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Data-driven stock valuation

Tera Yatirim Menkul Degerler A.S. (TERA) fair value: what the stock is really worth

As of Oct 27, 2026: fair value (intrinsic value) of Tera Yatirim Menkul Degerler A.S. stock TRY 18.09, price TRY 10.64, upside +70.0%, quality 49 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services TR · ISIN TRETERA00013

TY Tera Yatirim Menkul Degerler A.S. logo Thin data Nov 6, 2026

Tera Yatirim Menkul Degerler A.S.

TERA · IS
Cheap, value-trap risk

The stock costs 41% less than our calculation considers fair.

Fair value 18.09 TRY · Strongly undervalued
Solidly profitable · 13.1% net margin (TTM)
Generates free cash flow
Ranks above peers (8/11)
Costs just 0.1 times its yearly profit.
Quality 49/100
Expensive Growth (revenue 5y +271.9 %/yr in TRY)
Wide moat 74/100 · thin data
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

396.00 TRY 0.8250 TRY Fair Value 18.09 TRY Dec 2022 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

46‑month range 0.8250 TRY – 396.00 TRY · fair‑value band 12.94 TRY – 26.24 TRY · the 10.64 TRY price screens below the 18.09 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

Tera Yatirim Menkul Degerler A.S. engages in investment banking and brokerage activities in Turkey.

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The company offers institutional sales and trading services for mutual funds, hedge funds, and alpha capture funds investors; private sales and trading services, as well as personalized financial advisory services, stocks, bonds, and funds; and investment banking services, such as initial public offering underwriting, debt instrument issuance facilitation, capital increase support, company valuation, financing options, and merger and acquisition consultancy.

It is also involved in facilitating share purchase offers, exit rights, and rights to withdraw from partnership/sell; and managing the process of wholesale market transactions and the process of sales to corporate and qualified investors.

The company was incorporated in 1990 and is headquartered in Istanbul, Turkey.

Stock analysis

Tera Yatirim Menkul Degerler A.S. (TERA) currently trades at 10.64 TRY, while our model-based Fair Value estimate is 18.09 TRY, implying the stock looks roughly 41% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of 153.89 TRY per share, and 11 of the 11 models we run sit above the 10.64 TRY price.

Bear case: the Asset-Based group reads lowest at 42.34 TRY, and 0 of the 11 models stay below the price. Data coverage for this calculation is low.

Scenario range: 12.94 TRY (bear) to 26.24 TRY (bull), the price of 10.64 TRY sits below 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 49/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Tera Yatirim Menkul Degerler A.S. reported revenue of 414B TRY in FY2025 versus 1.4B TRY in FY2021, a compound +311.5%/yr. Reported net income was 37.3B TRY in FY2025, compounding +481.2%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap 8.3B TRY (≈ $165M) Micro · P/E ratio 0.1 · EPS (TTM) 106.86 TRY · Net margin 9.0% · Return on equity 106% · Return on assets (EBIT) 11.8% (5-year average) · Operating margin 14.2% · Revenue (TTM) 451B TRY.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).

What moves the price

The share trades about 97% below its 52-week high and at its 52-week low.

For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at 70%, TERA screens cheaper than that median.

Fair Value models

Bear 12.94 TRY Fair Value 18.09 TRY Bull 26.24 TRY
Price 10.64 TRY · Upside +70.0%
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 (91.64 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
Growth DCF 261.88 TRY 366.21 TRY 531.21 TRY 73
Owner Earnings 369.15 TRY 631.92 TRY 1,039 TRY 69
Rev-Margin DCF 457.25 TRY 819.45 TRY 1,574 TRY 64
All 11 models by family
DCF Models
Owner Earnings 369.15 TRY 631.92 TRY 1,039 TRY 69
5Y P/E Exit 408.65 TRY 877.44 TRY 1,513 TRY 63
10Y P/E Exit 339.13 TRY 685.95 TRY 1,245 TRY 56
Earnings-Based
Graham-Dodd 362.68 TRY 2,529 TRY 3,549 TRY 61
Lynch FV 1,307 TRY 1,867 TRY 2,427 TRY 59
Multiples
P/E Multiple 520.02 TRY 693.36 TRY 866.70 TRY 63
P/B Multiple 45.25 TRY 60.34 TRY 75.42 TRY 55
Asset-Based
NCAV (Graham) 27.94 TRY 42.34 TRY 52.93 TRY 52
Growth DCF
Growth DCF 261.88 TRY 366.21 TRY 531.21 TRY 73
Rev-Margin DCF 457.25 TRY 819.45 TRY 1,574 TRY 64
Economic Profit
Residual Income 96.88 TRY 153.89 TRY 332.72 TRY 62

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 49/100

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

Profitability 80
How much profit the company makes from its sales and capital
Quality Growth 68
Are margins and returns getting better?
Cashflow 36
Do the profits arrive as real cash?
Financial strength 56
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 9
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4,967.9%
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.
+442.6%
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.
+271.9%
Start year 2020 (pandemic)
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.
1.4% (2020) → 9.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: rate outside our plausibility band
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.Capital Markets · 384 stocks

Beats the industry median on 8/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 49 · Below median
Fair Value upside +70.0% · Top 25%
Profitability
Return on equity (12 months) 106.0% · Top 25%
Return on assets 28.6% · Top 25%
Net margin (12 months) 13.1% · Below median
Operating margin (12 months) 14.2% · Below median
Growth and dividend
Revenue growth (quarter YoY) 57.4% · Top 25%

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 0.1× · Cheapest 25%
P/B 0.27× · Cheapest 25%
P/S (12 months) 0.02× · Cheapest 25%
Price / free cash flow (fiscal year) 0.9× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 42
FUTURE (revenue growth)100 · sector 68
PAST (return on equity)100 · sector 38
HEALTH (low debt)0 · sector 94
DIVIDEND (yield)0 · sector 47

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 Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $181.44 $260.72 +44% vs TERA
The Charles Schwab Corporation SCHW $91.49 $117.60 +29% vs TERA
Guotai Haitong Securities Co 601211 ¥16.46 ¥18.02 +9% vs TERA
Nomura Holdings NMR $9.42 $10.17 +8% vs TERA
The Goldman Sachs Group GS $865.82 $766.86 −11% vs TERA
CITIC Securities Company 600030 ¥25.72 ¥20.42 −21% vs TERA
Robinhood Markets, Inc HOOD $80.91 $47.60 −41% vs TERA
Macquarie Group MQG A$247.94 A$123.84 −50% vs TERA
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs TERA
Interactive Brokers Group IBKR $75.82 $17.48 −77% vs TERA

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Tera Yatirim Menkul Degerler A.S.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Tera Yatirim Menkul Degerler A.S. Fair Value". https://www.fairvalue-calculator.com/stock/TERA

Frequently asked questions

Is Tera Yatirim Menkul Degerler A.S. (TERA) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 18.09 TRY versus the last price from Oct 27, 2026 of 10.64 TRY, about +70% upside (undervalued).
What is the fair value of TERA?
Our model-based fair value for Tera Yatirim Menkul Degerler A.S. is 18.09 TRY (as of Nov 6, 2026), built from audited fundamentals. Last price (from Oct 27, 2026): 10.64 TRY.
What is the quality score of TERA?
Tera Yatirim Menkul Degerler A.S. has a Quality Score of 49/100. 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 Tera Yatirim Menkul Degerler A.S. (TERA)?
Our model-based price target is the fair value of 18.09 TRY (as of Nov 6, 2026) from 11 valuation models. Cautious scenario 12.94 TRY, optimistic scenario 26.24 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Tera Yatirim Menkul Degerler A.S. stock forecast for 2026?
Our models put fair value at 18.09 TRY, about +70% upside versus the last price from Oct 27, 2026 of 10.64 TRY (undervalued). Cautious scenario 12.94 TRY, optimistic scenario 26.24 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Tera Yatirim Menkul Degerler A.S. (TERA)?
Tera Yatirim Menkul Degerler A.S. reported trailing-twelve-month revenue of about 451B TRY (latest available figure, as of Nov 6, 2026).
What is the intrinsic value of Tera Yatirim Menkul Degerler A.S. (TERA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tera Yatirim Menkul Degerler A.S. it is 18.09 TRY per share (as of Nov 6, 2026), against a price of 10.64 TRY. It is the blended result of 11 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Tera Yatirim Menkul Degerler A.S. stock overvalued or undervalued in 2026?
As of Nov 6, 2026, TERA trades below its calculated fair value: price 10.64 TRY, fair value 18.09 TRY, a gap of about +70% (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 TERA?
No. The price is what the market pays today (10.64 TRY); the fair value is what the company's own numbers justify (18.09 TRY). For Tera Yatirim Menkul Degerler A.S. the two are 7.45 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Tera Yatirim Menkul Degerler A.S. worth?
The market values Tera Yatirim Menkul Degerler A.S. at about 8.3B TRY (market capitalisation, as of Nov 6, 2026). Per share that is 10.64 TRY; our models calculate a fair value of 18.09 TRY per share.
What do the bullish and bearish scenarios say about TERA?
Our models span a range for Tera Yatirim Menkul Degerler A.S.: cautious scenario 12.94 TRY, base 18.09 TRY, optimistic 26.24 TRY per share (as of Nov 6, 2026, price 10.64 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TERA?
Tera Yatirim Menkul Degerler A.S. trades at a price-to-earnings ratio of 0.1 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 18.09 TRY is built from several models across several years. Other multiples: P/B 0.3, P/S 0.0.
How solid is the balance sheet of Tera Yatirim Menkul Degerler A.S. (TERA)?
Balance-sheet figures for Tera Yatirim Menkul Degerler A.S. (as of Nov 6, 2026): return on equity 106.0%. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is TERA from its 52-week high?
Tera Yatirim Menkul Degerler A.S. trades at 10.64 TRY, about 97% below its 52-week high of 396.00 TRY and at the low of 10.64 TRY (as of Oct 27, 2026). Distance from the high says nothing about value: that is what the fair value of 18.09 TRY is for.
Which stocks are comparable to Tera Yatirim Menkul Degerler A.S.?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Tera Yatirim Menkul Degerler A.S. stock attractive at the current price?
The data as of Nov 6, 2026: price 10.64 TRY, calculated fair value 18.09 TRY (+70%), Quality Score 49/100, from 11 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 TERA calculated?
We run Tera Yatirim Menkul Degerler A.S. through 11 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 18.09 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 13.3% above its aggregate fair value. Tera Yatirim Menkul Degerler A.S. currently trades 41% 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 Tera Yatirim Menkul Degerler A.S. (TERA)?
The latest price we hold is from Oct 27, 2026 and stands at 10.64 TRY. Our model-based fair value is 18.09 TRY, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tera Yatirim Menkul Degerler A.S. right now?
The large discount to fair value meets weak quality (49/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (12.94 TRY). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (12.94 TRY to 26.24 TRY) leaves room in how you read the outcome.

Key figures of Tera Yatirim Menkul Degerler A.S.

How large is the market capitalisation of Tera Yatirim Menkul Degerler A.S. (TERA)?
The market capitalisation of Tera Yatirim Menkul Degerler A.S. is 8.3B TRY (≈ $165M). 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 are the earnings per share of Tera Yatirim Menkul Degerler A.S. (TERA)?
Earnings per share at Tera Yatirim Menkul Degerler A.S. are 106.86 TRY (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Tera Yatirim Menkul Degerler A.S. (TERA)?
The net margin of Tera Yatirim Menkul Degerler A.S. is 9.0% (fiscal year 2025). 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 Tera Yatirim Menkul Degerler A.S. (TERA)?
The return on equity (ROE) of Tera Yatirim Menkul Degerler A.S. is 106% (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 Tera Yatirim Menkul Degerler A.S. (TERA)?
On an EBIT basis the return on assets of Tera Yatirim Menkul Degerler A.S. is 11.8% (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 Tera Yatirim Menkul Degerler A.S. (TERA)?
The operating margin of Tera Yatirim Menkul Degerler A.S. is 14.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tera Yatirim Menkul Degerler A.S. (TERA)?
Revenue at Tera Yatirim Menkul Degerler A.S. is growing +57.4% versus a year earlier (3y avg +443%). 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 Tera Yatirim Menkul Degerler A.S. (TERA)?
Earnings per share at Tera Yatirim Menkul Degerler A.S. are growing +89.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Tera Yatirim Menkul Degerler A.S. (TERA) generate?
The free cash flow of Tera Yatirim Menkul Degerler A.S. is 9.1B 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 Tera Yatirim Menkul Degerler A.S. (TERA) carry?
The net debt of Tera Yatirim Menkul Degerler A.S. is 5.7B TRY (fiscal year 2025, ≈ 0.6 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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