Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. stock TRY 122, price TRY 120, upside +1.4%, quality 47 out of 100. Rating: fairly valued. Calculated from audited financials with 22 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 5, 2026.
How to read this chart
22‑month range 103.10 TRY – 244.90 TRY · fair‑value band 92.01 TRY – 150.51 TRY · the 120.20 TRY price screens below the 121.89 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Gulermak Aglr Sanayi Insaat ve Taahhut A.S. provides civil infrastructure and industrial construction services in Turkey, Poland, Romania, Sweden, Switzerland, the Philippines, North Macedonia, the United Arab Emirates, and India.
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The company offers engineering, procurement, and construction services for the transportation sector, including railways, metro and light rail systems, trams, highways, tunnels, roads, and bridges; industrial sector, such as cement and sugar factories, glass factories, dams, and irrigation systems; energy sector comprising hydroelectric, thermal, and natural gas combined cycle power plants; and environmental sector consisting of water and wastewater treatment plants and pipelines, as well as sea, lake, and river dredging services.
It is also involved in the provision of steel construction structures. The company serves official public and private institutions. The company was founded in 1958 and is headquartered in Ankara, Turkey.
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. operates as a subsidiary of Gulermak Emlak Yapi Insaat Yatirim Anonim Sirketi.
Stock analysis
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK) currently trades at 120.20 TRY, while our model-based Fair Value estimate is 121.89 TRY, so the stock looks roughly fairly valued today (gap 1.4%).
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Valuation
Bull case: the Multiples group reads highest at a median of 247.89 TRY per share, and 12 of the 22 models we run sit above the 120.20 TRY price.
Bear case: the Asset-Based group reads lowest at 30.69 TRY, and 10 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 92.01 TRY (bear) to 150.51 TRY (bull), the price of 120.20 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 47/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. reported revenue of 45.5B TRY in FY2025 versus 21.0B TRY in FY2022, a compound +29.4%/yr. Reported net income was 4.3B TRY in FY2025, compounding +190.3%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap 38.8B TRY (≈ $773M) Small · P/E ratio 10.7 · P/S ratio 0.84 · EPS (TTM) 11.22 TRY · Net margin 6.7% · Return on equity 14.7% · Return on assets (EBIT) 7.9% (4-year average) · Operating margin 10.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 51% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 1%, GLRMK screens cheaper than that median.
Fair Value models
Bear92.01 TRYFair Value 121.89 TRYBull150.51 TRY
Price 120.20 TRY · Upside +1.4%
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 (9.53 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.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+0.8%
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.
+29.4%
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
≈ +70.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+70.8%
Dividend (yield on the price)0.0%
⚠ Approximate: the rate leans on 2025, which sits 177% above its own trend.
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).
+25.5%
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 +5.2% a year for the price.
Compare Gulermak Aglr Sanayi Insaat ve Taahhut 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.Engineering & Construction · 789 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+1.4% · Above median
Profitability
Return on equity (12 months)14.7% · Above median
Return on assets6.6% · Top 25%
Net margin (12 months)6.7% · Above median
Operating margin (12 months)10.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)0.8% · Below median
Balance sheet
Debt / equity0.46× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)10.7× · Cheaper than median
P/B2.19× · Pricier than median
P/S (12 months)0.84× · Cheaper than median
Price / free cash flow (fiscal year)23.8× · 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). "Gulermak Aglr Sanayi Insaat ve Taahhut A.S. Fair Value". https://www.fairvalue-calculator.com/stock/GLRMK
Frequently asked questions
Is Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 121.89 TRY versus a price of 120.20 TRY, about +1% upside (fairly valued).
What is the fair value of GLRMK?
Our model-based fair value for Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 121.89 TRY (as of Nov 5, 2026), built from audited fundamentals. The current price: 120.20 TRY.
What is the quality score of GLRMK?
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. has a Quality Score of 47/100. 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Our model-based price target is the fair value of 121.89 TRY (as of Nov 5, 2026) from 22 valuation models. Cautious scenario 92.01 TRY, optimistic scenario 150.51 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Gulermak Aglr Sanayi Insaat ve Taahhut A.S. stock forecast for 2026?
Our models put fair value at 121.89 TRY, about +1% upside versus a price of 120.20 TRY (fairly valued). Cautious scenario 92.01 TRY, optimistic scenario 150.51 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. reported trailing-twelve-month revenue of about 46.4B TRY (latest available figure, as of Nov 5, 2026).
What growth is priced into Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
For today's price to be fair in a discounted-cash-flow model, Gulermak Aglr Sanayi Insaat ve Taahhut A.S. would have to grow free cash flow by +25.5 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +29.4 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of GLRMK use?
Our models discount Gulermak Aglr Sanayi Insaat ve Taahhut A.S. at 15.7 %: a base by market capitalisation (small), 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. that is +25.5 % 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK) delivered so far?
Over the past 3 years revenue at Gulermak Aglr Sanayi Insaat ve Taahhut A.S. grew +29.4 % a year. The price currently implies free-cash-flow growth of +25.5 % 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK) growing?
The median revenue growth in the sector is +7.9 % a year. That is the yardstick for the growth priced into Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (+25.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The free-cash-flow yield on the price is 4.19 %: that much free cash flow Gulermak Aglr Sanayi Insaat ve Taahhut A.S. 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gulermak Aglr Sanayi Insaat ve Taahhut A.S. it is 121.89 TRY per share (as of Nov 5, 2026), against a price of 120.20 TRY. It is the blended result of 22 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Gulermak Aglr Sanayi Insaat ve Taahhut A.S. stock overvalued or undervalued in 2026?
As of Nov 5, 2026, GLRMK trades below its calculated fair value: price 120.20 TRY, fair value 121.89 TRY, a gap of about +1% (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 GLRMK?
No. The price is what the market pays today (120.20 TRY); the fair value is what the company's own numbers justify (121.89 TRY). For Gulermak Aglr Sanayi Insaat ve Taahhut A.S. the two are 1.69 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Gulermak Aglr Sanayi Insaat ve Taahhut A.S. worth?
The market values Gulermak Aglr Sanayi Insaat ve Taahhut A.S. at about 38.8B TRY (market capitalisation, as of Nov 5, 2026). Per share that is 120.20 TRY; our models calculate a fair value of 121.89 TRY per share.
What do the bullish and bearish scenarios say about GLRMK?
Our models span a range for Gulermak Aglr Sanayi Insaat ve Taahhut A.S.: cautious scenario 92.01 TRY, base 121.89 TRY, optimistic 150.51 TRY per share (as of Nov 5, 2026, price 120.20 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GLRMK?
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. trades at a price-to-earnings ratio of 10.7 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 121.89 TRY is built from several models across several years. Other multiples: P/B 2.2, P/S 0.8, EV/EBITDA 6.0.
How solid is the balance sheet of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Balance-sheet figures for Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (as of Nov 5, 2026): return on equity 14.7%, debt of 0.46 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is GLRMK from its 52-week high?
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. trades at 120.20 TRY, about 51% below its 52-week high of 244.90 TRY and 17% above the low of 103.10 TRY (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 121.89 TRY is for.
Which stocks are comparable to Gulermak Aglr Sanayi Insaat ve Taahhut A.S.?
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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. stock attractive at the current price?
The data as of Nov 5, 2026: price 120.20 TRY, calculated fair value 121.89 TRY (+1%), Quality Score 47/100, from 22 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 GLRMK calculated?
We run Gulermak Aglr Sanayi Insaat ve Taahhut A.S. through 22 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 121.89 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. Gulermak Aglr Sanayi Insaat ve Taahhut A.S. currently trades 1% 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The closing price on Nov 6, 2026 was 120.20 TRY. Our model-based fair value is 121.89 TRY, about +1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gulermak Aglr Sanayi Insaat ve Taahhut A.S. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Gulermak Aglr Sanayi Insaat ve Taahhut A.S.
How large is the market capitalisation of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The market capitalisation of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 38.8B TRY (≈ $773M). 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The price-to-sales ratio of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 0.84 (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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Earnings per share at Gulermak Aglr Sanayi Insaat ve Taahhut A.S. are 11.22 TRY (price ÷ EPS = P/E 10.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The net margin of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 6.7% (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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The return on equity (ROE) of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 14.7% (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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
On an EBIT basis the return on assets of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 7.9% (avg 4y). 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The operating margin of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 10.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Revenue at Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is growing +0.8% versus a year earlier (3y avg +29.4%). 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Earnings per share at Gulermak Aglr Sanayi Insaat ve Taahhut A.S. are growing −12.6% versus a year earlier. How much earnings per share grew versus a year earlier.
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Nov 5, 2026