Fonet Bilgi Teknolojileri AS (FONET) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Fonet Bilgi Teknolojileri AS stock TRY 3.77, price TRY 3.95, that is 4.5% below the price, quality 50 out of 100. Rating: fairly valued. Calculated from audited financials with 24 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 3, 2026.
How to read this chart
60‑month range 0.4051 TRY – 8.20 TRY · fair‑value band 1.75 TRY – 5.53 TRY · the 3.95 TRY price screens above the 3.77 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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Fonet Bilgi Teknolojileri A.S. provides information technology services in the healthcare sector in Turkey and internationally.
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The company offers health informatics, digital health transformation, solutions social security, and family and social aid solutions such as healthcare software modules, including consultation management, appointment management, patient record/admission management, emergency management, polyclinic management, interoperability systems, decision support management, material resource and inventory management, fixture and asset management, home health care services management, and remote health information systems.
The company also provides software development services, project implementation, and system support. In addition, it offers turnkey project services and develops, sells, and supports ERP products used in both public and private sectors.
The company's products include Fonet Hospital Information Management System (HIS), that manages medical, administrative, and financial business processes of health institutions. Fonet Bilgi Teknolojileri A.S. was founded in 1997 and is headquartered in Ankara, Turkey.
Stock analysis
Fonet Bilgi Teknolojileri AS (FONET) currently trades at 3.95 TRY, while our model-based Fair Value estimate is 3.77 TRY, so the stock looks roughly fairly valued today (gap 4.7%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 7.28 TRY per share, and 11 of the 24 models we run sit above the 3.95 TRY price.
Bear case: the Economic Profit group reads lowest at 1.76 TRY, and 13 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 1.75 TRY (bear) to 5.53 TRY (bull), the price of 3.95 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 50/100 (solid quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Fonet Bilgi Teknolojileri AS reported revenue of 855M TRY in FY2025 versus 85.5M TRY in FY2021, a compound +77.8%/yr. Reported net income was 223M TRY in FY2025, compounding +56.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 3.7B TRY (≈ $73.7M) Micro · P/E ratio 15.8 · P/S ratio 3.83 · EPS (TTM) 0.2500 TRY · Net margin 29.1% · Return on equity 16.4% · Return on assets (EBIT) 13.4% (5-year average) · Operating margin 30.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (low confidence).
What moves the price
The share trades about 36% below its 52-week high and 47% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 3% fair-value upside, at −4%, FONET screens richer than that median.
Fair Value models
Bear1.75 TRYFair Value 3.77 TRYBull5.53 TRY
Price 3.95 TRY · Downside -4.5%
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 (0.2130 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.
Best data coverage
FCF DCF1.32 TRY1.70 TRY2.79 TRY80
Growth DCF1.25 TRY1.75 TRY2.60 TRY78
Owner Earnings0.7000 TRY1.16 TRY1.90 TRY75
All 24 models by family
DCF Models
FCF DCF1.32 TRY1.70 TRY2.79 TRY80
Owner Earnings0.7000 TRY1.16 TRY1.90 TRY75
5Y Revenue Exit1.74 TRY3.05 TRY5.69 TRY69
5Y EBITDA Exit3.29 TRY6.25 TRY11.89 TRY71
5Y P/E Exit2.77 TRY6.08 TRY10.51 TRY67
10Y Revenue Exit1.46 TRY2.90 TRY4.14 TRY66
10Y EBITDA Exit2.33 TRY5.22 TRY10.76 TRY63
10Y P/E Exit2.06 TRY4.44 TRY8.70 TRY60
Earnings-Based
Graham-Dodd1.62 TRY11.29 TRY15.85 TRY63
Lynch FV3.80 TRY5.42 TRY7.05 TRY61
PEG = 1.03.80 TRY5.42 TRY7.05 TRY57
EPV1.73 TRY1.89 TRY2.01 TRY74
Multiples
P/E Multiple3.93 TRY5.24 TRY6.55 TRY63
P/S Multiple2.40 TRY3.20 TRY4.00 TRY58
P/B Multiple1.32 TRY1.75 TRY2.19 TRY55
EV/EBIT3.89 TRY5.19 TRY6.50 TRY66
EV/EBITDA4.87 TRY6.49 TRY8.12 TRY67
EV/Revenue1.91 TRY2.73 TRY3.55 TRY53
Asset-Based
NCAV (Graham)0.1000 TRY0.1500 TRY0.1900 TRY54
Growth DCF
Growth DCF1.25 TRY1.75 TRY2.60 TRY78
Rev-Margin DCF1.74 TRY3.44 TRY6.06 TRY69
Economic Profit
Residual Income1.41 TRY1.54 TRY1.78 TRY71
ROIC Compounder1.73 TRY1.98 TRY2.25 TRY72
Growth Earnings
Growth-Adj P/E5.10 TRY7.28 TRY9.46 TRY67
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+35.9%
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.
+88.3%
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.
+67.5%
Start year 2020 (pandemic)
Revenue growth 7 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.
+57.4%
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’25
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.
−19.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.2%
Dividend (yield on the price)0.0%
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.45% → 34%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
+34.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about +12.6% a year for the price.
Compare Fonet Bilgi Teknolojileri AS with another stock
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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.Health Information Services · 118 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside−4.5% · Above median
Profitability
Return on equity (12 months)16.4% · Top 25%
Return on assets12.1% · Top 25%
Net margin (12 months)29.1% · Top 25%
Operating margin (12 months)30.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)30.1% · Top 25%
Valuation Multiplesvs Health Information Services median · lower = cheaper
P/E (12 months)15.8× · Cheapest 25%
P/B2.19× · Cheaper than median
P/S (12 months)3.83× · Pricier than median
Price / free cash flow (fiscal year)35.2× · Pricier than median
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). "Fonet Bilgi Teknolojileri AS Fair Value". https://www.fairvalue-calculator.com/stock/FONET
Frequently asked questions
Is Fonet Bilgi Teknolojileri AS (FONET) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 3.77 TRY versus a price of 3.95 TRY, about 4% lower (fairly valued).
What is the fair value of FONET?
Our model-based fair value for Fonet Bilgi Teknolojileri AS is 3.77 TRY (as of Nov 3, 2026), built from audited fundamentals. The current price: 3.95 TRY.
What is the quality score of FONET?
Fonet Bilgi Teknolojileri AS has a Quality Score of 50/100. 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 Fonet Bilgi Teknolojileri AS (FONET)?
Our model-based price target is the fair value of 3.77 TRY (as of Nov 3, 2026) from 24 valuation models. Cautious scenario 1.75 TRY, optimistic scenario 5.53 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Fonet Bilgi Teknolojileri AS stock forecast for 2026?
Our models put fair value at 3.77 TRY, about 4% lower versus a price of 3.95 TRY (fairly valued). Cautious scenario 1.75 TRY, optimistic scenario 5.53 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Fonet Bilgi Teknolojileri AS (FONET)?
Fonet Bilgi Teknolojileri AS reported trailing-twelve-month revenue of about 966M TRY (latest available figure, as of Nov 3, 2026).
What growth is priced into Fonet Bilgi Teknolojileri AS (FONET)?
For today's price to be fair in a discounted-cash-flow model, Fonet Bilgi Teknolojileri AS would have to grow free cash flow by +34.4 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +67.5 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of FONET use?
Our models discount Fonet Bilgi Teknolojileri AS at 15.7 %: a base by market capitalisation (micro), damped by beta 0.60, 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 Fonet Bilgi Teknolojileri AS that is +34.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (15.7 %) and the same formula as our fair value.
How much growth has Fonet Bilgi Teknolojileri AS (FONET) delivered so far?
Over the past 5 years revenue at Fonet Bilgi Teknolojileri AS grew +67.5 % a year. The price currently implies free-cash-flow growth of +34.4 % per 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 Fonet Bilgi Teknolojileri AS (FONET) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Fonet Bilgi Teknolojileri AS (+34.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Fonet Bilgi Teknolojileri AS (FONET)?
The free-cash-flow yield on the price is 2.84 %: that much free cash flow Fonet Bilgi Teknolojileri AS produces per unit of market value. When it exceeds the discount rate of our models (15.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fonet Bilgi Teknolojileri AS (FONET)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fonet Bilgi Teknolojileri AS it is 3.77 TRY per share (as of Nov 3, 2026), against a price of 3.95 TRY. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Fonet Bilgi Teknolojileri AS stock overvalued or undervalued in 2026?
As of Nov 3, 2026, FONET trades above its calculated fair value: price 3.95 TRY, fair value 3.77 TRY, a gap of about −4% (fairly valued). 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 FONET?
No. The price is what the market pays today (3.95 TRY); the fair value is what the company's own numbers justify (3.77 TRY). For Fonet Bilgi Teknolojileri AS the two are 0.1760 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Fonet Bilgi Teknolojileri AS worth?
The market values Fonet Bilgi Teknolojileri AS at about 3.7B TRY (market capitalisation, as of Nov 3, 2026). Per share that is 3.95 TRY; our models calculate a fair value of 3.77 TRY per share.
What do the bullish and bearish scenarios say about FONET?
Our models span a range for Fonet Bilgi Teknolojileri AS: cautious scenario 1.75 TRY, base 3.77 TRY, optimistic 5.53 TRY per share (as of Nov 3, 2026, price 3.95 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FONET?
Fonet Bilgi Teknolojileri AS trades at a price-to-earnings ratio of 15.8 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.77 TRY is built from several models across several years. Other multiples: P/B 2.2, P/S 3.8, EV/EBITDA 11.9.
How solid is the balance sheet of Fonet Bilgi Teknolojileri AS (FONET)?
Balance-sheet figures for Fonet Bilgi Teknolojileri AS (as of Nov 3, 2026): return on equity 16.4%. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is FONET from its 52-week high?
Fonet Bilgi Teknolojileri AS trades at 3.95 TRY, about 36% below its 52-week high of 6.21 TRY and 47% above the low of 2.68 TRY (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 3.77 TRY is for.
Which stocks are comparable to Fonet Bilgi Teknolojileri AS?
From the same area (Healthcare) we also value Veeva Systems Inc, Pro Medicus Limited, BrightSpring Health Services, Inc, Hinge Health, 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 Fonet Bilgi Teknolojileri AS stock attractive at the current price?
The data as of Nov 3, 2026: price 3.95 TRY, calculated fair value 3.77 TRY (−4%), Quality Score 50/100, 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 FONET calculated?
We run Fonet Bilgi Teknolojileri AS through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 3.77 TRY builds on their evidence-weighted average, 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 12.7% above its aggregate fair value. Fonet Bilgi Teknolojileri 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 Fonet Bilgi Teknolojileri AS (FONET)?
The closing price on Nov 6, 2026 was 3.95 TRY. Our model-based fair value is 3.77 TRY, about 4% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fonet Bilgi Teknolojileri AS right now?
The model range is unusually wide (1.75 TRY to 5.53 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Fonet Bilgi Teknolojileri AS
How large is the market capitalisation of Fonet Bilgi Teknolojileri AS (FONET)?
The market capitalisation of Fonet Bilgi Teknolojileri AS is 3.7B TRY (≈ $73.7M). 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 Fonet Bilgi Teknolojileri AS (FONET)?
The price-to-sales ratio of Fonet Bilgi Teknolojileri AS is 3.83 (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 Fonet Bilgi Teknolojileri AS (FONET)?
Earnings per share at Fonet Bilgi Teknolojileri AS are 0.2500 TRY (price ÷ EPS = P/E 15.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Fonet Bilgi Teknolojileri AS (FONET)?
The net margin of Fonet Bilgi Teknolojileri AS is 29.1% (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 Fonet Bilgi Teknolojileri AS (FONET)?
The return on equity (ROE) of Fonet Bilgi Teknolojileri AS is 16.4% (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 Fonet Bilgi Teknolojileri AS (FONET)?
On an EBIT basis the return on assets of Fonet Bilgi Teknolojileri AS is 13.4% (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 Fonet Bilgi Teknolojileri AS (FONET)?
The operating margin of Fonet Bilgi Teknolojileri AS is 30.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fonet Bilgi Teknolojileri AS (FONET)?
Revenue at Fonet Bilgi Teknolojileri AS is growing +30.1% versus a year earlier (3y avg +88.3%). 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 Fonet Bilgi Teknolojileri AS (FONET)?
Earnings per share at Fonet Bilgi Teknolojileri AS are growing +89.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Fonet Bilgi Teknolojileri AS (FONET) carry?
The net debt of Fonet Bilgi Teknolojileri AS is 10.8M TRY (fiscal year 2023, ≈ 0.1 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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Nov 3, 2026