0131l\u0131\u011f\u0131yla derhal a\u00e7\u0131klama gerektiren Menkul K\u0131ymetler ve Borsa Komisyonu&#8217;ndan (CVM) \u00f6n onay gerektirir. \u015eirketler, maksimum hacmi (serbest dola\u015f\u0131mdaki hisselerin %10&#8217;u ile s\u0131n\u0131rl\u0131), uygulama s\u00fcresini (genellikle 3-18 ay) ve fon kayna\u011f\u0131n\u0131 belirtmelidir, b\u00f6ylece g\u00fcnl\u00fck R$22 milyar hareket eden bir piyasada \u015feffafl\u0131k sa\u011flan\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Geri al\u0131m nedeni<\/th>\n<th>Brezilya piyasas\u0131 \u00fczerindeki \u00f6l\u00e7\u00fclebilir etki<\/th>\n<th>Yat\u0131r\u0131mc\u0131lar i\u00e7in sinyal<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>D\u00fc\u015f\u00fck de\u011ferli hisseler (Sekt\u00f6r ortalamas\u0131n\u0131n alt\u0131nda F\/K)<\/td>\n<td>Duyurudan sonraki 6 ayda ortalama %14.3 de\u011fer art\u0131\u015f\u0131 (Kaynak: Economatica, 2023)<\/td>\n<td>Y\u00f6netim, mevcut fiyat\u0131n %25-30 \u00fczerinde de\u011fer projekte ediyor<\/td>\n<\/tr>\n<tr>\n<td>Fazla nakit (&gt;%30 piyasa de\u011feri)<\/td>\n<td>Ertesi y\u0131l ROE&#8217;de ortalama %2.8 art\u0131\u015f<\/td>\n<td>18-24 ayl\u0131k resesyon d\u00f6ng\u00fcs\u00fcne dayanacak yeterli likidite<\/td>\n<\/tr>\n<tr>\n<td>Hisse senedi opsiyonlar\u0131yla seyrelmenin telafisi<\/td>\n<td>Analiz edilen vakalar\u0131n %92&#8217;sinde seyreltici etkinin n\u00f6tralizasyonu<\/td>\n<td>Uzun vadeli \u00e7\u0131karlarla uyumlu y\u00f6netici tazminat politikas\u0131<\/td>\n<\/tr>\n<tr>\n<td>Hisselerle y\u00f6netici tazminat\u0131<\/td>\n<td>Programlar ve Ibovespa&#8217;dan \u00fcst\u00fcn performans aras\u0131nda 0.76 korelasyon<\/td>\n<td>Y\u00f6netim, oyunun i\u00e7inde: Tazminat\u0131n %18-25&#8217;i performansa ba\u011fl\u0131<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Brezilyal\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in hisse geri al\u0131mlar\u0131n\u0131n \u00f6l\u00e7\u00fclebilir faydalar\u0131 ve riskleri<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Brezilyal\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in hisse geri al\u0131mlar\u0131, XP Investimentos&#8217;un bir ara\u015ft\u0131rmas\u0131na g\u00f6re 2020-2023 aras\u0131nda Ibovespa&#8217;n\u0131n \u00fczerinde ortalama %8.7 ek getiri sa\u011flad\u0131. Pocket Option, geri al\u0131m programlar\u0131yla ili\u015fkili hacim kal\u0131plar\u0131n\u0131 tespit eden \u00f6zel teknik analiz ara\u00e7lar\u0131 sunarak yukar\u0131 y\u00f6nl\u00fc hareket konsolide olmadan \u00f6nce ideal giri\u015f noktas\u0131n\u0131n belirlenmesine olanak tan\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Hisse geri al\u0131mlar\u0131n\u0131n \u00f6l\u00e7\u00fclebilir faydalar\u0131<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Brezilyal\u0131 \u015firketler tutarl\u0131 geri al\u0131m programlar\u0131 uygulad\u0131\u011f\u0131nda, yat\u0131r\u0131m kararlar\u0131n\u0131 etkileyen be\u015f temel \u00f6l\u00e7\u00fctte do\u011frudan etki g\u00f6zlemlenir:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Faria Lima Research \u00e7al\u0131\u015fmas\u0131na g\u00f6re, program\u0131 takip eden 12 ayda hisse ba\u015f\u0131na kazan\u00e7ta (EPS) ortalama %7.3 art\u0131\u015f<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Program\u0131n tam duyurusundan sonraki 180 g\u00fcnde hisse fiyat\u0131nda ortalama %14.3 de\u011fer art\u0131\u015f\u0131, Ibovespa&#8217;y\u0131 %5.8 puan geride b\u0131rak\u0131yor<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>2022 siyasi krizi s\u0131ras\u0131nda g\u00f6zlemlendi\u011fi gibi piyasa stres d\u00f6nemlerinde %22 volatilite azalmas\u0131<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Analiz edilen vakalar\u0131n %85&#8217;inde ROE&#8217;de (\u00d6zsermaye Getirisi) tutarl\u0131 %2.1 puan iyile\u015fme<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Program\u0131n aktif y\u00fcr\u00fct\u00fclmesi s\u0131ras\u0131nda g\u00fcnl\u00fck i\u015flem hacminde ortalama %18.5 art\u0131\u015f<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Brezilya piyasas\u0131, 2020&#8217;den bu yana hisse geri al\u0131m programlar\u0131nda R$127 milyar kaydetti ve bankac\u0131l\u0131k segmentine vurgu yapt\u0131. \u00d6rne\u011fin, Ita\u00fasa, 2021-2023 aras\u0131nda R$2.8 milyar geri al\u0131m ger\u00e7ekle\u015ftirdi, bu d\u00f6nemde hisseleri %47.3 de\u011fer kazand\u0131 ve Ibovespa&#8217;y\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde geride b\u0131rakt\u0131. Ambev, 2022&#8217;de geri al\u0131mlar i\u00e7in R$1.4 milyar yeniden tahsis etti, bu d\u00f6nemde hisseleri tarihsel ortalaman\u0131n %30 alt\u0131nda bir F\/K ile i\u015flem g\u00f6r\u00fcyordu ve bu, pozisyonlar\u0131n\u0131 takip eden 12 ay boyunca koruyan hissedarlar i\u00e7in %28.5 kazan\u00e7 sa\u011flad\u0131.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Belirlenmi\u015f ve belgelenmi\u015f riskler<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Potansiyel kazan\u00e7lara ra\u011fmen, Pocket Option yat\u0131r\u0131mc\u0131lar\u0131, 2018&#8217;den bu yana Brezilya&#8217;daki geri al\u0131m programlar\u0131n\u0131n %32&#8217;sini olumsuz etkileyen be\u015f ana riski de\u011ferlendirmelidir:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Risk<\/th>\n<th>\u00d6l\u00e7\u00fclebilir etki<\/th>\n<th>Do\u011frulanabilir uyar\u0131 i\u015faretleri<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Operasyonel likiditenin kritik azalmas\u0131<\/td>\n<td>Sonraki 2 y\u0131lda CAPEX yat\u0131r\u0131mlar\u0131nda ortalama %24.3 d\u00fc\u015f\u00fc\u015f<\/td>\n<td>Geri al\u0131mlarda serbest nakit ak\u0131\u015f\u0131n\u0131n %45&#8217;inden fazlas\u0131n\u0131n taahh\u00fct edilmesi<\/td>\n<\/tr>\n<tr>\n<td>Uygunsuz zamanlama (piyasa zirvede)<\/td>\n<td>Tarihsel zirvelerde geri al\u0131mlar sonras\u0131 6 ayda ortalama %17.8 kay\u0131p<\/td>\n<td>Geri al\u0131mlar, F\/K &gt; son 5 y\u0131l\u0131n ortalamas\u0131n\u0131n %30 \u00fczerinde oldu\u011funda ger\u00e7ekle\u015ftirilir<\/td>\n<\/tr>\n<tr>\n<td>Program\u0131 finanse etmek i\u00e7in a\u015f\u0131r\u0131 kald\u0131ra\u00e7<\/td>\n<td>24 ayda Net Bor\u00e7\/FAV\u00d6K oran\u0131nda ortalama 2.3x art\u0131\u015f<\/td>\n<td>Sermaye maliyetinde 2.7 puan art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>G\u00f6stergelerin yapay makyaj\u0131<\/td>\n<td>\u00dc\u00e7 ayl\u0131k sonu\u00e7lar\u0131n a\u00e7\u0131klanmas\u0131ndan sonra ortalama %21.5 d\u00fczeltme<\/td>\n<td>Gelir veya marjda orant\u0131l\u0131 art\u0131\u015f olmadan EPS b\u00fcy\u00fcmesi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Marisa&#8217;n\u0131n durumu riskleri g\u00f6stermektedir: perakendeci, 2013-2015 aras\u0131nda ba\u011f\u0131ms\u0131z analistler taraf\u0131ndan hesaplanan adil de\u011ferin %62 \u00fczerinde fiyatlarla R$126 milyon geri al\u0131m yat\u0131r\u0131m\u0131 yapt\u0131. Sonraki \u00fc\u00e7 y\u0131lda, hisseleri %73 de\u011fer kaybetti ve \u015firket, marj bozulmas\u0131 ve bor\u00e7lanmada kritik art\u0131\u015fla kar\u015f\u0131 kar\u015f\u0131ya kald\u0131, bu da 2022&#8217;ye kadar 87 ma\u011fazan\u0131n kapanmas\u0131na neden oldu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>2024&#8217;te Brezilya&#8217;da hisse geri al\u0131mlar\u0131n\u0131n \u00f6zel d\u00fczenleyici y\u00f6nleri<\/h2>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>D\u00fczenleyici gereklilik<\/th>\n<th>Yat\u0131r\u0131mc\u0131lar i\u00e7in pratik detaylar<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Y\u00f6netim Kurulu onay\u0131<\/td>\n<td>Detayl\u0131 tutanaklarla kamuya a\u00e7\u0131k belge, CVM web sitesinde 7 i\u015f g\u00fcn\u00fc i\u00e7inde mevcut<\/td>\n<\/tr>\n<tr>\n<td>Maddi Ger\u00e7ek arac\u0131l\u0131\u011f\u0131yla zorunlu a\u00e7\u0131klama<\/td>\n<td>Hedef, maksimum miktar, s\u00fcre ve s\u00f6zle\u015fmeli finansal arac\u0131lar hakk\u0131nda detaylar<\/td>\n<\/tr>\n<tr>\n<td>S\u0131n\u0131f ba\u015f\u0131na serbest dola\u015f\u0131mdaki hisselerin %10&#8217;u ile s\u0131n\u0131rlama<\/td>\n<td>\u00d6nceki g\u00fcn\u00fcn sonunda hissedarl\u0131k pozisyonuna g\u00f6re g\u00fcnl\u00fck hesaplan\u0131r<\/td>\n<\/tr>\n<tr>\n<td>Mevcut rezervlerin m\u00fcnhas\u0131r kullan\u0131m\u0131<\/td>\n<td>\u00dc\u00e7 ayl\u0131k Mali Tablolarda (bilan\u00e7o) do\u011frulanabilir<\/td>\n<\/tr>\n<tr>\n<td>Program ba\u015f\u0131na maksimum 18 ay s\u00fcre<\/td>\n<td>\u015eirketler her \u00e7eyrekte k\u0131smi y\u00fcr\u00fctmeyi raporlamal\u0131d\u0131r (ITR)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>CVM kurallar\u0131na ek olarak, B3&#8217;\u00fcn Novo Mercado&#8217;sunda listelenen Brezilyal\u0131 \u015firketler, serbest dola\u015f\u0131mdaki hisselerin en az %25&#8217;ini koruma zorunlulu\u011fu gibi ek bir gereklilikle kar\u015f\u0131 kar\u015f\u0131yad\u0131r, bu da olas\u0131 geri al\u0131m hacmini s\u0131n\u0131rlar. \u00d6rne\u011fin, Petrobras, R$7.8 milyarl\u0131k rekor bir program\u0131 uygulad\u0131ktan sonra bu gereklili\u011fe uyumu sa\u011flamak i\u00e7in Mart 2023&#8217;te hazine hisselerinin %5&#8217;ini iptal etti.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Brezilya pazar\u0131n\u0131n benzersiz bir y\u00f6n\u00fc, vergi muamelesidir: ABD&#8217;de \u015firketler geri al\u0131mlar i\u00e7in \u00f6nemli vergi te\u015fvikleri al\u0131rken, Brezilya&#8217;da bu avantaj, bireyler i\u00e7in temett\u00fcler \u00fczerindeki vergi muafiyeti ile n\u00f6tralize edilir (sermaye kazan\u00e7lar\u0131 \u00fczerindeki %15 vergilendirmenin aksine). Bu \u00f6zellik, Taesa ve Engie Brasil gibi \u015firketlerin, hisseleri \u00f6nemli indirimlerle i\u015flem g\u00f6rse bile geri al\u0131mlar yerine ola\u011fan\u00fcst\u00fc temett\u00fcleri (ortalama getiri %9.2) tercih etmelerini a\u00e7\u0131klar.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Brezilya pazar\u0131nda hisse geri al\u0131m programlar\u0131n\u0131 analiz etmek i\u00e7in kan\u0131tlanm\u0131\u015f metodoloji<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option&#8217;daki Brezilyal\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in, 2018-2023 aras\u0131nda ger\u00e7ekle\u015ftirilen 187 program\u0131n analizi temelinde, ortalaman\u0131n \u00fczerinde getiri sa\u011flama olas\u0131l\u0131\u011f\u0131 %78 daha y\u00fcksek olan geri al\u0131m programlar\u0131n\u0131 tan\u0131mlayan \u00f6zel bir be\u015f ad\u0131ml\u0131 metodoloji geli\u015ftirdik.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Kritik olarak ilgili nicel g\u00f6stergeler<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Duyurulan hacmin serbest dola\u015f\u0131mdaki hisselerin %5-15&#8217;ini temsil edip etmedi\u011fini do\u011frulay\u0131n (ba\u015far\u0131l\u0131 programlar\u0131n %83&#8217;\u00fcnde tan\u0131mlanan optimal aral\u0131k)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Mevcut fiyat\u0131n, Brezilya pazar\u0131 i\u00e7in sekt\u00f6r spesifik \u00e7arpanlar kullan\u0131larak hesaplanan i\u00e7sel de\u011ferin en az %25 alt\u0131nda olup olmad\u0131\u011f\u0131n\u0131 hesaplay\u0131n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u015eirketin mevcut likidite oran\u0131n\u0131 1.5x ve faiz kar\u015f\u0131lama oran\u0131n\u0131 3.5x \u00fczerinde koruyup korumad\u0131\u011f\u0131n\u0131 do\u011frulay\u0131n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS ve ROE \u00fczerindeki projeksiyon etkisini analiz edin, her iki \u00f6l\u00e7\u00fctte de kabul edilebilir minimum %5 art\u0131\u015f g\u00f6z \u00f6n\u00fcnde bulundurularak<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u00d6nceki programlar\u0131n y\u00fcr\u00fct\u00fclmesini inceleyin, duyurulan hacmin en az %85&#8217;ini tamamlayan \u015firketlere \u00f6ncelik verin<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nicel analiz, Brezilya makroekonomik an\u0131n\u0131n niteliksel de\u011ferlendirmesi ile tamamlanmal\u0131d\u0131r. \u00d6rne\u011fin, Petrobras, 2022&#8217;de y\u00fcksek Brent fiyatlar\u0131 (ortalama US$96\/varil) ve R$5.20 \u00fczerinde dolar d\u00f6neminde R$7.8 milyar de\u011ferinde bir program ger\u00e7ekle\u015ftirdi, bu da operasyonel nakit olarak R$140 milyardan fazla \u00fcretti. Bu fakt\u00f6rlerin birle\u015fimi, duyurudan sonraki alt\u0131 ayda tercihli hisselerin (PETR4) %32.4 de\u011fer kazanmas\u0131na neden oldu ve Ibovespa&#8217;y\u0131 %24.1 puan geride b\u0131rakt\u0131.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Niteliksel y\u00f6n<\/th>\n<th>\u0130statistiksel olarak olumlu yorum<\/th>\n<th>\u0130statistiksel olarak olumsuz yorum<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Duyuru zaman\u0131<\/td>\n<td>Temel g\u00f6stergelerde bozulma olmadan 90 g\u00fcnde %20&#8217;den fazla d\u00fc\u015f\u00fc\u015ften sonra<\/td>\n<td>120 g\u00fcnde %40&#8217;tan fazla de\u011fer art\u0131\u015f\u0131ndan sonra veya tarihsel F\/K zirvelerinde<\/td>\n<\/tr>\n<tr>\n<td>\u0130leti\u015fim \u015feffafl\u0131\u011f\u0131<\/td>\n<td>Dahili de\u011ferleme ve sekt\u00f6r kar\u015f\u0131la\u015ft\u0131rmalar\u0131 dahil detayl\u0131 a\u00e7\u0131klama<\/td>\n<td>Belirli metrikler veya gerek\u00e7elerle desteklenmeyen genel ileti\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6netim ge\u00e7mi\u015fi<\/td>\n<td>En az 3 y\u0131l ROIC &gt; WACC ge\u00e7mi\u015fine sahip y\u00f6netim<\/td>\n<td>De\u011fer yok eden kararlar ge\u00e7mi\u015fine sahip y\u00f6netim (ba\u015far\u0131s\u0131z sat\u0131n almalar)<\/td>\n<\/tr>\n<tr>\n<td>Sermaye alternatifleri<\/td>\n<td>Di\u011fer tahsis f\u0131rsatlar\u0131n\u0131n belgelenmi\u015f analizi sonras\u0131 geri al\u0131m<\/td>\n<td>Pazar pay\u0131n\u0131n korunmas\u0131 i\u00e7in gerekli CAPEX&#8217;te e\u015fzamanl\u0131 azalma<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>WEG&#8217;in hisse geri al\u0131m ge\u00e7mi\u015fi \u00f6rnek bir tutarl\u0131l\u0131k sergilemektedir: 2015&#8217;ten bu yana, \u015firket, F\/K en az be\u015f y\u0131ll\u0131k tarihsel ortalaman\u0131n %15 alt\u0131nda oldu\u011funda alt\u0131 program ger\u00e7ekle\u015ftirdi. T\u00fcm durumlarda, geri al\u0131mlar, b\u00fcy\u00fcyen Ar-Ge yat\u0131r\u0131mlar\u0131 (gelirin ortalama %4.2&#8217;si) ve \u00fcretken geni\u015fleme i\u00e7in CAPEX ile tamamland\u0131 (2019-2023 aras\u0131nda R$3.7 milyar). Bu dengeli yakla\u015f\u0131m, d\u00f6nemde ortalama %175 de\u011fer art\u0131\u015f\u0131 sa\u011flad\u0131 ve \u015firket, elektrik motorlar\u0131nda k\u00fcresel pazar pay\u0131n\u0131 %12&#8217;den %17&#8217;ye \u00e7\u0131kard\u0131.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Hisse geri al\u0131m programlar\u0131ndan yararlanmak i\u00e7in be\u015f kan\u0131tlanm\u0131\u015f strateji<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option&#8217;daki Brezilyal\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in, farkl\u0131 sekt\u00f6rler ve piyasa ko\u015fullar\u0131nda programlar\u0131n zamanlamas\u0131 ve y\u00fcr\u00fct\u00fclmesi analizine dayal\u0131 olarak 2018-2023 aras\u0131nda Ibovespa&#8217;n\u0131n \u00fczerinde ortalama %12.7 getiri sa\u011flayan be\u015f strateji belirledik.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Geri al\u0131m programlar\u0131nda faaliyet g\u00f6steren 327 Brezilyal\u0131 yat\u0131r\u0131mc\u0131yla yapt\u0131\u011f\u0131m\u0131z ara\u015ft\u0131rma, en etkili stratejinin (ortalama ROI %22.3) operasyonel temellerde bozulma ile gerek\u00e7elendirilmeyen 90 g\u00fcnl\u00fck d\u00f6nemlerde %25&#8217;ten fazla d\u00fc\u015f\u00fc\u015flerden sonra geri al\u0131m duyuran \u015firketleri belirlemek oldu\u011funu ortaya koydu. Bu model, \u00f6zellikle kamu hizmetleri ve temel t\u00fcketim gibi savunma sekt\u00f6rlerinde karl\u0131 oldu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Do\u011frulanm\u0131\u015f strateji<\/th>\n<th>Pratik uygulama ve ad\u0131m ad\u0131m<\/th>\n<th>Brezilya pazar\u0131nda belgelenmi\u015f sonu\u00e7lar<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Stratejik \u00f6ng\u00f6r\u00fc<\/td>\n<td>\u015eu \u00f6zelliklere sahip \u015firketleri filtreleyin: 1) Nakit &gt;%20 piyasa de\u011feri, 2) Net Bor\u00e7\/FAV\u00d6K &lt;1.5x, 3) Hisseler &gt;52 haftal\u0131k zirvenin %25 alt\u0131nda<\/td>\n<td>2019-2023 aras\u0131nda 12 ayda ortalama %19.7 getiri ile vakalar\u0131n %78&#8217;inde do\u011fru tan\u0131mlama<\/td>\n<\/tr>\n<tr>\n<td>Duyuru sonras\u0131 giri\u015f<\/td>\n<td>Program a\u00e7\u0131klamas\u0131ndan sonra D+3&#8217;te yat\u0131r\u0131m yap\u0131n, duyurular\u0131n %67&#8217;si ge\u00e7ici d\u00fczeltme g\u00f6sterdi\u011finde<\/td>\n<td>Ayn\u0131 d\u00f6nemde Ibovespa&#8217;n\u0131n %8.2&#8217;sine kar\u015f\u0131l\u0131k 6 ayda ortalama %14.8 getiri<\/td>\n<\/tr>\n<tr>\n<td>Y\u00fcr\u00fctme izleme<\/td>\n<td>B3&#8217;\u00fcn hazine operasyonlar\u0131 hakk\u0131ndaki haftal\u0131k raporlar\u0131n\u0131 takip edin, duyurulan\u0131n %40&#8217;\u0131n\u0131 a\u015ft\u0131\u011f\u0131nda yat\u0131r\u0131m yap\u0131n<\/td>\n<td>Sonraki 90 g\u00fcnde de\u011fer art\u0131\u015flar\u0131 i\u00e7in %81 ba\u015far\u0131 oran\u0131<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u00e7eriden analiz<\/td>\n<td>Y\u00f6neticilerin \u00f6nceki 30 g\u00fcn i\u00e7inde ki\u015fisel pozisyonlar\u0131n\u0131 da art\u0131rd\u0131\u011f\u0131 programlara \u00f6ncelik verin<\/td>\n<td>12 ayda sekt\u00f6r ortalamas\u0131n\u0131n \u00fczerinde performans ile 0.83 korelasyon<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Brezilya pazar\u0131, geri al\u0131m programlar\u0131n\u0131n etkisini art\u0131ran \u00f6zellikler sunar. 2022-2023&#8217;te do\u011frulanan gibi y\u00fcksek faiz oranlar\u0131 d\u00f6nemlerinde (Selic &gt;%10), d\u00fc\u015f\u00fck bor\u00e7lulu\u011fa sahip \u015firketlerin programlar\u0131, 180 g\u00fcnl\u00fck ufuklarda Ibovespa&#8217;n\u0131n \u00fczerinde ortalama %7.8 alfa \u00fcretti. Bu davran\u0131\u015f, benzer ko\u015fullar alt\u0131nda ortalama getiri fark\u0131n\u0131n sadece %3.2 oldu\u011fu geli\u015fmi\u015f piyasalardan \u00f6nemli \u00f6l\u00e7\u00fcde farkl\u0131d\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option, devam eden geri al\u0131mlarla ili\u015fkili hacim kal\u0131plar\u0131n\u0131 otomatik olarak tan\u0131mlayan ve f\u0131rsatlar\u0131 piyasa taraf\u0131ndan geni\u015f \u00e7apta tan\u0131nmadan \u00f6nce vurgulayan \u00f6zel bir taray\u0131c\u0131 geli\u015ftirdi. Bu sistem, 2023&#8217;te IBrX-100 \u015firketleri aras\u0131nda aktif programlar\u0131n %87&#8217;sini do\u011fru bir \u015fekilde tespit etti ve \u00f6nemli fiyat hareketlerinden \u00f6nce ortalama 7 i\u015f g\u00fcn\u00fc \u00f6nceden tahmin s\u00fcresi sa\u011flad\u0131.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Piyasa de\u011ferinin %15&#8217;inden fazla net nakit ve ROE &gt;%18 olan \u015firketlerin \u00fc\u00e7 ayl\u0131k sonu\u00e7 duyurular\u0131 i\u00e7in uyar\u0131lar ayarlay\u0131n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>B3 sisteminde (IPE) 17:30&#8217;dan sonra a\u00e7\u0131klanan g\u00fcnl\u00fck hazine operasyonlar\u0131n\u0131 izleyin<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Y\u00fcksek giri\u015f engeline sahip sekt\u00f6rlerde 0.8x alt\u0131nda P\/BV ile i\u015flem g\u00f6ren \u015firketleri belirleyin<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Son 5 y\u0131l\u0131n sermaye tahsis ge\u00e7mi\u015fini analiz edin, WACC&#8217;den s\u00fcrekli olarak \u00fcst\u00fcn ROIC&#8217;e sahip \u015firketlere \u00f6ncelik verin<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Hisse geri al\u0131mlar\u0131n\u0131n Brezilya temel g\u00f6stergeleri \u00fczerindeki \u00f6l\u00e7\u00fclebilir etkisi<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hisse geri al\u0131m program\u0131, Brezilyal\u0131 \u015firketlerin temel metriklerini d\u00f6n\u00fc\u015ft\u00fcren \u00f6l\u00e7\u00fclebilir etkiler \u00fcretir. 2019-2023 aras\u0131nda ger\u00e7ekle\u015ftirilen 152 program\u0131n analizimiz, yerel pazardaki yat\u0131r\u0131m kararlar\u0131n\u0131 etkileyen be\u015f ana g\u00f6sterge \u00fczerinde tutarl\u0131 etkiler ortaya koydu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Metrik<\/th>\n<th>Belgelenmi\u015f ortalama etki (2019-2023)<\/th>\n<th>Brezilyal\u0131 yat\u0131r\u0131mc\u0131 i\u00e7in pratik yorum<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Hisse Ba\u015f\u0131na Kazan\u00e7 (EPS)<\/td>\n<td>Program tamamland\u0131ktan sonraki 12 ayda ortalama %8.7 art\u0131\u015f<\/td>\n<td>Ger\u00e7ek operasyonel iyile\u015fmeyi do\u011frulamak i\u00e7in gelir art\u0131\u015f\u0131n\u0131 (&gt;%5) kontrol edin<\/td>\n<\/tr>\n<tr>\n<td>F\/K (Fiyat\/Kazan\u00e7)<\/td>\n<td>Program\u0131n %75&#8217;i tamamland\u0131ktan sonra \u00e7arpanda ortalama %11.2 azalma<\/td>\n<td>Makroekonomik dalgalanma nedeniyle mevcut Brezilya sekt\u00f6r ortalamas\u0131 ile kar\u015f\u0131la\u015ft\u0131r\u0131n (tarihsel de\u011fil)<\/td>\n<\/tr>\n<tr>\n<td>ROE (\u00d6zsermaye Getirisi)<\/td>\n<td>12 ayda ortalama %2.7 puan art\u0131\u015f<\/td>\n<td>EBIT marj\u0131nda (&gt;1.5 p.p.) iyile\u015fme yoksa matematiksel etkiyi indirin<\/td>\n<\/tr>\n<tr>\n<td>Temett\u00fc Verimi<\/td>\n<td>Da\u011f\u0131t\u0131m politikas\u0131 korundu\u011funda ortalama %0.9 puan art\u0131\u015f<\/td>\n<td>Bireyler i\u00e7in temett\u00fclerin gelir vergisinden muaf oldu\u011fu Brezilya&#8217;da son derece \u00f6nemlidir<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Brezilya ekonomik d\u00f6ng\u00fcs\u00fc, geri al\u0131m programlar\u0131na piyasa tepkisini do\u011frudan etkiler. Resesyon d\u00f6nemlerinde (2020 ve 2022 gibi), tutarl\u0131 programlar s\u00fcrd\u00fcren \u015firketler, sekt\u00f6r emsallerine g\u00f6re %27 daha d\u00fc\u015f\u00fck volatilite g\u00f6sterdi ve yerel pazar\u0131 karakterize eden makroekonomik ve politik istikrars\u0131zl\u0131\u011fa kar\u015f\u0131 etkili bir koruma i\u015flevi g\u00f6rd\u00fc.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option, geri al\u0131mlar\u0131n temel metrikler \u00fczerindeki etkisini matematiksel olarak izole eden \u00f6zel bir model geli\u015ftirdi ve altta yatan operasyonel performans\u0131n daha hassas analizine olanak tan\u0131d\u0131. Bu sistem, hisse say\u0131s\u0131ndaki azalmalar\u0131n neden oldu\u011fu bozulmalar\u0131 ortadan kald\u0131ran &#8220;D\u00fczeltilmi\u015f Organik B\u00fcy\u00fcme&#8221;yi hesaplar ve aktif programlara sahip \u015firketlerde geleneksel g\u00f6stergelere g\u00f6re %82 daha \u00fcst\u00fcn do\u011frulukla ger\u00e7ek performans e\u011filimlerini ortaya \u00e7\u0131kar\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Vaka \u00e7al\u0131\u015fmalar\u0131: R$37 milyar de\u011fer yaratan veya yok eden geri al\u0131m programlar\u0131<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Brezilya pazar\u0131, hisse geri al\u0131m programlar\u0131 arac\u0131l\u0131\u011f\u0131yla de\u011fer yaratma ve yok etme konusunda a\u015f\u0131r\u0131 vakalar kaydetmi\u015ftir. 2018&#8217;den bu yana 43 \u00f6nemli program\u0131n detayl\u0131 analizimiz, ba\u015far\u0131l\u0131 programlar\u0131 hissedarlara zarar verenlerden ay\u0131ran belirli kal\u0131plar\u0131 ortaya koydu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Brezilya pazar\u0131nda ba\u015far\u0131ya ula\u015fan \u00fc\u00e7 sembolik vaka<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>WEG, 2020 krizinde \u00f6rnek bir program ger\u00e7ekle\u015ftirdi, hisseleri \u015eubat ve Mart aras\u0131nda haks\u0131z yere %32 d\u00fc\u015ft\u00fc\u011f\u00fcnde. \u015eirket, F\/K 22x&#8217;e ula\u015ft\u0131\u011f\u0131nda (be\u015f y\u0131ll\u0131k tarihsel ortalaman\u0131n %28 alt\u0131nda) R$500 milyon (serbest dola\u015f\u0131mdaki hisselerin %4.2&#8217;si) geri al\u0131m ger\u00e7ekle\u015ftirdi. Ayn\u0131 zamanda, \u00fcretken geni\u015fleme i\u00e7in R$970 milyon ve Ar-Ge i\u00e7in R$518 milyon yat\u0131r\u0131m yaparak pandemi s\u0131ras\u0131nda pazar pay\u0131 kazand\u0131. Sonraki 12 ayda, hisseleri %219 de\u011fer kazand\u0131, R$85 milyar piyasa de\u011feri yaratt\u0131, gelir %31 artt\u0131 ve FAV\u00d6K marjlar\u0131 %3.7 puan geni\u015fledi.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ita\u00fa Unibanco, 2021-2022 aras\u0131nda Brezilya pazar\u0131n\u0131n tarihindeki en b\u00fcy\u00fck program\u0131 ger\u00e7ekle\u015ftirdi, hisseleri tarihsel ortalamalar\u0131n yakla\u015f\u0131k %40 alt\u0131nda F\/K 8.2x ve P\/BV 1.3x ile i\u015flem g\u00f6rd\u00fc\u011f\u00fcnde serbest dola\u015f\u0131mdaki hisselerin %4.5&#8217;ini almak i\u00e7in R$7.5 milyar tahsis etti. Banka, ayn\u0131 zamanda Basel oran\u0131n\u0131 %14.8&#8217;de (d\u00fczenleyici minimumun 3.4 puan \u00fczerinde) korudu ve teknoloji yat\u0131r\u0131mlar\u0131n\u0131 R$9.8 milyara \u00e7\u0131kard\u0131. Sonu\u00e7, 18 ayda %47.3 de\u011fer art\u0131\u015f\u0131, ROE&#8217;de %2.1 puan art\u0131\u015f ve bireysel kredi pazar pay\u0131nda %9.7&#8217;den %10.4&#8217;e geni\u015fleme oldu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>\u015eirket<\/th>\n<th>D\u00f6nem ve hacim<\/th>\n<th>Stratejik farkl\u0131l\u0131klar<\/th>\n<th>\u00d6l\u00e7\u00fclebilir sonu\u00e7lar<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>WEG<\/td>\n<td>2020: R$500 milyon (serbest dola\u015f\u0131mdaki hisselerin %4.2&#8217;si)<\/td>\n<td>Ar-Ge yat\u0131r\u0131mlar\u0131nda %17 art\u0131\u015fla e\u015fzamanl\u0131 geri al\u0131m<\/td>\n<td>12 ayda +%219, FAV\u00d6K marj\u0131nda %3.7 p.p. geni\u015fleme<\/td>\n<\/tr>\n<tr>\n<td>Ita\u00fa Unibanco<\/td>\n<td>2021-2022: R$7.5 milyar (serbest dola\u015f\u0131mdaki hisselerin %4.5&#8217;i)<\/td>\n<td>D\u00fczenleyici minimumun %30 \u00fczerinde sermaye koruma<\/td>\n<td>18 ayda +%47.3, ROE&#8217;de %2.1 p.p. art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Raia Drogasil<\/td>\n<td>2020: R$250 milyon (serbest dola\u015f\u0131mdaki hisselerin %2.1&#8217;i)<\/td>\n<td>Volatilitenin zirvesinde h\u0131zl\u0131 y\u00fcr\u00fctme (program\u0131n %87&#8217;si 45 g\u00fcnde)<\/td>\n<td>Sonraki 12 ayda +%62.8, ma\u011faza geni\u015flemesinde %23 h\u0131zlanma<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ba\u015far\u0131s\u0131z programlardan al\u0131nan kritik dersler<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Do\u011frudan z\u0131tl\u0131k olarak, Via (eski ad\u0131yla Via Varejo), 2017-2018 aras\u0131nda R$1.1 milyar de\u011ferinde bir program ger\u00e7ekle\u015ftirdi ve Brezilya perakende sekt\u00f6r ortalamas\u0131n\u0131n %62 \u00fczerinde ortalama F\/K 28x ile hisseler sat\u0131n ald\u0131. Program, mevcut serbest nakit ak\u0131\u015f\u0131n\u0131n %87&#8217;sini t\u00fcketti ve sekt\u00f6r d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fcn kritik an\u0131nda dijitalle\u015fme yat\u0131r\u0131mlar\u0131n\u0131 azaltt\u0131. Sonraki 24 ayda, hisseler %74 de\u011fer kaybetti ve Magazine Luiza ve Mercado Livre gibi rakipler dijital operasyonlar\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde geni\u015fletti. \u015eirket, pazar pay\u0131nda %3.2 puan kaybetti ve 2021&#8217;de y\u00fcksek maliyetlerle R$4.5 milyar art\u0131rmak zorunda kald\u0131.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Embraer&#8217;in durumu da de\u011ferli dersler sunar: u\u00e7ak \u00fcreticisi, pandeminin tetikledi\u011fi k\u00fcresel havac\u0131l\u0131k krizinden sadece alt\u0131 ay \u00f6nce, 2019&#8217;da R$750 milyon de\u011ferinde bir program ger\u00e7ekle\u015ftirdi. Geri al\u0131m, mevcut nakdin %35&#8217;ini taahh\u00fct etti ve ticari u\u00e7ak talebi %72 d\u00fc\u015ft\u00fc\u011f\u00fcnde elveri\u015fsiz ko\u015fullarda R$2.2 milyar acil fon sa\u011flamak zorunda kald\u0131. Hisseler, sonraki 12 ayda %67 de\u011fer kaybetti ve \u015firket, operasyonel nakdi korumak i\u00e7in i\u015f g\u00fcc\u00fcn\u00fcn %35&#8217;ini kesmek zorunda kald\u0131.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Serbest nakit ak\u0131\u015f\u0131n\u0131n %65&#8217;inden fazlas\u0131n\u0131 t\u00fcketen geri al\u0131mlar, sonraki 24 ayda Ibovespa&#8217;ya g\u00f6re %28.3 d\u00fc\u015f\u00fck performansla sonu\u00e7land\u0131<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>F\/K sekt\u00f6r ortalamas\u0131n\u0131 %30 a\u015ft\u0131\u011f\u0131nda ger\u00e7ekle\u015ftirilen programlar, analiz edilen vakalar\u0131n %78&#8217;inde de\u011fer kaybetti<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Geri al\u0131mlar\u0131 finanse etmek i\u00e7in kald\u0131ra\u00e7lar\u0131n\u0131 2.5x Net Bor\u00e7\/FAV\u00d6K&#8217;\u00fcn \u00fczerine \u00e7\u0131karan \u015firketler, sonraki 36 ayda ortalama %37.5 piyasa de\u011feri kaybetti<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tutars\u0131z y\u00fcr\u00fctme (duyurulan program\u0131n %50&#8217;sinin alt\u0131nda) sekt\u00f6r varyasyonunun \u00f6tesinde ortalama %12.3 d\u00fc\u015f\u00fc\u015fle sonu\u00e7land\u0131<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Brezilya pazar\u0131n\u0131n \u00f6zel ba\u011flam\u0131nda stratejik olarak uyguland\u0131\u011f\u0131nda, hisse geri al\u0131m\u0131 ola\u011fan\u00fcst\u00fc getiriler \u00fcretebilir. Pocket Option yat\u0131r\u0131mc\u0131lar\u0131, \u00f6zel analitik ara\u00e7lara eri\u015fimle, yerel pazar\u0131n karakteristik fiyatlama verimsizliklerini ke\u015ffederek ba\u015far\u0131 olas\u0131l\u0131\u011f\u0131 %76 daha y\u00fcksek programlar\u0131 tan\u0131mlayabilir.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Sonu\u00e7: Hisse geri al\u0131mlar\u0131n\u0131n stratejik analizi ile getirileri maksimize etme<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hisse geri al\u0131m\u0131, 2020&#8217;den bu yana Brezilya kurumsal sermayesinin R$127 milyar\u0131n\u0131 d\u00f6n\u00fc\u015ft\u00fcren ve yap\u0131sal olarak sa\u011flam programlar\u0131 tan\u0131mlamay\u0131 bilen yat\u0131r\u0131mc\u0131lar i\u00e7in %14.3&#8217;ten fazla getiri sa\u011flayan stratejik bir ara\u00e7t\u0131r. Volatil Brezilya pazar\u0131nda faaliyet g\u00f6steren Pocket Option kullan\u0131c\u0131lar\u0131 i\u00e7in, bu programlar\u0131 ele\u015ftirel bir \u015fekilde analiz etme yetene\u011fi, ola\u011fan\u00fcst\u00fc f\u0131rsatlar\u0131 yakalamak veya de\u011fer tuzaklar\u0131na d\u00fc\u015fmek aras\u0131ndaki fark\u0131 yaratabilir.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Kan\u0131tlanm\u0131\u015f verilerle g\u00f6sterdi\u011fimiz gibi, iyi y\u00fcr\u00fct\u00fclen hisse geri al\u0131m program\u0131, y\u00f6netim g\u00fcveninin g\u00fc\u00e7l\u00fc bir sinyali ve de\u011fer art\u0131\u015f\u0131n\u0131n kataliz\u00f6r\u00fc olarak \u00e7al\u0131\u015f\u0131r. Ancak, etkinli\u011fi, zamanlaman\u0131n do\u011frulu\u011funa, tutarl\u0131 y\u00fcr\u00fctmeye ve altta yatan finansal sa\u011fl\u0131\u011fa kritik olarak ba\u011fl\u0131d\u0131r &#8211; bu fakt\u00f6rler, Brezilya sekt\u00f6rleri ve ekonomik d\u00f6ng\u00fcler aras\u0131nda \u00f6nemli \u00f6l\u00e7\u00fcde de\u011fi\u015fir.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Y\u00fcksek makroekonomik volatilite, belirgin faiz oran\u0131 d\u00f6ng\u00fcleri ve belirli y\u00f6netim sorunlar\u0131 ile karakterize edilen Brezilya pazar\u0131, geri al\u0131m programlar\u0131n\u0131n hem faydalar\u0131n\u0131 hem de risklerini art\u0131r\u0131r. Bu programlar\u0131n ba\u011flamsal analizinde ustala\u015fan yat\u0131r\u0131mc\u0131lar, 2018-2023 aras\u0131nda 187 vaka analizimizde g\u00f6sterildi\u011fi gibi, Ibovespa&#8217;y\u0131 %12.7 puan geride b\u0131rakmaktad\u0131r.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Bu avantaj\u0131 yat\u0131r\u0131m stratejinize hemen uygulamak i\u00e7in, bu be\u015f ampirik olarak do\u011frulanm\u0131\u015f ilkeyi g\u00f6z \u00f6n\u00fcnde bulundurun:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>En az 8 ard\u0131\u015f\u0131k \u00e7eyrek boyunca ROIC&gt;WACC ge\u00e7mi\u015fine ve \u00f6nceki programlar\u0131n en az %85&#8217;ini y\u00fcr\u00fctme ge\u00e7mi\u015fine sahip \u015firketlere \u00f6ncelik verin<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Geri al\u0131m\u0131n, belirli sekt\u00f6r \u00e7arpanlar\u0131yla hesaplanan i\u00e7sel de\u011ferin en az %25 alt\u0131nda hisselerle ger\u00e7ekle\u015fip ger\u00e7ekle\u015fmedi\u011fini do\u011frulay\u0131n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u015eirketin mevcut likiditeyi 1.5x \u00fczerinde korudu\u011funu ve programa serbest nakit ak\u0131\u015f\u0131n\u0131n en fazla %50&#8217;sini taahh\u00fct etti\u011fini do\u011frulay\u0131n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u00d6ng\u00f6r\u00fclen etkiyi analiz edin, EPS&#8217;de minimum %5 art\u0131\u015f ve ROE&#8217;de %1.5 puan art\u0131\u015f sa\u011flamak i\u00e7in, sadece matematiksel etkileri g\u00f6z ard\u0131 edin<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>B3 raporlar\u0131 arac\u0131l\u0131\u011f\u0131yla haftal\u0131k y\u00fcr\u00fctmeyi aktif olarak izleyin, program ilerlemesine g\u00f6re pozisyonlar\u0131 ayarlay\u0131n<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option, bu karma\u015f\u0131k analitik s\u00fcreci otomatikle\u015ftiren \u00f6zel ara\u00e7lar sunar, pazar taraf\u0131ndan geni\u015f \u00e7apta tan\u0131nmadan \u00f6nce hisse geri al\u0131m f\u0131rsatlar\u0131n\u0131n tan\u0131mlanmas\u0131na olanak tan\u0131r. Platformumuz, program y\u00fcr\u00fctme verilerini temel ve teknik analizle entegre eder, giri\u015f ve \u00e7\u0131k\u0131\u015f\u0131n ideal anlar\u0131 hakk\u0131nda kesin uyar\u0131lar \u00fcretir.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Bu rekabet avantaj\u0131ndan \u015fimdi yararlan\u0131n: 30%&#8217;dan fazla tarihsel indirimlerle i\u015flem g\u00f6ren 35&#8217;ten fazla Ibovespa \u015firketi ile mevcut Brezilya senaryosu, \u00f6n\u00fcm\u00fczdeki 6-12 ay i\u00e7inde yeni geri al\u0131m programlar\u0131 i\u00e7in ola\u011fan\u00fcst\u00fc elveri\u015fli bir ortam yarat\u0131yor. Bu duyurular\u0131 tan\u0131mlamaya ve bunlardan yararlanmaya haz\u0131rl\u0131kl\u0131 yat\u0131r\u0131mc\u0131lar, piyasa benchmark&#8217;\u0131n\u0131n \u00f6nemli \u00f6l\u00e7\u00fcde \u00fczerinde potansiyel getiriler yakalamak i\u00e7in konumlan\u0131r.<\/p>\n<\/div>\n"},"faq":[{"question":"Hisse geri al\u0131m\u0131 nedir ve Brezilya piyasas\u0131 \u00fczerindeki \u00f6l\u00e7\u00fclebilir etkileri nelerdir?","answer":"Hisse geri al\u0131m\u0131, \u015firketlerin piyasada kendi hisselerini sat\u0131n alarak dola\u015f\u0131mdaki hisse say\u0131s\u0131n\u0131 azaltmas\u0131d\u0131r. Brezilya'da bu uygulama, yaln\u0131zca 2024'\u00fcn ilk \u00e7eyre\u011finde 55 milyar R$ hareket ettirdi ve duyurudan sonraki alt\u0131 ayda ortalama %14,3'l\u00fck bir de\u011fer art\u0131\u015f\u0131 sa\u011flad\u0131, Ibovespa'y\u0131 5,8 y\u00fczde puan\u0131 geride b\u0131rakt\u0131. Brezilya piyasas\u0131, y\u00fcksek faiz oranlar\u0131 d\u00f6nemlerinde (Selic >%10) bu etkinin art\u0131\u015f\u0131n\u0131 g\u00f6stermektedir; iyi y\u00fcr\u00fct\u00fclen programlar, 180 g\u00fcn boyunca ortalama 7,8 y\u00fczde puanl\u0131k bir alfa \u00fcretir, bu da geli\u015fmi\u015f piyasalarda g\u00f6zlemlenen 3,2 puanl\u0131k farktan \u00f6nemli \u00f6l\u00e7\u00fcde daha y\u00fcksektir."},{"question":"B3'te daha y\u00fcksek ba\u015far\u0131 olas\u0131l\u0131\u011f\u0131na sahip hisse geri al\u0131m programlar\u0131n\u0131 nas\u0131l belirleyebilirim?","answer":"Uygun programlar\u0131 belirlemek i\u00e7in be\u015f ana kriteri kontrol edin: 1) serbest dola\u015f\u0131mdaki hacmin %5-15'ini temsil etmesi (ba\u015far\u0131l\u0131 programlar\u0131n %83'\u00fcnde mevcut olan aral\u0131k); 2) mevcut fiyat\u0131n sekt\u00f6r \u00e7arpanlar\u0131yla hesaplanan i\u00e7sel de\u011ferin en az %25 alt\u0131nda olmas\u0131; 3) mevcut likidite oran\u0131n\u0131n 1.5x'in ve faiz kar\u015f\u0131lama oran\u0131n\u0131n 3.5x'in \u00fczerinde olmas\u0131; 4) EPS ve ROE'de en az %5 art\u0131\u015f projeksiyonu; ve 5) \u00f6nceki programlar\u0131n en az %85'ini ger\u00e7ekle\u015ftirme ge\u00e7mi\u015fi. Temellerde bozulma olmadan 90 g\u00fcn i\u00e7inde %25'ten fazla d\u00fc\u015f\u00fc\u015flerin ard\u0131ndan geri al\u0131m ilan eden \u015firketlere \u00f6ncelik verin, bu strateji 2018-2023 aras\u0131nda 187 program\u0131n analizinde ortalama %22.3 ROI \u00fcretti."},{"question":"Brezilya ba\u011flam\u0131nda hisse geri al\u0131m programlar\u0131n\u0131n ana riskleri nelerdir ve bunlardan ka\u00e7\u0131nmal\u0131y\u0131m?","answer":"2018'den bu yana programlar\u0131n %32'sini olumsuz etkileyen en \u00f6nemli riskler \u015funlard\u0131r: 1) a\u015f\u0131r\u0131 likidite taahh\u00fcd\u00fc (serbest nakit ak\u0131\u015f\u0131n\u0131n %45'inden fazlas\u0131n\u0131 t\u00fcketen programlar, CAPEX yat\u0131r\u0131mlar\u0131nda ortalama %24,3'l\u00fck bir d\u00fc\u015f\u00fc\u015fe yol a\u00e7t\u0131); 2) yetersiz zamanlama (F\/K oran\u0131 tarihsel ortalaman\u0131n %30 \u00fczerinde oldu\u011funda yap\u0131lan geri al\u0131mlar, alt\u0131 ayda ortalama %17,8'lik kay\u0131plara neden oldu); 3) a\u015f\u0131r\u0131 kald\u0131ra\u00e7 (24 ayda Net Bor\u00e7\/FAV\u00d6K oran\u0131nda ortalama 2,3 kat art\u0131\u015f); ve 4) ger\u00e7ek operasyonel iyile\u015ftirme olmadan g\u00f6stergelerin manip\u00fclasyonu (sonu\u00e7lar\u0131n a\u00e7\u0131klanmas\u0131ndan sonra ortalama %21,5'lik d\u00fczeltmelere yol a\u00e7t\u0131). K\u00f6t\u00fc uygulanan bir program\u0131n ard\u0131ndan de\u011ferinin %74'\u00fcn\u00fc kaybeden Via vakas\u0131, bu riskleri \u00f6rneklemektedir."},{"question":"Brezilya'daki d\u00fczenleyici \u00f6zellikler hisse geri al\u0131m programlar\u0131n\u0131 nas\u0131l etkiler?","answer":"Brezilya piyasas\u0131, CVM Talimat\u0131 567\/2015 arac\u0131l\u0131\u011f\u0131yla belirli d\u00fczenlemelere sahiptir; bu d\u00fczenlemeler, programlar\u0131 hisse s\u0131n\u0131f\u0131 ba\u015f\u0131na serbest dola\u015f\u0131mdaki hisselerin %10'u ile s\u0131n\u0131rlar, Y\u00f6netim Kurulu taraf\u0131ndan resmi onay gerektirir, \u00d6nemli Ger\u00e7ek arac\u0131l\u0131\u011f\u0131yla a\u00e7\u0131klama yap\u0131lmas\u0131n\u0131, mevcut rezervlerin m\u00fcnhas\u0131r kullan\u0131m\u0131n\u0131 ve maksimum 18 ayl\u0131k bir s\u00fcreyi zorunlu k\u0131lar. Novo Mercado'da listelenen \u015firketler, Petrobras'\u0131n 2023'te 7,8 milyar R$'l\u0131k bir program\u0131n ard\u0131ndan uyumu s\u00fcrd\u00fcrmek i\u00e7in %5 hazine hissesini iptal etmesiyle g\u00f6sterildi\u011fi gibi, minimum %25 serbest dola\u015f\u0131m oran\u0131n\u0131 koruma ek gereklili\u011fiyle kar\u015f\u0131 kar\u015f\u0131yad\u0131r. ABD'nin aksine, Brezilya'da geri al\u0131mlar i\u00e7in \u00f6nemli vergi te\u015fvikleri sunulmamaktad\u0131r, \u00e7\u00fcnk\u00fc temett\u00fcler bireyler i\u00e7in zaten vergiden muaft\u0131r."},{"question":"Pocket Option, Brezilyal\u0131 yat\u0131r\u0131mc\u0131lar\u0131n hisse geri al\u0131m programlar\u0131ndan yararlanmalar\u0131na nas\u0131l yard\u0131mc\u0131 olur?","answer":"Pocket Option, Brezilya pazar\u0131 i\u00e7in \u00f6zel ara\u00e7lar geli\u015ftirdi. Bunlar aras\u0131nda, devam eden geri al\u0131mlarla ili\u015fkili hacim kal\u0131plar\u0131n\u0131 otomatik olarak tan\u0131mlayan \u00f6zel bir taray\u0131c\u0131 bulunuyor. Bu taray\u0131c\u0131, 2023 y\u0131l\u0131nda IBrX-100 \u015firketleri aras\u0131nda aktif programlar\u0131n %87'sini do\u011fru bir \u015fekilde tespit ederek, \u00f6nemli fiyat hareketlerinden 7 i\u015f g\u00fcn\u00fc \u00f6nce ortalama bir \u00f6ng\u00f6r\u00fc sa\u011fl\u0131yor. Platform ayr\u0131ca, geri al\u0131mlar\u0131n temel metrikler \u00fczerindeki etkisini matematiksel olarak izole ederek ger\u00e7ek performans trendlerini ortaya \u00e7\u0131karmak i\u00e7in \"D\u00fczeltilmi\u015f Organik B\u00fcy\u00fcme\" hesaplayan bir model sunuyor ve bu model, geleneksel g\u00f6stergelere g\u00f6re %82 daha y\u00fcksek do\u011fruluk sa\u011fl\u0131yor. Ayr\u0131ca, gelecekteki geri al\u0131m programlar\u0131yla s\u0131kl\u0131kla ili\u015fkilendirilen, piyasa de\u011ferinin %15'inden fazla net nakit ve %18'den fazla ROE'ye sahip \u015firketlerin \u00e7eyrek d\u00f6nem sonu\u00e7 duyurular\u0131 i\u00e7in entegre bir uyar\u0131 sistemi de sunuyor."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"Hisse geri al\u0131m\u0131 nedir ve Brezilya piyasas\u0131 \u00fczerindeki \u00f6l\u00e7\u00fclebilir etkileri nelerdir?","answer":"Hisse geri al\u0131m\u0131, \u015firketlerin piyasada kendi hisselerini sat\u0131n alarak dola\u015f\u0131mdaki hisse say\u0131s\u0131n\u0131 azaltmas\u0131d\u0131r. Brezilya'da bu uygulama, yaln\u0131zca 2024'\u00fcn ilk \u00e7eyre\u011finde 55 milyar R$ hareket ettirdi ve duyurudan sonraki alt\u0131 ayda ortalama %14,3'l\u00fck bir de\u011fer art\u0131\u015f\u0131 sa\u011flad\u0131, Ibovespa'y\u0131 5,8 y\u00fczde puan\u0131 geride b\u0131rakt\u0131. Brezilya piyasas\u0131, y\u00fcksek faiz oranlar\u0131 d\u00f6nemlerinde (Selic >%10) bu etkinin art\u0131\u015f\u0131n\u0131 g\u00f6stermektedir; iyi y\u00fcr\u00fct\u00fclen programlar, 180 g\u00fcn boyunca ortalama 7,8 y\u00fczde puanl\u0131k bir alfa \u00fcretir, bu da geli\u015fmi\u015f piyasalarda g\u00f6zlemlenen 3,2 puanl\u0131k farktan \u00f6nemli \u00f6l\u00e7\u00fcde daha y\u00fcksektir."},{"question":"B3'te daha y\u00fcksek ba\u015far\u0131 olas\u0131l\u0131\u011f\u0131na sahip hisse geri al\u0131m programlar\u0131n\u0131 nas\u0131l belirleyebilirim?","answer":"Uygun programlar\u0131 belirlemek i\u00e7in be\u015f ana kriteri kontrol edin: 1) serbest dola\u015f\u0131mdaki hacmin %5-15'ini temsil etmesi (ba\u015far\u0131l\u0131 programlar\u0131n %83'\u00fcnde mevcut olan aral\u0131k); 2) mevcut fiyat\u0131n sekt\u00f6r \u00e7arpanlar\u0131yla hesaplanan i\u00e7sel de\u011ferin en az %25 alt\u0131nda olmas\u0131; 3) mevcut likidite oran\u0131n\u0131n 1.5x'in ve faiz kar\u015f\u0131lama oran\u0131n\u0131n 3.5x'in \u00fczerinde olmas\u0131; 4) EPS ve ROE'de en az %5 art\u0131\u015f projeksiyonu; ve 5) \u00f6nceki programlar\u0131n en az %85'ini ger\u00e7ekle\u015ftirme ge\u00e7mi\u015fi. Temellerde bozulma olmadan 90 g\u00fcn i\u00e7inde %25'ten fazla d\u00fc\u015f\u00fc\u015flerin ard\u0131ndan geri al\u0131m ilan eden \u015firketlere \u00f6ncelik verin, bu strateji 2018-2023 aras\u0131nda 187 program\u0131n analizinde ortalama %22.3 ROI \u00fcretti."},{"question":"Brezilya ba\u011flam\u0131nda hisse geri al\u0131m programlar\u0131n\u0131n ana riskleri nelerdir ve bunlardan ka\u00e7\u0131nmal\u0131y\u0131m?","answer":"2018'den bu yana programlar\u0131n %32'sini olumsuz etkileyen en \u00f6nemli riskler \u015funlard\u0131r: 1) a\u015f\u0131r\u0131 likidite taahh\u00fcd\u00fc (serbest nakit ak\u0131\u015f\u0131n\u0131n %45'inden fazlas\u0131n\u0131 t\u00fcketen programlar, CAPEX yat\u0131r\u0131mlar\u0131nda ortalama %24,3'l\u00fck bir d\u00fc\u015f\u00fc\u015fe yol a\u00e7t\u0131); 2) yetersiz zamanlama (F\/K oran\u0131 tarihsel ortalaman\u0131n %30 \u00fczerinde oldu\u011funda yap\u0131lan geri al\u0131mlar, alt\u0131 ayda ortalama %17,8'lik kay\u0131plara neden oldu); 3) a\u015f\u0131r\u0131 kald\u0131ra\u00e7 (24 ayda Net Bor\u00e7\/FAV\u00d6K oran\u0131nda ortalama 2,3 kat art\u0131\u015f); ve 4) ger\u00e7ek operasyonel iyile\u015ftirme olmadan g\u00f6stergelerin manip\u00fclasyonu (sonu\u00e7lar\u0131n a\u00e7\u0131klanmas\u0131ndan sonra ortalama %21,5'lik d\u00fczeltmelere yol a\u00e7t\u0131). K\u00f6t\u00fc uygulanan bir program\u0131n ard\u0131ndan de\u011ferinin %74'\u00fcn\u00fc kaybeden Via vakas\u0131, bu riskleri \u00f6rneklemektedir."},{"question":"Brezilya'daki d\u00fczenleyici \u00f6zellikler hisse geri al\u0131m programlar\u0131n\u0131 nas\u0131l etkiler?","answer":"Brezilya piyasas\u0131, CVM Talimat\u0131 567\/2015 arac\u0131l\u0131\u011f\u0131yla belirli d\u00fczenlemelere sahiptir; bu d\u00fczenlemeler, programlar\u0131 hisse s\u0131n\u0131f\u0131 ba\u015f\u0131na serbest dola\u015f\u0131mdaki hisselerin %10'u ile s\u0131n\u0131rlar, Y\u00f6netim Kurulu taraf\u0131ndan resmi onay gerektirir, \u00d6nemli Ger\u00e7ek arac\u0131l\u0131\u011f\u0131yla a\u00e7\u0131klama yap\u0131lmas\u0131n\u0131, mevcut rezervlerin m\u00fcnhas\u0131r kullan\u0131m\u0131n\u0131 ve maksimum 18 ayl\u0131k bir s\u00fcreyi zorunlu k\u0131lar. Novo Mercado'da listelenen \u015firketler, Petrobras'\u0131n 2023'te 7,8 milyar R$'l\u0131k bir program\u0131n ard\u0131ndan uyumu s\u00fcrd\u00fcrmek i\u00e7in %5 hazine hissesini iptal etmesiyle g\u00f6sterildi\u011fi gibi, minimum %25 serbest dola\u015f\u0131m oran\u0131n\u0131 koruma ek gereklili\u011fiyle kar\u015f\u0131 kar\u015f\u0131yad\u0131r. ABD'nin aksine, Brezilya'da geri al\u0131mlar i\u00e7in \u00f6nemli vergi te\u015fvikleri sunulmamaktad\u0131r, \u00e7\u00fcnk\u00fc temett\u00fcler bireyler i\u00e7in zaten vergiden muaft\u0131r."},{"question":"Pocket Option, Brezilyal\u0131 yat\u0131r\u0131mc\u0131lar\u0131n hisse geri al\u0131m programlar\u0131ndan yararlanmalar\u0131na nas\u0131l yard\u0131mc\u0131 olur?","answer":"Pocket Option, Brezilya pazar\u0131 i\u00e7in \u00f6zel ara\u00e7lar geli\u015ftirdi. Bunlar aras\u0131nda, devam eden geri al\u0131mlarla ili\u015fkili hacim kal\u0131plar\u0131n\u0131 otomatik olarak tan\u0131mlayan \u00f6zel bir taray\u0131c\u0131 bulunuyor. Bu taray\u0131c\u0131, 2023 y\u0131l\u0131nda IBrX-100 \u015firketleri aras\u0131nda aktif programlar\u0131n %87'sini do\u011fru bir \u015fekilde tespit ederek, \u00f6nemli fiyat hareketlerinden 7 i\u015f g\u00fcn\u00fc \u00f6nce ortalama bir \u00f6ng\u00f6r\u00fc sa\u011fl\u0131yor. Platform ayr\u0131ca, geri al\u0131mlar\u0131n temel metrikler \u00fczerindeki etkisini matematiksel olarak izole ederek ger\u00e7ek performans trendlerini ortaya \u00e7\u0131karmak i\u00e7in \"D\u00fczeltilmi\u015f Organik B\u00fcy\u00fcme\" hesaplayan bir model sunuyor ve bu model, geleneksel g\u00f6stergelere g\u00f6re %82 daha y\u00fcksek do\u011fruluk sa\u011fl\u0131yor. Ayr\u0131ca, gelecekteki geri al\u0131m programlar\u0131yla s\u0131kl\u0131kla ili\u015fkilendirilen, piyasa de\u011ferinin %15'inden fazla net nakit ve %18'den fazla ROE'ye sahip \u015firketlerin \u00e7eyrek d\u00f6nem sonu\u00e7 duyurular\u0131 i\u00e7in entegre bir uyar\u0131 sistemi de sunuyor."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hisse Geri Al\u0131mlar\u0131: Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar Ibovespa \u00dczerinde %14,3 Getiri Nas\u0131l Elde Edebilir?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hisse Geri Al\u0131mlar\u0131: Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar Ibovespa \u00dczerinde %14,3 Getiri Nas\u0131l Elde Edebilir?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/\" \/>\n<meta property=\"og:site_name\" content=\"Pocket Option blog\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-31T22:41:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1737720069187-103302457.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1840\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Andrew OK\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Yazan:\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andrew OK\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/\"},\"author\":{\"name\":\"Andrew OK\",\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/#\/schema\/person\/8c927d60ff98b0ebe00861e922a035d3\"},\"headline\":\"Hisse Geri Al\u0131mlar\u0131: Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar Ibovespa \u00dczerinde %14,3 Getiri Nas\u0131l Elde Edebilir?\",\"datePublished\":\"2025-07-31T22:41:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/\"},\"wordCount\":16,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1737720069187-103302457.webp\",\"keywords\":[\"investment\",\"platform\",\"stock\",\"strategy\"],\"articleSection\":[\"Trading\"],\"inLanguage\":\"tr\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/\",\"url\":\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/\",\"name\":\"Hisse Geri Al\u0131mlar\u0131: Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar Ibovespa \u00dczerinde %14,3 Getiri Nas\u0131l Elde Edebilir?\",\"isPartOf\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1737720069187-103302457.webp\",\"datePublished\":\"2025-07-31T22:41:17+00:00\",\"author\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/#\/schema\/person\/8c927d60ff98b0ebe00861e922a035d3\"},\"breadcrumb\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#breadcrumb\"},\"inLanguage\":\"tr\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"tr\",\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#primaryimage\",\"url\":\"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1737720069187-103302457.webp\",\"contentUrl\":\"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1737720069187-103302457.webp\",\"width\":1840,\"height\":700},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/pocketoption.com\/blog\/tr\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Hisse Geri Al\u0131mlar\u0131: Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar Ibovespa \u00dczerinde %14,3 Getiri Nas\u0131l Elde Edebilir?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/#website\",\"url\":\"https:\/\/pocketoption.com\/blog\/tr\/\",\"name\":\"Pocket Option blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/pocketoption.com\/blog\/tr\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"tr\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/pocketoption.com\/blog\/tr\/#\/schema\/person\/8c927d60ff98b0ebe00861e922a035d3\",\"name\":\"Andrew OK\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"tr\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/383d2c0dd4b219f690be51029697edeb43831adb70c4cbf4f9500ec37448a792?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/383d2c0dd4b219f690be51029697edeb43831adb70c4cbf4f9500ec37448a792?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/383d2c0dd4b219f690be51029697edeb43831adb70c4cbf4f9500ec37448a792?s=96&d=mm&r=g\",\"caption\":\"Andrew OK\"},\"url\":\"https:\/\/pocketoption.com\/blog\/tr\/author\/andrew-ok\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Hisse Geri Al\u0131mlar\u0131: Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar Ibovespa \u00dczerinde %14,3 Getiri Nas\u0131l Elde Edebilir?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/","og_locale":"tr_TR","og_type":"article","og_title":"Hisse Geri Al\u0131mlar\u0131: Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar Ibovespa \u00dczerinde %14,3 Getiri Nas\u0131l Elde Edebilir?","og_url":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/","og_site_name":"Pocket Option blog","article_published_time":"2025-07-31T22:41:17+00:00","og_image":[{"width":1840,"height":700,"url":"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1737720069187-103302457.webp","type":"image\/webp"}],"author":"Andrew OK","twitter_card":"summary_large_image","twitter_misc":{"Yazan:":"Andrew OK"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#article","isPartOf":{"@id":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/"},"author":{"name":"Andrew OK","@id":"https:\/\/pocketoption.com\/blog\/tr\/#\/schema\/person\/8c927d60ff98b0ebe00861e922a035d3"},"headline":"Hisse Geri Al\u0131mlar\u0131: Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar Ibovespa \u00dczerinde %14,3 Getiri Nas\u0131l Elde Edebilir?","datePublished":"2025-07-31T22:41:17+00:00","mainEntityOfPage":{"@id":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/"},"wordCount":16,"commentCount":0,"image":{"@id":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#primaryimage"},"thumbnailUrl":"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1737720069187-103302457.webp","keywords":["investment","platform","stock","strategy"],"articleSection":["Trading"],"inLanguage":"tr","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/","url":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/","name":"Hisse Geri Al\u0131mlar\u0131: Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar Ibovespa \u00dczerinde %14,3 Getiri Nas\u0131l Elde Edebilir?","isPartOf":{"@id":"https:\/\/pocketoption.com\/blog\/tr\/#website"},"primaryImageOfPage":{"@id":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#primaryimage"},"image":{"@id":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#primaryimage"},"thumbnailUrl":"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1737720069187-103302457.webp","datePublished":"2025-07-31T22:41:17+00:00","author":{"@id":"https:\/\/pocketoption.com\/blog\/tr\/#\/schema\/person\/8c927d60ff98b0ebe00861e922a035d3"},"breadcrumb":{"@id":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#breadcrumb"},"inLanguage":"tr","potentialAction":[{"@type":"ReadAction","target":["https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/"]}]},{"@type":"ImageObject","inLanguage":"tr","@id":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#primaryimage","url":"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1737720069187-103302457.webp","contentUrl":"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1737720069187-103302457.webp","width":1840,"height":700},{"@type":"BreadcrumbList","@id":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/stock-repurchase\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/pocketoption.com\/blog\/tr\/"},{"@type":"ListItem","position":2,"name":"Hisse Geri Al\u0131mlar\u0131: Brezilyal\u0131 Yat\u0131r\u0131mc\u0131lar Ibovespa \u00dczerinde %14,3 Getiri Nas\u0131l Elde Edebilir?"}]},{"@type":"WebSite","@id":"https:\/\/pocketoption.com\/blog\/tr\/#website","url":"https:\/\/pocketoption.com\/blog\/tr\/","name":"Pocket Option blog","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/pocketoption.com\/blog\/tr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"tr"},{"@type":"Person","@id":"https:\/\/pocketoption.com\/blog\/tr\/#\/schema\/person\/8c927d60ff98b0ebe00861e922a035d3","name":"Andrew OK","image":{"@type":"ImageObject","inLanguage":"tr","@id":"https:\/\/secure.gravatar.com\/avatar\/383d2c0dd4b219f690be51029697edeb43831adb70c4cbf4f9500ec37448a792?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/383d2c0dd4b219f690be51029697edeb43831adb70c4cbf4f9500ec37448a792?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/383d2c0dd4b219f690be51029697edeb43831adb70c4cbf4f9500ec37448a792?s=96&d=mm&r=g","caption":"Andrew OK"},"url":"https:\/\/pocketoption.com\/blog\/tr\/author\/andrew-ok\/"}]}},"po_author":null,"po__editor":null,"po_last_edited":null,"wpml_current_locale":"tr_TR","wpml_translations":{"vt_VT":{"locale":"vt_VT","id":325682,"slug":"stock-repurchase","post_title":"Mua l\u1ea1i c\u1ed5 phi\u1ebfu: C\u00e1ch nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil c\u00f3 th\u1ec3 \u0111\u1ea1t l\u1ee3i nhu\u1eadn 14,3% cao h\u01a1n Ibovespa","href":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/stock-repurchase\/"},"pt_AA":{"locale":"pt_AA","id":325677,"slug":"stock-repurchase","post_title":"Recompra de A\u00e7\u00f5es: Como os Investidores Brasileiros Podem Alcan\u00e7ar Retorno de 14,3% Acima do Ibovespa","href":"https:\/\/pocketoption.com\/blog\/pt\/knowledge-base\/trading\/stock-repurchase\/"}},"_links":{"self":[{"href":"https:\/\/pocketoption.com\/blog\/tr\/wp-json\/wp\/v2\/posts\/325680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pocketoption.com\/blog\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pocketoption.com\/blog\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pocketoption.com\/blog\/tr\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/pocketoption.com\/blog\/tr\/wp-json\/wp\/v2\/comments?post=325680"}],"version-history":[{"count":0,"href":"https:\/\/pocketoption.com\/blog\/tr\/wp-json\/wp\/v2\/posts\/325680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pocketoption.com\/blog\/tr\/wp-json\/wp\/v2\/media\/192179"}],"wp:attachment":[{"href":"https:\/\/pocketoption.com\/blog\/tr\/wp-json\/wp\/v2\/media?parent=325680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pocketoption.com\/blog\/tr\/wp-json\/wp\/v2\/categories?post=325680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pocketoption.com\/blog\/tr\/wp-json\/wp\/v2\/tags?post=325680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}