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Aksa Enerji Üretim A.S., an independent power producer, (AKSEN) Fair Value & Analysis

Utilities · TR · Market cap 112B TRY

AE Aksa Enerji Üretim A.S., an independent power producer, AKSEN · IS
Price91.00 TRY
Fair Value53.61 TRY
Upside-41.1%
Quality53/100
Expensive Growth
Thin margins · 9.3% net margin
Moderate debt · negative free cash flow
Mixed vs. peers (7/13)
Moderate moat 51/100
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Evidence: Medium Range 37.97 TRY – 67.01 TRY Share as image

Fair value as of: Aug 4, 2026

From 14 valuation models · updated today

Share price +12.5% over the past month.

A solid business, but screening 41% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (67.01 TRY). The favourable scenario is already priced in.
  • Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

116.00 TRY 5.21 TRY Fair Value 53.61 TRY Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 4, 2026.

How to read this chart

60‑month range 5.21 TRY – 116.00 TRY · fair‑value band 37.97 TRY – 67.01 TRY · the 91.00 TRY price screens above the 53.61 TRY fair value. Dashed = 300-day average. As of Aug 4, 2026.

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Analysis

Aksa Enerji Üretim A.S., an independent power producer, (AKSEN) currently trades at 91.00 TRY, while our model-based Fair Value estimate is 53.61 TRY, implying the stock looks roughly 41.1% overvalued today. We read business quality at 53/100 (solid quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Aksa Enerji Üretim A.S., an independent power producer, generated revenue of 39.7B TRY at a net margin of 9.3%. Revenue declined 21.0% year over year. It earns a return on equity of 7.4%. Net debt stands at 47.5B TRY. Fundamentals as of Aug 4, 2026

Our scenario range runs from 37.97 TRY (bear case) to 67.01 TRY (bull case); at 91.00 TRY, the current price sits above that range. The share trades about 23% below its 52-week high and 157% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -59% fair-value upside, at -41%, AKSEN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income 38.43 TRY 39.75 TRY 40.60 TRY 76
ROIC Compounder 39.46 TRY 51.88 TRY 77.51 TRY 72
Growth-Adj P/E 83.24 TRY 118.91 TRY 154.59 TRY 68
All 14 models by family
Earnings-Based
Graham-Dodd 20.25 TRY 141.24 TRY 198.20 TRY 54
Lynch FV 62.79 TRY 89.71 TRY 116.62 TRY 50
PEG = 1.0 62.79 TRY 89.71 TRY 116.62 TRY 46
EPV 39.46 TRY 49.83 TRY 58.91 TRY 59
Multiples
P/E Multiple 44.67 TRY 59.57 TRY 74.46 TRY 63
P/S Multiple 37.97 TRY 50.63 TRY 63.29 TRY 58
P/B Multiple 37.97 TRY 50.63 TRY 63.29 TRY 55
EV/EBIT 77.50 TRY 110.93 TRY 144.36 TRY 53
EV/EBITDA 75.78 TRY 108.64 TRY 141.49 TRY 54
EV/Revenue 37.71 TRY 63.63 TRY 89.55 TRY 43
Asset-Based
NCAV (Graham) 24.28 TRY 32.54 TRY 48.57 TRY 50
Economic Profit
Residual Income 38.43 TRY 39.75 TRY 40.60 TRY 76
ROIC Compounder 39.46 TRY 51.88 TRY 77.51 TRY 72
Growth Earnings
Growth-Adj P/E 83.24 TRY 118.91 TRY 154.59 TRY 68

Widest divergence: Growth Earnings (118.91 TRY) versus Asset-Based (32.54 TRY). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 39.7B TRY
Revenue growth (YoY) -21.0%
Net margin 9.3%
Return on equity 7.4%
Free cash flow −6.5B TRY FY2025
P/E ratio 15.2
More key figures
Operating margin 23.6%
EPS (TTM) 5.98 TRY
EPS growth (YoY) +8.2%
Net debt 47.5B TRY FY2025

Figures from reported company fundamentals · as of Aug 4, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 43 · Market factors (momentum, volatility) 74

Profitability 28
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 49
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 76
Price trend over the last 3–12 months (market factor)
52W Momentum 84
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Aksa Enerji Üretim A.S., an independent power producer, produces and sells electricity in Turkey, Asia, and Africa. The company produces energy from coal, fuel oil, biogas, natural gas, wind, sun, and hydroelectricity. It also engages in construction, leasing, and operation of electricity power plants.

Full company description

Aksa Enerji Üretim A.S., an independent power producer, produces and sells electricity in Turkey, Asia, and Africa. The company produces energy from coal, fuel oil, biogas, natural gas, wind, sun, and hydroelectricity. It also engages in construction, leasing, and operation of electricity power plants. The company was founded in 1997 and is headquartered in Istanbul, Turkey. Aksa Enerji Üretim A.S. is a subsidiary of Kazanci Holding AS.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Aksa Enerji Üretim A.S., an independent power producer, reported revenue of 42.4B TRY in FY2025 versus 13.9B TRY in FY2021, a compound +32.2%/yr. Reported net income was 3.7B TRY in FY2025, compounding +21.4%/yr from FY2021.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
42.4B TRY
Latest YoY
+2.4%
Avg. growth/yr (3Y)
−2.4%
Avg. growth/yr (5Y)
+42.4%
Avg. growth/yr (18Y)
+34.0%
Revenue +32.2%/yr
FY21 13.9B TRY
FY22 45.6B TRY
FY23 50.8B TRY
FY24 41.4B TRY
FY25 42.4B TRY
Net income +21.4%/yr
FY21 1.7B TRY
FY22 4.6B TRY
FY23 7.9B TRY
FY24 2.6B TRY
FY25 3.7B TRY

AKSEN screens 41% overvalued. Compare with Constellation Energy Corporation →

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Cite: Fair Value Calculator (2026). "Aksa Enerji Üretim A.S., an independent power producer, Fair Value". https://www.fairvalue-calculator.com/stock/AKSEN

Peer Group

Utilities - Independent Power Producers · 80 stocks

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.

Quality Score 53 · Above median
Fair Value upside −41% · Below median
Return on equity (TTM) 7% · Below median
Return on assets 5% · Top 25%
Net margin (TTM) 9% · Above median
Operating margin (TTM) 24% · Top 25%
Revenue growth -21% · Bottom 25%
Debt / equity 0.58× · Lower than median

Valuation Multiples vs Utilities - Independent Power Producers median · lower = cheaper

P/E (TTM) 15.2× · Cheaper than median
P/B 1.87× · Pricier than median
P/S (TTM) 2.81× · Pricier than median
EV/EBITDA 11.4× · Pricier than median
PEG 0.48× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 23
FUTURE 0 · sector 0
PAST 30 · sector 30
HEALTH 71 · sector 71
DIVIDEND 0 · sector 52

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

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Aug 4, 2026).

Stock Price Fair Value vs Fair Value
Constellation Energy Corporation CEG $257.57 $89.08 -65%
Vistra Corp VST $158.86 $47.59 -70%
Adani Power Limited ADANIPOWER ₹218.45 ₹75.57 -65%
CGN Power Co 003816 ¥3.88 ¥3.13 -19%
NRG Energy, Inc NRG $137.90 $56.02 -59%
Gulf Development Public Company GULF 67.50 THB 40.44 THB -40%
Adani Energy Solutions Limited ADANIENSOL ₹1,730 ₹342.02 -80%
Talen Energy Corporation TLN $372.37 $44.67 -88%
Datang International Power Generation Co 601991 ¥5.80 ¥4.95 -15%
Power Assets Holdings 0006 HK$58.45 HK$31.90 -45%

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Frequently asked questions

Is Aksa Enerji Üretim A.S., an independent power producer, (AKSEN) overvalued or undervalued?
As of Aug 4, 2026, our model estimates a fair value of 53.61 TRY versus a price of 91.00 TRY, about −41% (overvalued).
What is the fair value of AKSEN?
Our model-based fair value for Aksa Enerji Üretim A.S., an independent power producer, is 53.61 TRY (as of Aug 4, 2026), built from audited fundamentals. The current price is 91.00 TRY.
What is the quality score of AKSEN?
Aksa Enerji Üretim A.S., an independent power producer, has a Quality Score of 53/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Aksa Enerji Üretim A.S., an independent power producer, (AKSEN)?
Aksa Enerji Üretim A.S., an independent power producer, reported trailing-twelve-month revenue of about 39.7B TRY (latest available figure, as of Aug 4, 2026).
What is the net profit margin of AKSEN?
The net profit margin of Aksa Enerji Üretim A.S., an independent power producer, is about 9.3%, meaning it keeps roughly 9.3% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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