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Bera Holding AS (BERA) fair value: what the stock is really worth

As of Nov 3, 2026: fair value (intrinsic value) of Bera Holding AS stock TRY 18.11, price TRY 9.25, upside +95.8%, quality 35 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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Industrials TR · ISIN TREKMBH00014

BH Bera Holding AS logo Thin data Nov 3, 2026

Bera Holding AS

BERA · IS
Cheap, value-trap risk

The stock costs 49% less than our calculation considers fair.

Fair value 18.11 TRY · Strongly undervalued (49%)
Low debt
Even on cautious assumptions the value is 47% above the price (13.58 TRY).
Expensive Growth (revenue 5y +46.6 %/yr in TRY)
Loss over the last twelve months · -2.9% net margin (TTM) · fiscal year 2025 0.9%
Mixed vs. peers (4/10)
Quality 35/100
Negative free cash flow
Narrow moat 21/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

21.50 TRY 4.03 TRY Fair Value 18.11 TRY Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.

How to read this chart

60‑month range 4.03 TRY – 21.50 TRY · fair‑value band 13.58 TRY – 22.64 TRY · the 9.25 TRY price screens below the 18.11 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.

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Company profile

Bera Holding A.S. operates in the paper and cardboard, machinery, oil, construction and building materials, marble, textiles, tourism, and food sectors worldwide.

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It offers paper, printing, and packaging products under the KOMEKS OKUL DEFTERLERI, Konya Kagit Sanayi ve Ticaret A.S., MURATLI KARTON, Speed, Ultra copy, ekstra copy, Konya Kagit Günesli Isletmesi, and KONKA AMBALAJ brands; machinery products under the MPG, WAGNER, and SPARK brands; petroleum products under the KONGAZ and afrapetrol brands; food, livestock, and marketing products under the GOLDA, kardelen, MELDA, and ANATOLi brands; and construction and building materials under the DivaMDF, Bauplast, Divalam, FENSTERBAU, KOMPEN, KOMYAPI, komline, mialime, Laodica, and Divapan brands.

The company also offers marble and minerals under the adaçal, Hisar, and KOMBASSAN MERMER brands; textile products under the KOVEKA brand; tourism and hotel management products under the Bera Alanya and Bera Konya brands; and rollers under the ART BEARINGS, URB, and mgm brands.

The company was formerly known as Kombassan Holding A.S. and changed its name to Bera Holding A.S. in July 2017. The company was founded in 1988 and is based in Konya, Turkey.

Stock analysis

Bera Holding AS (BERA) currently trades at 9.25 TRY, while our model-based Fair Value estimate is 18.11 TRY, implying the stock looks roughly 48.9% undervalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 102.31 TRY per share, and 5 of the 7 models we run sit above the 9.25 TRY price.

Bear case: the Dividend Discount group reads lowest at 8.55 TRY, and 2 of the 7 models stay below the price. Data coverage for this calculation is low.

Scenario range: 13.58 TRY (bear) to 22.64 TRY (bull), the price of 9.25 TRY sits below 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 35/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Bera Holding AS reported revenue of 19.1B TRY in FY2025 versus 4.2B TRY in FY2021, a compound +45.9%/yr. Reported net income was 164M TRY in FY2025, compounding −31.5%/yr from FY2021.

Key figures

Market cap 1.8B TRY (≈ $36.4M) Micro · P/S ratio 0.10 · EPS (TTM) −0.5500 TRY · Net margin −2.9% · Return on equity −1.9% · Return on assets (EBIT) 8.1% · Operating margin 6.9% · Revenue (TTM) 18.8B TRY.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 21 out of 100 (low confidence).

What moves the price

The share trades about 56% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at 96%, BERA screens cheaper than that median.

Fair Value models

Bear 13.58 TRY Fair Value 18.11 TRY Bull 22.64 TRY
Price 9.25 TRY · Upside +95.8%
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. 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.
Best data coverage
Residual Income 74.31 TRY 81.72 TRY 91.26 TRY 76
Gordon GGM 7.18 TRY 8.55 TRY 9.72 TRY 69
DDM Multi-Stage 7.18 TRY 8.76 TRY 10.26 TRY 67
All 7 models by family
Earnings-Based
Graham-Dodd 5.86 TRY 10.46 TRY 12.88 TRY 66
Dividend Discount
Gordon GGM 7.18 TRY 8.55 TRY 9.72 TRY 69
DDM Multi-Stage 7.18 TRY 8.76 TRY 10.26 TRY 67
Multiples
P/E Multiple 13.58 TRY 18.11 TRY 22.64 TRY 63
P/B Multiple 527.17 TRY 702.90 TRY 878.62 TRY 55
Asset-Based
NCAV (Graham) 67.53 TRY 102.31 TRY 127.89 TRY 54
Economic Profit
Residual Income 74.31 TRY 81.72 TRY 91.26 TRY 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 35/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 20
How much profit the company makes from its sales and capital
Quality Growth 28
Are margins and returns getting better?
Cashflow 25
Do the profits arrive as real cash?
Financial strength 45
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 66
How calm the share price moves, does not count
Price momentum 10
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

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Revenue & earnings trend

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
−12.3%
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.
+30.6%
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.
+46.6%
Start year 2020 (pandemic)
Revenue growth 8 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.
+35.8%
What shareholders gained per year (last 5 years), in TRY ⓘ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. Basis: EBIT basis. Measured in TRY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+17.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.6%
Dividend (yield on the price)0.0%
Profit margin 2019 to 2024 ⓘ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.10% → 12%

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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.Conglomerates · 311 stocks

Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 35 · Bottom 25%
Fair Value upside +99.7% · Top 25%
Profitability
Return on assets 0.4% · Bottom 25%
Net margin (12 months) −2.9% · Bottom 25%
Operating margin (12 months) 6.9% · Below median
Growth and dividend
Revenue growth (quarter YoY) −8.9% · Bottom 25%
Balance sheet
Debt / equity 0.00× · Lowest 25%

Valuation Multiplesvs Conglomerates median · lower = cheaper

P/B 0.06× · Cheapest 25%
P/S (12 months) 0.10× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 48
FUTURE (revenue growth)0 · sector 39
PAST (return on equity)0 · sector 29
HEALTH (low debt)100 · sector 89
DIVIDEND (yield)0 · sector 47

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Conglomerates stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
PT Astra International Tbk, ASII 4,860 IDR 9,720 IDR +100% vs BERA
SK Inc 034730 522,000 KRW 632,391 KRW +21% vs BERA
Kingdom Holding 4280 11.62 SAR 13.40 SAR +15% vs BERA
Jardine Matheson Holdings J36 $58.88 $66.74 +13% vs BERA
Honeywell International Inc HON $223.77 $245.42 +10% vs BERA
SGH Limited SGH A$42.31 A$34.87 −18% vs BERA
3M Company MMM $178.36 $73.02 −59% vs BERA
Keppel Ltd BN4 10.05 SGD 3.87 SGD −61% vs BERA
Swire Pacific Limited 0019 HK$106.50 HK$27.75 −74% vs BERA
Doosan Corporation 000150 906,000 KRW 95,752 KRW −89% vs BERA

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Bera Holding AS: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Bera Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/BERA

Frequently asked questions

Is Bera Holding AS (BERA) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 18.11 TRY versus a price of 9.25 TRY, about +96% upside (undervalued).
What is the fair value of BERA?
Our model-based fair value for Bera Holding AS is 18.11 TRY (as of Nov 3, 2026), built from audited fundamentals. The current price: 9.25 TRY.
What is the quality score of BERA?
Bera Holding AS has a Quality Score of 35/100. 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 Bera Holding AS (BERA)?
Our model-based price target is the fair value of 18.11 TRY (as of Nov 3, 2026) from 7 valuation models. Cautious scenario 13.58 TRY, optimistic scenario 22.64 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Bera Holding AS stock forecast for 2026?
Our models put fair value at 18.11 TRY, about +96% upside versus a price of 9.25 TRY (undervalued). Cautious scenario 13.58 TRY, optimistic scenario 22.64 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Bera Holding AS (BERA)?
Bera Holding AS reported trailing-twelve-month revenue of about 18.8B TRY (latest available figure, as of Nov 3, 2026).
What is the intrinsic value of Bera Holding AS (BERA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bera Holding AS it is 18.11 TRY per share (as of Nov 3, 2026), against a price of 9.25 TRY. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Bera Holding AS stock overvalued or undervalued in 2026?
As of Nov 3, 2026, BERA trades below its calculated fair value: price 9.25 TRY, fair value 18.11 TRY, a gap of about +96% (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 BERA?
No. The price is what the market pays today (9.25 TRY); the fair value is what the company's own numbers justify (18.11 TRY). For Bera Holding AS the two are 8.86 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Bera Holding AS worth?
The market values Bera Holding AS at about 1.8B TRY (market capitalisation, as of Nov 3, 2026). Per share that is 9.25 TRY; our models calculate a fair value of 18.11 TRY per share.
What do the bullish and bearish scenarios say about BERA?
Our models span a range for Bera Holding AS: cautious scenario 13.58 TRY, base 18.11 TRY, optimistic 22.64 TRY per share (as of Nov 3, 2026, price 9.25 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Bera Holding AS (BERA)?
Balance-sheet figures for Bera Holding AS (as of Nov 3, 2026): return on equity −1.9%, debt of 0.00 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is BERA from its 52-week high?
Bera Holding AS trades at 9.25 TRY, about 56% below its 52-week high of 21.10 TRY and 2% above the low of 9.07 TRY (as of Nov 3, 2026). Distance from the high says nothing about value: that is what the fair value of 18.11 TRY is for.
Which stocks are comparable to Bera Holding AS?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, SGH 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 Bera Holding AS stock attractive at the current price?
The data as of Nov 3, 2026: price 9.25 TRY, calculated fair value 18.11 TRY (+96%), Quality Score 35/100, from 7 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 BERA calculated?
We run Bera Holding AS through 7 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 18.11 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. Bera Holding AS currently trades 49 % 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 Bera Holding AS (BERA)?
The closing price on Nov 3, 2026 was 9.25 TRY. Our model-based fair value is 18.11 TRY, about +96% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bera Holding AS right now?
The large discount to fair value meets weak quality (35/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (13.58 TRY). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Bera Holding AS

How large is the market capitalisation of Bera Holding AS (BERA)?
The market capitalisation of Bera Holding AS is 1.8B TRY (≈ $36.4M). 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 Bera Holding AS (BERA)?
The price-to-sales ratio of Bera Holding AS is 0.10 (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 Bera Holding AS (BERA)?
Earnings per share at Bera Holding AS are −0.5500 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bera Holding AS (BERA)?
The net margin of Bera Holding AS is −2.9% (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 Bera Holding AS (BERA)?
The return on equity (ROE) of Bera Holding AS is −1.9% (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 Bera Holding AS (BERA)?
On an EBIT basis the return on assets of Bera Holding AS is 8.1% (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 Bera Holding AS (BERA)?
The operating margin of Bera Holding AS is 6.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bera Holding AS (BERA)?
Revenue at Bera Holding AS is growing −8.9% versus a year earlier (3y avg +30.6%). 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 Bera Holding AS (BERA)?
Earnings per share at Bera Holding AS are growing −91.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Bera Holding AS (BERA) generate?
The free cash flow of Bera Holding AS is −210M 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 Bera Holding AS (BERA) carry?
The net debt of Bera Holding AS is 98.9M 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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