Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS) fair value: what the stock is really worth
As of Nov 2, 2026: fair value (intrinsic value) of Alfas Solar Enerji Sanayi ve Ticaret A.S. stock TRY 29.63, price TRY 22.56, upside +31.3%, quality 33 out of 100. Rating: undervalued. Calculated from audited financials with 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
48‑month range 7.82 TRY – 157.76 TRY · fair‑value band 20.76 TRY – 38.50 TRY · the 22.56 TRY price screens below the 29.63 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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Alfa Solar Enerji Sanayi ve Ticaret A.S. engages in the manufacture and sale of solar panels in Turkey, Romania, and Greece. It operates through Solar Panel Production, Electricity Production, and Technology Investments segments. It provides cell halfcut, halfcut black, bifacial, and topcon panels.
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The company was founded in 2011 and is headquartered in Ankara, Turkey. Alfa Solar Enerji Sanayi ve Ticaret A.S. is a subsidiary of Alfa Kazan Enerji ve Çevre Yatirimlari A.S.
Stock analysis
Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS) currently trades at 22.56 TRY, while our model-based Fair Value estimate is 29.63 TRY, implying the stock looks roughly 23.9% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 29.63 TRY per share, and 2 of the 6 models we run sit above the 22.56 TRY price.
Bear case: the Earnings-Based group reads lowest at 7.12 TRY, and 4 of the 6 models stay below the price. Data coverage for this calculation is low.
Scenario range: 20.76 TRY (bear) to 38.50 TRY (bull), the price of 22.56 TRY sits inside 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 33/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Alfas Solar Enerji Sanayi ve Ticaret A.S. reported revenue of 8.2B TRY in FY2025 versus 439M TRY in FY2021, a compound +108.2%/yr. Reported net income was −10.8M TRY in FY2025.
Key figures
Market cap 8.3B TRY (≈ $166M) Micro · P/E ratio 26.9 · P/S ratio 1.21 · EPS (TTM) 0.8400 TRY · Net margin 4.4% · Return on equity 5.0% · Return on assets (EBIT) 16.5% · Operating margin 19.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 64% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at 31%, ALFAS screens cheaper than that median.
Fair Value models
Bear20.76 TRYFair Value 29.63 TRYBull38.50 TRY
Price 22.56 TRY · Upside +31.3%
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 (0.7065 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.52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−18.3%
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.
+25.4%
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.
+103.9%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
Profit margin (trend) ⓘ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.
17.6% (2020) → 6.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare Alfas Solar Enerji Sanayi ve Ticaret A.S. 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.Solar · 98 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score33 · Below median
Fair Value upside+31.3% · Above median
Profitability
Return on equity (12 months)5.0% · Above median
Return on assets−0.1% · Above median
Net margin (12 months)4.4% · Above median
Operating margin (12 months)19.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−8.8% · Below median
Dividend yield (12 months)0.0% · Bottom 25%
Balance sheet
Debt / equity0.21× · Below median
Valuation Multiplesvs Solar median · lower = cheaper
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). "Alfas Solar Enerji Sanayi ve Ticaret A.S. Fair Value". https://www.fairvalue-calculator.com/stock/ALFAS
Frequently asked questions
Is Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of 29.63 TRY versus a price of 22.56 TRY, about +31% upside (undervalued).
What is the fair value of ALFAS?
Our model-based fair value for Alfas Solar Enerji Sanayi ve Ticaret A.S. is 29.63 TRY (as of Nov 1, 2026), built from audited fundamentals. The current price: 22.56 TRY.
What is the quality score of ALFAS?
Alfas Solar Enerji Sanayi ve Ticaret A.S. has a Quality Score of 33/100. 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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Our model-based price target is the fair value of 29.63 TRY (as of Nov 1, 2026) from 6 valuation models. Cautious scenario 20.76 TRY, optimistic scenario 38.50 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Alfas Solar Enerji Sanayi ve Ticaret A.S. stock forecast for 2026?
Our models put fair value at 29.63 TRY, about +31% upside versus a price of 22.56 TRY (undervalued). Cautious scenario 20.76 TRY, optimistic scenario 38.50 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Alfas Solar Enerji Sanayi ve Ticaret A.S. reported trailing-twelve-month revenue of about 6.9B TRY (latest available figure, as of Nov 1, 2026).
What is the intrinsic value of Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Alfas Solar Enerji Sanayi ve Ticaret A.S. it is 29.63 TRY per share (as of Nov 1, 2026), against a price of 22.56 TRY. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Alfas Solar Enerji Sanayi ve Ticaret A.S. stock overvalued or undervalued in 2026?
As of Nov 1, 2026, ALFAS trades below its calculated fair value: price 22.56 TRY, fair value 29.63 TRY, a gap of about +31% (undervalued). 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 ALFAS?
No. The price is what the market pays today (22.56 TRY); the fair value is what the company's own numbers justify (29.63 TRY). For Alfas Solar Enerji Sanayi ve Ticaret A.S. the two are 7.07 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Alfas Solar Enerji Sanayi ve Ticaret A.S. worth?
The market values Alfas Solar Enerji Sanayi ve Ticaret A.S. at about 8.3B TRY (market capitalisation, as of Nov 1, 2026). Per share that is 22.56 TRY; our models calculate a fair value of 29.63 TRY per share.
What do the bullish and bearish scenarios say about ALFAS?
Our models span a range for Alfas Solar Enerji Sanayi ve Ticaret A.S.: cautious scenario 20.76 TRY, base 29.63 TRY, optimistic 38.50 TRY per share (as of Nov 1, 2026, price 22.56 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ALFAS?
Alfas Solar Enerji Sanayi ve Ticaret A.S. trades at a price-to-earnings ratio of 26.9 (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 29.63 TRY is built from several models across several years. Other multiples: P/B 1.6, P/S 1.2, EV/EBITDA 10.8.
How solid is the balance sheet of Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Balance-sheet figures for Alfas Solar Enerji Sanayi ve Ticaret A.S. (as of Nov 1, 2026): return on equity 5.0%, debt of 0.21 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is ALFAS from its 52-week high?
Alfas Solar Enerji Sanayi ve Ticaret A.S. trades at 22.56 TRY, about 64% below its 52-week high of 63.30 TRY and 1% above the low of 22.30 TRY (as of Nov 2, 2026). Distance from the high says nothing about value: that is what the fair value of 29.63 TRY is for.
Which stocks are comparable to Alfas Solar Enerji Sanayi ve Ticaret A.S.?
From the same area (Technology) we also value First Solar, Inc, Nextpower Inc, Tongwei Co, Waaree Energies Limited, 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 Alfas Solar Enerji Sanayi ve Ticaret A.S. stock attractive at the current price?
The data as of Nov 1, 2026: price 22.56 TRY, calculated fair value 29.63 TRY (+31%), Quality Score 33/100, from 6 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 ALFAS calculated?
We run Alfas Solar Enerji Sanayi ve Ticaret A.S. through 6 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 29.63 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 15.2 % above its aggregate fair value. Alfas Solar Enerji Sanayi ve Ticaret A.S. currently trades 24 % below its own fair value, and the market average says nothing about that. 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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
The closing price on Nov 2, 2026 was 22.56 TRY. Our model-based fair value is 29.63 TRY, about +31% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Alfas Solar Enerji Sanayi ve Ticaret A.S. right now?
The large discount to fair value meets weak quality (33/100). That raises the risk this is a value trap rather than a bargain. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (20.76 TRY to 38.50 TRY) leaves room in how you read the outcome.
Key figures of Alfas Solar Enerji Sanayi ve Ticaret A.S.
How large is the market capitalisation of Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
The market capitalisation of Alfas Solar Enerji Sanayi ve Ticaret A.S. is 8.3B TRY (≈ $166M). 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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
The price-to-sales ratio of Alfas Solar Enerji Sanayi ve Ticaret A.S. is 1.21 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Earnings per share at Alfas Solar Enerji Sanayi ve Ticaret A.S. are 0.8400 TRY (price ÷ EPS = P/E 26.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
The net margin of Alfas Solar Enerji Sanayi ve Ticaret A.S. is 4.4% (last twelve months). 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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
The return on equity (ROE) of Alfas Solar Enerji Sanayi ve Ticaret A.S. is 5.0% (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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
On an EBIT basis the return on assets of Alfas Solar Enerji Sanayi ve Ticaret A.S. is 16.5% (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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
The operating margin of Alfas Solar Enerji Sanayi ve Ticaret A.S. is 19.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Revenue at Alfas Solar Enerji Sanayi ve Ticaret A.S. is growing −8.8% versus a year earlier (3y avg +25.4%). 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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Earnings per share at Alfas Solar Enerji Sanayi ve Ticaret A.S. are growing +293% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS) generate?
The free cash flow of Alfas Solar Enerji Sanayi ve Ticaret A.S. is −434M TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS) carry?
The net debt of Alfas Solar Enerji Sanayi ve Ticaret A.S. is 2.2B TRY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 1, 2026