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Data-driven stock valuation

ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of ICU Girisim Sermayesi Yatirim Ortakligi A.S. stock TRY 0.88, price TRY 1.17, that is 25.2% below the price, quality 25 out of 100. Rating: overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services TR

IG ICU Girisim Sermayesi Yatirim Ortakligi A.S. logo Thin data Nov 4, 2026

ICU Girisim Sermayesi Yatirim Ortakligi A.S.

ICUGS · IS
Expensive, weak quality

Our calculation puts a fair price 25% below what the stock costs today.

Highly profitable · 33.0% net margin (TTM)
Mixed Growth (revenue YoY +111.7 %/yr in TRY)
Mixed vs. peers (5/9)
Wide moat 66/100 · thin data
Fair value 0.8755 TRY · Overvalued (−25.2%)
Quality 25/100
Negative free cash flow
Thin data
⚠ Dilution
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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

6.89 TRY 0.2920 TRY Fair Value 0.8755 TRY Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range 0.2920 TRY – 6.89 TRY · fair‑value band 0.6545 TRY – 1.10 TRY · the 1.17 TRY price screens above the 0.8755 TRY fair value. As of Nov 4, 2026.

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Company profile

ICU Girisim Sermayesi Yatirim Ortakligi A.S. is a venture capital investment trust specializing in seed/startup, early, mid venture, middle market, buyouts, PIPEs investments in small and medium enterprises.

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The fund seeks to invest in healthcare including all areas except hospital services (medical equipment, pharma, distribution, logistics, consumables, IT, laboratories, insurance, and payment systems); telecom, technology including IT, software, hardware, media, internet; infrastructure including energy, waste management, logistics, clean technology; and business services including finance, hospitality, and education.

It prefers to invest in Turkey. The fund typically invests between $1 million and $10 million in companies with sales between $5 million and $20 million and EBITDA between $0.75 million and $3 million. It prefers to take a majority stake.

However, the fund can also selectively invest with a minority stake. It seeks to hold financial and board level control in its portfolio companies. The fund seeks to exit its investments in five years either through a block sale or an IPO.

Stock analysis

ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS) currently trades at 1.17 TRY, while our model-based Fair Value estimate is 0.8755 TRY, 25% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: 0.6545 TRY (bear) to 1.10 TRY (bull), the price of 1.17 TRY sits above 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 25/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

ICU Girisim Sermayesi Yatirim Ortakligi A.S. reported revenue of 0 TRY in FY2026 versus 0 TRY in FY2022. Reported net income was −198M TRY in FY2026.

Key figures

Market cap 407M TRY (≈ $8.1M) Micro · P/S ratio 1.46 · EPS (TTM) −0.6400 TRY · Return on equity 18.2% · Return on assets (EBIT) −14.4% (5-year average) · Operating margin 53.2% · Revenue (TTM) 259M TRY · EPS growth (YoY) +248%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).

What moves the price

The share trades about 83% below its 52-week high and 19% above its 52-week low.

For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −25%, ICUGS screens richer than that median.

Fair Value models

Bear 0.6545 TRY Fair Value 0.8755 TRY Bull 1.10 TRY
Price 1.17 TRY · Downside -25.2%
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. 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
P/B Multiple 0.7700 TRY 1.03 TRY 1.29 TRY 55
NCAV (Graham) 0.6100 TRY 0.8100 TRY 1.21 TRY 51
All 2 models by family
Multiples
P/B Multiple 0.7700 TRY 1.03 TRY 1.29 TRY 55
Asset-Based
NCAV (Graham) 0.6100 TRY 0.8100 TRY 1.21 TRY 51

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 25/100

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

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 7
Are margins and returns getting better?
Cashflow 50
Do the profits arrive as real cash?
Financial strength 68
Debt, balance sheet and risk of trouble
Investment 0
Does it invest with discipline instead of growing at any price?
Low Volatility 37
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 2
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

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
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

ICUGS screens overvalued: fair value 25% below the price. Compare with Blackstone Inc →

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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.Asset Management · 591 stocks

Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 25 · Bottom 25%
Fair Value upside −25.2% · Bottom 25%
Profitability
Return on equity (12 months) 18.2% · Above median
Return on assets −39.9% · Bottom 25%
Net margin (12 months) 33.0% · Above median
Operating margin (12 months) 53.2% · Above median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.97× · Pricier than median
P/S (12 months) 1.57× · Cheapest 25%
EV/EBITDA 2.8× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 60
FUTURE (revenue growth)0 · sector 38
PAST (return on equity)73 · sector 29
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)0 · sector 81

VALUE 0: the price sits above our fair-value range.

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 Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Exor N.V EXO €73.35 €139.37 +90% vs ICUGS
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs ICUGS
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs ICUGS
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs ICUGS
State Street Corporation STT $165.56 $139.37 −16% vs ICUGS
Ares Management Corporation ARES $133.98 $99.35 −26% vs ICUGS
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs ICUGS
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs ICUGS
Blackstone Inc BX $119.50 $52.29 −56% vs ICUGS
KKR & Co KKR $96.48 $27.32 −72% vs ICUGS

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ICU Girisim Sermayesi Yatirim Ortakligi A.S.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "ICU Girisim Sermayesi Yatirim Ortakligi A.S. Fair Value". https://www.fairvalue-calculator.com/stock/ICUGS

Frequently asked questions

Is ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 0.8755 TRY versus a price of 1.17 TRY, about 25% lower (overvalued).
What is the fair value of ICUGS?
Our model-based fair value for ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 0.8755 TRY (as of Nov 4, 2026), built from audited fundamentals. The current price: 1.17 TRY.
What is the quality score of ICUGS?
ICU Girisim Sermayesi Yatirim Ortakligi A.S. has a Quality Score of 25/100. 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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
Our model-based price target is the fair value of 0.8755 TRY (as of Nov 4, 2026) from 2 valuation models. Cautious scenario 0.6545 TRY, optimistic scenario 1.10 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the ICU Girisim Sermayesi Yatirim Ortakligi A.S. stock forecast for 2026?
Our models put fair value at 0.8755 TRY, about 25% lower versus a price of 1.17 TRY (overvalued). Cautious scenario 0.6545 TRY, optimistic scenario 1.10 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
ICU Girisim Sermayesi Yatirim Ortakligi A.S. reported trailing-twelve-month revenue of about 259M TRY (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ICU Girisim Sermayesi Yatirim Ortakligi A.S. it is 0.8755 TRY per share (as of Nov 4, 2026), against a price of 1.17 TRY. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is ICU Girisim Sermayesi Yatirim Ortakligi A.S. stock overvalued or undervalued in 2026?
As of Nov 4, 2026, ICUGS trades above its calculated fair value: price 1.17 TRY, fair value 0.8755 TRY, a gap of about −25% (overvalued). 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 ICUGS?
No. The price is what the market pays today (1.17 TRY); the fair value is what the company's own numbers justify (0.8755 TRY). For ICU Girisim Sermayesi Yatirim Ortakligi A.S. the two are 0.2945 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is ICU Girisim Sermayesi Yatirim Ortakligi A.S. worth?
The market values ICU Girisim Sermayesi Yatirim Ortakligi A.S. at about 407M TRY (market capitalisation, as of Nov 4, 2026). Per share that is 1.17 TRY; our models calculate a fair value of 0.8755 TRY per share.
What do the bullish and bearish scenarios say about ICUGS?
Our models span a range for ICU Girisim Sermayesi Yatirim Ortakligi A.S.: cautious scenario 0.6545 TRY, base 0.8755 TRY, optimistic 1.10 TRY per share (as of Nov 4, 2026, price 1.17 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
Balance-sheet figures for ICU Girisim Sermayesi Yatirim Ortakligi A.S. (as of Nov 4, 2026): return on equity 18.2%. They feed the Quality Score of 25/100, which measures business quality independently of the share price.
How far is ICUGS from its 52-week high?
ICU Girisim Sermayesi Yatirim Ortakligi A.S. trades at 1.17 TRY, about 83% below its 52-week high of 6.89 TRY and 19% above the low of 0.9800 TRY (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 0.8755 TRY is for.
Which stocks are comparable to ICU Girisim Sermayesi Yatirim Ortakligi A.S.?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, 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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. stock attractive at the current price?
The data as of Nov 4, 2026: price 1.17 TRY, calculated fair value 0.8755 TRY (−25%), Quality Score 25/100, from 2 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 ICUGS calculated?
We run ICU Girisim Sermayesi Yatirim Ortakligi A.S. through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of 0.8755 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. ICU Girisim Sermayesi Yatirim Ortakligi A.S. 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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
The closing price on Nov 6, 2026 was 1.17 TRY. Our model-based fair value is 0.8755 TRY, about 25% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ICU Girisim Sermayesi Yatirim Ortakligi A.S. right now?
The price sits above even our optimistic bull case (1.10 TRY). The favourable scenario is already priced in. Weak quality (25/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of ICU Girisim Sermayesi Yatirim Ortakligi A.S.

How large is the market capitalisation of ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
The market capitalisation of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 407M TRY (≈ $8.1M). 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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
The price-to-sales ratio of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 1.46 (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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
Earnings per share at ICU Girisim Sermayesi Yatirim Ortakligi A.S. are −0.6400 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
The return on equity (ROE) of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 18.2% (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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
On an EBIT basis the return on assets of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is −14.4% (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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
The operating margin of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 53.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast are earnings growing at ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
Earnings per share at ICU Girisim Sermayesi Yatirim Ortakligi A.S. are growing +248% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS) generate?
The free cash flow of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is −1.2M TRY (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS) carry?
The net debt of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 33.4M TRY (fiscal year 2026). 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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