Coca-Cola Icecek AS (CCOLA) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Coca-Cola Icecek AS stock TRY 79.91, price TRY 71.85, upside +11.2%, quality 44 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 2, 2026.
How to read this chart
60‑month range 6.55 TRY – 92.35 TRY · fair‑value band 62.16 TRY – 103.88 TRY · the 71.85 TRY price screens below the 79.91 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
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Coca-Cola Içecek Anonim Sirketi, together with its subsidiaries, engages in the production, sale, and distribution of sparkling and still beverages in Turkey, Pakistan, Bangladesh, Central Asia, and the Middle East.
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It provides soft drinks, fruit juice, iced teas, water and sparkling water, sports and energy drinks, and coffee.
The company sells its products under the Coca-Cola, Coca-Cola Zero Sugar, Coca-Cola Light, Diet Coke, Fanta, Sprite, Sprite Zero Sugar, Crush, Crystal Cola, Schweppes, Fusetea, Cappy, Piko, Damla, Damla Minera, Bon Aqua, Al Waha, Arwa, Dasani, Dasani Minera, Kinley, Kinley Soda, Power Ade, Monster Energy, Burn, Roar, Predator Energy, and Costa Coffee brands.
Coca-Cola Içecek Anonim Sirketi was founded in 1964 and is headquartered in Istanbul, Turkey.
Stock analysis
Coca-Cola Icecek AS (CCOLA) currently trades at 71.85 TRY, while our model-based Fair Value estimate is 79.91 TRY, implying the stock looks roughly 10% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 91.63 TRY per share, and 16 of the 24 models we run sit above the 71.85 TRY price.
Bear case: the Asset-Based group reads lowest at 8.85 TRY, and 8 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: 62.16 TRY (bear) to 103.88 TRY (bull), the price of 71.85 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 44/100 (below-average quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Coca-Cola Icecek AS reported revenue of 187B TRY in FY2025 versus 21.9B TRY in FY2021, a compound +70.9%/yr. Reported net income was 14.1B TRY in FY2025, compounding +57.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 201B TRY (≈ $4.0B) Mid · P/E ratio 9.5 · P/S ratio 1.03 · EPS (TTM) 7.54 TRY · Dividend yield 2.0% · Net margin 9.9% · Return on equity 22.4% · Return on assets (EBIT) 14.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (medium confidence).
What moves the price
The share trades about 22% below its 52-week high and 43% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −19% fair-value upside, at 11%, CCOLA screens cheaper than that median.
Fair Value models
Bear62.16 TRYFair Value 79.91 TRYBull103.88 TRY
Price 71.85 TRY · Upside +11.2%
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 (5.16 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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.9%
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.
+51.8%
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.
+67.0%
Start year 2020 (pandemic). Over 10 years: +39.5% a year
Revenue growth 22 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.
+27.3%
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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. 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.
+2.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.7%
Dividend (yield on the price)2.0%
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.15% → 13%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
+12.9%
Yearly growth needed for the next five years to justify today's price.
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.
+24.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about −5.4% a year for the price and +4.0% for the forecasts.
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.Beverages - Non-Alcoholic · 79 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score44 · Bottom 25%
Fair Value upside+11.2% · Above median
Profitability
Return on equity (12 months)22.4% · Top 25%
Return on assets7.4% · Above median
Net margin (12 months)9.9% · Above median
Operating margin (12 months)18.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)5.7% · Below median
Dividend yield (12 months)2.0% · Below median
Balance sheet
Debt / equity0.42× · Highest 25%
Valuation Multiplesvs Beverages - Non-Alcoholic 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). "Coca-Cola Icecek AS Fair Value". https://www.fairvalue-calculator.com/stock/CCOLA
Frequently asked questions
Is Coca-Cola Icecek AS (CCOLA) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of 79.91 TRY versus a price of 71.85 TRY, about +11% upside (undervalued).
What is the fair value of CCOLA?
Our model-based fair value for Coca-Cola Icecek AS is 79.91 TRY (as of Nov 2, 2026), built from audited fundamentals. The current price: 71.85 TRY.
What is the quality score of CCOLA?
Coca-Cola Icecek AS has a Quality Score of 44/100. 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 Coca-Cola Icecek AS (CCOLA)?
Our model-based price target is the fair value of 79.91 TRY (as of Nov 2, 2026) from 24 valuation models. Cautious scenario 62.16 TRY, optimistic scenario 103.88 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Coca-Cola Icecek AS stock forecast for 2026?
Our models put fair value at 79.91 TRY, about +11% upside versus a price of 71.85 TRY (undervalued). Cautious scenario 62.16 TRY, optimistic scenario 103.88 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Coca-Cola Icecek AS (CCOLA)?
Coca-Cola Icecek AS reported trailing-twelve-month revenue of about 196B TRY (latest available figure, as of Nov 2, 2026).
Does Coca-Cola Icecek AS pay a dividend?
Coca-Cola Icecek AS currently shows a dividend yield of 1.99% relative to its recent price (as of Nov 2, 2026).
What growth is priced into Coca-Cola Icecek AS (CCOLA)?
For today's price to be fair in a discounted-cash-flow model, Coca-Cola Icecek AS would have to grow free cash flow by +12.9 % 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 +67.1 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of CCOLA use?
Our models discount Coca-Cola Icecek AS at 12.7 %: a base by market capitalisation (mid), damped by beta 0.21, 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 Coca-Cola Icecek AS that is +12.9 % 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 Coca-Cola Icecek AS (CCOLA) delivered so far?
Over the past 5 years revenue at Coca-Cola Icecek AS grew +67.1 % a year. The price currently implies +12.9 % 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 Coca-Cola Icecek AS (CCOLA) growing?
The median revenue growth in the sector is +3.4 % a year. That is the yardstick for the growth priced into Coca-Cola Icecek AS (+12.9 % 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 Coca-Cola Icecek AS (CCOLA)?
The free-cash-flow yield on the price is 6.72 %: that much free cash flow Coca-Cola Icecek 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 Coca-Cola Icecek AS (CCOLA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Coca-Cola Icecek AS it is 79.91 TRY per share (as of Nov 2, 2026), against a price of 71.85 TRY. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Coca-Cola Icecek AS stock overvalued or undervalued in 2026?
As of Nov 2, 2026, CCOLA trades below its calculated fair value: price 71.85 TRY, fair value 79.91 TRY, a gap of about +11% (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 CCOLA?
No. The price is what the market pays today (71.85 TRY); the fair value is what the company's own numbers justify (79.91 TRY). For Coca-Cola Icecek AS the two are 8.06 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Coca-Cola Icecek AS worth?
The market values Coca-Cola Icecek AS at about 201B TRY (market capitalisation, as of Nov 2, 2026). Per share that is 71.85 TRY; our models calculate a fair value of 79.91 TRY per share.
What do the bullish and bearish scenarios say about CCOLA?
Our models span a range for Coca-Cola Icecek AS: cautious scenario 62.16 TRY, base 79.91 TRY, optimistic 103.88 TRY per share (as of Nov 2, 2026, price 71.85 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CCOLA?
Coca-Cola Icecek AS trades at a price-to-earnings ratio of 9.5 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 79.91 TRY is built from several models across several years. Other multiples: PEG 0.7, P/B 2.7, P/S 1.0, EV/EBITDA 5.3.
What is the PEG ratio of CCOLA?
The PEG ratio of Coca-Cola Icecek AS is 0.67 (P/E divided by earnings growth, as of Nov 2, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Coca-Cola Icecek AS (CCOLA)?
Balance-sheet figures for Coca-Cola Icecek AS (as of Nov 2, 2026): return on equity 22.4%, debt of 0.42 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is CCOLA from its 52-week high?
Coca-Cola Icecek AS trades at 71.85 TRY, about 22% below its 52-week high of 92.35 TRY and 43% above the low of 50.17 TRY (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of 79.91 TRY is for.
Which stocks are comparable to Coca-Cola Icecek AS?
From the same area (Consumer Defensive) we also value The Coca-Cola Company, PepsiCo, Inc, Monster Beverage Corporation, Nongfu Spring Co, 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 Coca-Cola Icecek AS stock attractive at the current price?
The data as of Nov 2, 2026: price 71.85 TRY, calculated fair value 79.91 TRY (+11%), Quality Score 44/100, from 24 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 CCOLA calculated?
We run Coca-Cola Icecek AS through 24 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 79.91 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 14.5% above its aggregate fair value. Coca-Cola Icecek AS currently trades 10% 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 Coca-Cola Icecek AS (CCOLA)?
The closing price on Nov 4, 2026 was 71.85 TRY. Our model-based fair value is 79.91 TRY, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Coca-Cola Icecek AS right now?
The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Coca-Cola Icecek AS
How large is the market capitalisation of Coca-Cola Icecek AS (CCOLA)?
The market capitalisation of Coca-Cola Icecek AS is 201B TRY (≈ $4.0B). 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 Coca-Cola Icecek AS (CCOLA)?
The price-to-sales ratio of Coca-Cola Icecek AS is 1.03 (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 Coca-Cola Icecek AS (CCOLA)?
Earnings per share at Coca-Cola Icecek AS are 7.54 TRY (price ÷ EPS = P/E 9.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Coca-Cola Icecek AS (CCOLA)?
The dividend yield of Coca-Cola Icecek AS is 2.0% (payout 19.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Coca-Cola Icecek AS (CCOLA)?
The net margin of Coca-Cola Icecek AS is 9.9% (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 Coca-Cola Icecek AS (CCOLA)?
The return on equity (ROE) of Coca-Cola Icecek AS is 22.4% (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 Coca-Cola Icecek AS (CCOLA)?
On an EBIT basis the return on assets of Coca-Cola Icecek AS is 14.5% (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 Coca-Cola Icecek AS (CCOLA)?
The operating margin of Coca-Cola Icecek AS is 18.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Coca-Cola Icecek AS (CCOLA)?
Revenue at Coca-Cola Icecek AS is growing +5.7% versus a year earlier (3y avg +51.8%). 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 Coca-Cola Icecek AS (CCOLA)?
Earnings per share at Coca-Cola Icecek AS are growing +24.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Coca-Cola Icecek AS (CCOLA) carry?
The net debt of Coca-Cola Icecek AS is 24.4B TRY (fiscal year 2025, ≈ 1.8 yrs of FCF). 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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Broad data
Nov 2, 2026