ENKA Insaat ve Sanayi AS (ENKAI) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of ENKA Insaat ve Sanayi AS stock TRY 10.19, price TRY 81.10, that is 87.4% below the price, quality 53 out of 100. Rating: strongly overvalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range 7.15 TRY – 111.40 TRY · fair‑value band 9.84 TRY – 10.58 TRY · the 81.10 TRY price screens above the 10.19 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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Enka Insaat ve Sanayi A.S., together with its subsidiaries, engages in construction activities. The company operates through four segments: Construction; Real Estate Leasing; Energy; and Trading.
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It is involved in thermal power plants and industrial construction projects that produce natural gas-fired electrical energy, and highway construction; trading activities; and investment and development of real estate properties, as well as construction and operation of shopping centers; and marketing and after-sales service of construction machinery, trucks, industrial products, and spare parts.
The company also engages in manufacturing structural steel works and equipment installation; excavation activities, sliding formwork, drilling and soil investigations, and isolation works; and pile dwelling work, base and superstructure construction, organizing domestic and international congresses and seminars, and tour reservation and ticket sales.
In addition, it is involved in material handling and storage systems, auxiliary facilities, water treatment and environmental engineering, infrastructure and construction, and control systems and instrumentation engineering business; ready-mixed concrete production; air transportation; production and selling of electricity; and rental activities.
It operates in Turkey, Georgia, Turkmenistan, Kazakhstan, Kenya, Libya, Saudi Arabia, Sri Lanka, India, Iraq, Mongolia, Mexico, Brazil, Argentina, the Bahamas, the Puerto Rico, Netherlands, Switzerland, Greece, Germany, Serbia, Kosovo, the United Kingdom, Italy, North Macedonia, Bulgaria, and Europe.
The company was founded in 1957 and is headquartered in Istanbul, Turkey.
Stock analysis
ENKA Insaat ve Sanayi AS (ENKAI) currently trades at 81.10 TRY, while our model-based Fair Value estimate is 10.19 TRY, 87% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 25 models at a data quality of 93/100, which puts the data coverage at low.
Scenario range: 9.84 TRY (bear) to 10.58 TRY (bull), the price of 81.10 TRY sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Industrials sector.
Mixed Growth: Spin-off in 2020: revenue and profit before it include the divested business. Growth is measured afresh from 2020.
ENKA Insaat ve Sanayi AS reported revenue of $3.6B in FY2025 versus $25.8B in FY2021, a compound −38.7%/yr. Reported net income was $842M in FY2025, compounding −36.4%/yr from FY2021.
Key figures
Market cap 475B TRY (≈ $9.5B) Mid · P/E ratio 12.1 · P/S ratio 2.81 · EPS (TTM) 6.68 TRY · Net margin 23.1% · Return on equity 9.8% · Return on assets (EBIT) 3.4% · Operating margin 11.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −27% fair-value upside, at −87%, ENKAI screens richer than that median.
Fair Value models
Bear9.84 TRYFair Value 10.19 TRYBull10.58 TRY
Price 81.10 TRY · Downside -87.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (5.66 TRY per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2020: revenue and profit before it include the divested business. Growth is measured afresh from 2020.
Revenue growth 1 year
+28.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−61.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−20.7%
Start year 2020 (pandemic)
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’19
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−29.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−29.3%
Dividend (yield on the price)0.0%
Per share before 2020divided by the spin-off factor 1.12
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 18%
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+21.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +19.1% a year for the forecasts.
AI conclusion: The firm draws strength from its large project backlog and expanded energy capacity yet faces persistently low returns on equity that signal limited operational efficiency.
Main risk: Continued weak returns on equity could undermine profitability and limit the ability to convert the project backlog into sustainable earnings growth.
ENKA holds a large project backlog and has expanded its energy capacity, yet the board recently decided against any advance dividend distribution for 2026 without explanation. Our models currently see the stock as overvalued. Does this reflect prudent capital allocation for future growth, or does it point to caution on cash returns despite solid cash reserves?
Compare ENKA Insaat ve Sanayi AS with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 789 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score53 · Above median
Fair Value upside−87.4% · Bottom 25%
Profitability
Return on equity (12 months)9.8% · Above median
Return on assets0.2% · Bottom 25%
Net margin (12 months)21.9% · Top 25%
Operating margin (12 months)11.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)21.1% · Above median
Dividend yield (12 months)0.0% · Bottom 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)12.1× · Cheaper than median
P/S (12 months)2.68× · Priciest 25%
Price / free cash flow23.1× · Pricier than median
PEG2.46× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 34
FUTURE (revenue growth)100· sector 20
PAST (return on equity)39· sector 29
HEALTH (low debt)100· sector 94
DIVIDEND (yield)0· sector 44
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "ENKA Insaat ve Sanayi AS Fair Value". https://www.fairvalue-calculator.com/stock/ENKAI
Frequently asked questions
Is ENKA Insaat ve Sanayi AS (ENKAI) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of 10.19 TRY versus a price of 81.10 TRY, about 87% lower (overvalued).
What is the fair value of ENKAI?
Our model-based fair value for ENKA Insaat ve Sanayi AS is 10.19 TRY (as of Nov 1, 2026), built from audited fundamentals. The current price: 81.10 TRY.
What is the quality score of ENKAI?
ENKA Insaat ve Sanayi AS has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ENKA Insaat ve Sanayi AS (ENKAI)?
Our model-based price target is the fair value of 10.19 TRY (as of Nov 1, 2026) from 25 valuation models. Cautious scenario 9.84 TRY, optimistic scenario 10.58 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the ENKA Insaat ve Sanayi AS stock forecast for 2026?
Our models put fair value at 10.19 TRY, about 87% lower versus a price of 81.10 TRY (overvalued). Cautious scenario 9.84 TRY, optimistic scenario 10.58 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of ENKA Insaat ve Sanayi AS (ENKAI)?
ENKA Insaat ve Sanayi AS reported trailing-twelve-month revenue of about $3.5B (latest available figure, as of Nov 1, 2026).
What growth is priced into ENKA Insaat ve Sanayi AS (ENKAI)?
For today's price to be fair in a discounted-cash-flow model, ENKA Insaat ve Sanayi AS would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -20.7 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of ENKAI use?
Our models discount ENKA Insaat ve Sanayi AS at 12.7 %: a base by market capitalisation (mid), damped by beta 0.39, country premium for Turkey. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For ENKA Insaat ve Sanayi AS that is less than minus 40 % per year a year over ten years, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has ENKA Insaat ve Sanayi AS (ENKAI) delivered so far?
Over the past 5 years revenue at ENKA Insaat ve Sanayi AS grew -20.7 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of ENKA Insaat ve Sanayi AS (ENKAI) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into ENKA Insaat ve Sanayi AS (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of ENKA Insaat ve Sanayi AS (ENKAI)?
The free-cash-flow yield on the price is 4.33 %: that much free cash flow ENKA Insaat ve Sanayi AS produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ENKA Insaat ve Sanayi AS (ENKAI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ENKA Insaat ve Sanayi AS it is 10.19 TRY per share (as of Nov 1, 2026), against a price of 81.10 TRY. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is ENKA Insaat ve Sanayi AS stock overvalued or undervalued in 2026?
As of Nov 1, 2026, ENKAI trades above its calculated fair value: price 81.10 TRY, fair value 10.19 TRY, a gap of about −87% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ENKAI?
No. The price is what the market pays today (81.10 TRY); the fair value is what the company's own numbers justify (10.19 TRY). For ENKA Insaat ve Sanayi AS the two are 70.91 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is ENKA Insaat ve Sanayi AS worth?
The market values ENKA Insaat ve Sanayi AS at about 475B TRY (market capitalisation, as of Nov 1, 2026). Per share that is 81.10 TRY; our models calculate a fair value of 10.19 TRY per share.
What do the bullish and bearish scenarios say about ENKAI?
Our models span a range for ENKA Insaat ve Sanayi AS: cautious scenario 9.84 TRY, base 10.19 TRY, optimistic 10.58 TRY per share (as of Nov 1, 2026, price 81.10 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ENKAI?
ENKA Insaat ve Sanayi AS trades at a price-to-earnings ratio of 12.1 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 10.19 TRY is built from several models across several years. Other multiples: PEG 2.5, P/S 2.7.
What is the PEG ratio of ENKAI?
The PEG ratio of ENKA Insaat ve Sanayi AS is 2.46 (P/E divided by earnings growth, as of Nov 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of ENKA Insaat ve Sanayi AS (ENKAI)?
Balance-sheet figures for ENKA Insaat ve Sanayi AS (as of Nov 1, 2026): return on equity 9.8%. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is ENKAI from its 52-week high?
ENKA Insaat ve Sanayi AS trades at 81.10 TRY, about 27% below its 52-week high of 111.40 TRY and 14% above the low of 71.10 TRY (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 10.19 TRY is for.
Which stocks are comparable to ENKA Insaat ve Sanayi AS?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ENKA Insaat ve Sanayi AS stock attractive at the current price?
The data as of Nov 1, 2026: price 81.10 TRY, calculated fair value 10.19 TRY (−87%), Quality Score 53/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ENKAI calculated?
We run ENKA Insaat ve Sanayi AS through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 10.19 TRY, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. ENKA Insaat ve Sanayi AS itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ENKA Insaat ve Sanayi AS (ENKAI)?
The closing price on Nov 5, 2026 was 81.10 TRY. Our model-based fair value is 10.19 TRY, about 87% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ENKA Insaat ve Sanayi AS right now?
The price sits above even our optimistic bull case (10.58 TRY). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (9.84 TRY to 10.58 TRY), unusually little disagreement for a valuation.
Key figures of ENKA Insaat ve Sanayi AS
How large is the market capitalisation of ENKA Insaat ve Sanayi AS (ENKAI)?
The market capitalisation of ENKA Insaat ve Sanayi AS is 475B TRY (≈ $9.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ENKA Insaat ve Sanayi AS (ENKAI)?
The price-to-sales ratio of ENKA Insaat ve Sanayi AS is 2.81 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ENKA Insaat ve Sanayi AS (ENKAI)?
Earnings per share at ENKA Insaat ve Sanayi AS are 6.68 TRY (price ÷ EPS = P/E 12.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ENKA Insaat ve Sanayi AS (ENKAI)?
The net margin of ENKA Insaat ve Sanayi AS is 23.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ENKA Insaat ve Sanayi AS (ENKAI)?
The return on equity (ROE) of ENKA Insaat ve Sanayi AS is 9.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ENKA Insaat ve Sanayi AS (ENKAI)?
On an EBIT basis the return on assets of ENKA Insaat ve Sanayi AS is 3.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ENKA Insaat ve Sanayi AS (ENKAI)?
The operating margin of ENKA Insaat ve Sanayi AS is 11.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ENKA Insaat ve Sanayi AS (ENKAI)?
Revenue at ENKA Insaat ve Sanayi AS is growing +21.1% versus a year earlier (3y avg −61.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ENKA Insaat ve Sanayi AS (ENKAI)?
Earnings per share at ENKA Insaat ve Sanayi AS are growing +8.8% versus a year earlier. How much earnings per share grew versus a year earlier.
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Thin data
Nov 1, 2026