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Ihlas Holding AS (IHLAS) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Ihlas Holding AS stock TRY 0.71, price TRY 0.76, that is 6.0% below the price, quality 26 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Industrials TR · ISIN TRAIHLAS91D5

IH Ihlas Holding AS logo Thin data Nov 10, 2026

Ihlas Holding AS

IHLAS · IS
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Low debt
Last quarter vs. a year ago: revenue +19%, profit +75%.
Fair value 0.7141 TRY · Fairly valued
Mixed Growth (revenue 5y +72.8 %/yr in TRY)
Mixed vs. peers (4/10)
Quality 26/100
Loss-making · -16.6% net margin (TTM)
Negative free cash flow
Narrow moat 9/100
Thin data
Estimate
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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

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Price vs Fair Value

3.37 TRY 0.3739 TRY Fair Value 0.7141 TRY Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range 0.3739 TRY – 3.37 TRY · fair‑value band 0.5356 TRY – 0.8926 TRY · the 0.7600 TRY price screens above the 0.7141 TRY fair value. As of Nov 10, 2026.

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Company profile

Ihlas Holding A.S., through its subsidiaries, engages in the construction and real estate, media, manufacturing and trading, and healthcare and education businesses in Turkey and internationally. It operates through the Building, Marketing, Media, and Other segments.

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The Building segment is involved in the purchase and sale of real estate; construction projects; installation and contracting works; tourism and health investment; and other construction related activities.

Its Marketing segment engages in the manufacture of electrical household appliances; production, assembly, purchase, sale, import, and export of various motorized and non-motorized vehicles; and trade, sale, and marketing of durable consumer goods.

The Media segment is involved in the publication, sale, distribution, and marketing of newspapers and various publications; news agency services; television and radio broadcasting; photography; and advertising agency activities.

Ihlas Holding A.S. was founded in 1970 and is headquartered in Istanbul, Turkey.

Stock analysis

Ihlas Holding AS (IHLAS) currently trades at 0.7600 TRY, while our estimate is 0.7141 TRY, so the stock looks roughly fairly valued today (gap 6.4%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: 0.5356 TRY (bear) to 0.8926 TRY (bull), the price of 0.7600 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 26/100 (below-average quality), in the Industrials sector.

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

Ihlas Holding AS reported revenue of 17.2B TRL in FY2025 versus 2.8B TRL in FY2021, a compound +57.0%/yr. Reported net income was −3.2B TRL in FY2025.

Key figures

Market cap 2.2B TRY (≈ $44.2M) Micro · P/S ratio 0.12 · EPS (TTM) −1.72 TRY · Net margin −16.6% · Return on equity −18.8% · Return on assets (EBIT) −5.9% (5-year average) · Operating margin −24.3% · Revenue (TTM) 18.4B TRY.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 9 out of 100 (medium confidence).

What moves the price

The share trades about 74% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at 8% fair-value upside, at −6%, IHLAS screens richer than that median.

Fair Value

Bear 0.5356 TRY Fair Value 0.7141 TRY Bull 0.8926 TRY
Price 0.7600 TRY · Downside -6.0%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 26/100

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

Profitability 8
How much profit the company makes from its sales and capital
Quality Growth 54
Are margins and returns getting better?
Cashflow 6
Do the profits arrive as real cash?
Financial strength 17
Debt, balance sheet and risk of trouble
Investment 63
Does it invest with discipline instead of growing at any price?
Low Volatility 62
How calm the share price moves, does not count
Price momentum 6
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 40
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. 36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+26.7%
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.
+71.6%
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.
+72.8%
Start year 2020 (pandemic). Over 10 years: +45.3% a year
Revenue growth 25 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.
−30.0%
Profit margin (trend) ⓘ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.
9.7% (2020) → −25.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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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 · 349 stocks

Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 26 · Bottom 25%
Fair Value upside −6.0% · Below median
Profitability
Return on assets −11.3% · Bottom 25%
Net margin (12 months) −16.6% · Bottom 25%
Operating margin (12 months) −24.3% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 19.4% · Above median
Balance sheet
Debt / equity 0.05× · Below median

Valuation Multiplesvs Conglomerates median · lower = cheaper

P/B 0.78× · Cheaper than median
P/S (12 months) 0.12× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)25 · sector 41
FUTURE (revenue growth)97 · sector 32
PAST (return on equity)0 · sector 24
HEALTH (low debt)98 · sector 90
DIVIDEND (yield)0 · sector 45

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
CITIC Limited 0267 HK$12.89 HK$25.74 +100% vs IHLAS
SK Inc 034730 480,000 KRW 632,391 KRW +32% vs IHLAS
CK Hutchison Holdings 0001 HK$71.95 HK$84.32 +17% vs IHLAS
Jardine Matheson Holdings J36 $61.61 $66.74 +8% vs IHLAS
Honeywell International Inc HON $228.22 $245.42 +8% vs IHLAS
SGH Limited SGH A$43.35 A$34.87 −20% vs IHLAS
Keppel Ltd BN4 9.76 SGD 3.87 SGD −60% vs IHLAS
3M Company MMM $189.37 $73.02 −61% vs IHLAS
Swire Pacific Limited 0019 HK$113.40 HK$27.75 −76% vs IHLAS
Doosan Corporation 000150 636,000 KRW 95,752 KRW −85% vs IHLAS

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Ihlas Holding AS: fair value per Fair Value Calculator

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

Frequently asked questions

Is Ihlas Holding AS (IHLAS) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is 0.7141 TRY versus a price of 0.7600 TRY, about 6% lower (fairly valued).
What is the fair value of IHLAS?
Our estimate for Ihlas Holding AS is 0.7141 TRY (as of Nov 10, 2026), built from audited fundamentals. The current price: 0.7600 TRY.
What is the quality score of IHLAS?
Ihlas Holding AS has a Quality Score of 26/100. 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 Ihlas Holding AS (IHLAS)?
Our calculated price target is the estimate of 0.7141 TRY (as of Nov 10, 2026). Cautious scenario 0.5356 TRY, optimistic scenario 0.8926 TRY. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Ihlas Holding AS stock forecast for 2026?
Our estimate puts fair value at 0.7141 TRY, about 6% lower versus a price of 0.7600 TRY (fairly valued). Cautious scenario 0.5356 TRY, optimistic scenario 0.8926 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Ihlas Holding AS (IHLAS)?
Ihlas Holding AS reported trailing-twelve-month revenue of about 18.4B TRY (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Ihlas Holding AS (IHLAS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ihlas Holding AS it is 0.7141 TRY per share (as of Nov 10, 2026), against a price of 0.7600 TRY.
Is Ihlas Holding AS stock overvalued or undervalued in 2026?
As of Nov 10, 2026, IHLAS trades above its calculated fair value: price 0.7600 TRY, fair value 0.7141 TRY, a gap of about −6% (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 IHLAS?
No. The price is what the market pays today (0.7600 TRY); the fair value is what the company's own numbers justify (0.7141 TRY). For Ihlas Holding AS the two are 0.0459 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Ihlas Holding AS worth?
The market values Ihlas Holding AS at about 2.2B TRY (market capitalisation, as of Nov 10, 2026). Per share that is 0.7600 TRY; our models calculate a fair value of 0.7141 TRY per share.
What do the bullish and bearish scenarios say about IHLAS?
Our models span a range for Ihlas Holding AS: cautious scenario 0.5356 TRY, base 0.7141 TRY, optimistic 0.8926 TRY per share (as of Nov 10, 2026, price 0.7600 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Ihlas Holding AS (IHLAS)?
Balance-sheet figures for Ihlas Holding AS (as of Nov 10, 2026): return on equity −18.8%, debt of 0.05 per unit of equity. They feed the Quality Score of 26/100, which measures business quality independently of the share price.
How far is IHLAS from its 52-week high?
Ihlas Holding AS trades at 0.7600 TRY, about 74% below its 52-week high of 2.90 TRY and 13% above the low of 0.6700 TRY (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 0.7141 TRY is for.
Which stocks are comparable to Ihlas Holding AS?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, CITIC 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 Ihlas Holding AS stock attractive at the current price?
The data as of Nov 10, 2026: price 0.7600 TRY, calculated fair value 0.7141 TRY (−6%), Quality Score 26/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Ihlas Holding 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 Ihlas Holding AS (IHLAS)?
The closing price on Nov 10, 2026 was 0.7600 TRY. Our estimate is 0.7141 TRY, about 6% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ihlas Holding AS right now?
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 Ihlas Holding AS

How large is the market capitalisation of Ihlas Holding AS (IHLAS)?
The market capitalisation of Ihlas Holding AS is 2.2B TRY (≈ $44.2M). 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 Ihlas Holding AS (IHLAS)?
The price-to-sales ratio of Ihlas Holding AS is 0.12 (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 Ihlas Holding AS (IHLAS)?
Earnings per share at Ihlas Holding AS are −1.72 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ihlas Holding AS (IHLAS)?
The net margin of Ihlas Holding AS is −16.6% (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 Ihlas Holding AS (IHLAS)?
The return on equity (ROE) of Ihlas Holding AS is −18.8% (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 Ihlas Holding AS (IHLAS)?
On an EBIT basis the return on assets of Ihlas Holding AS is −5.9% (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 Ihlas Holding AS (IHLAS)?
The operating margin of Ihlas Holding AS is −24.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ihlas Holding AS (IHLAS)?
Revenue at Ihlas Holding AS is growing +19.4% versus a year earlier (3y avg +71.6%). 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 Ihlas Holding AS (IHLAS)?
Earnings per share at Ihlas Holding AS are growing +75.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ihlas Holding AS (IHLAS) generate?
The free cash flow of Ihlas Holding AS is −571M 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 Ihlas Holding AS (IHLAS) carry?
The net debt of Ihlas Holding AS is 1.7B 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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