Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS) fair value: what the stock is really worth
We calculate from audited financials what Alfas Solar Enerji Sanayi ve Ticaret A.S. is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
46‑month range 7.82 TRY – 157.76 TRY · fair‑value band 8.21 TRY – 10.13 TRY · the 33.80 TRY price screens above the 9.27 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.
Alfa Solar Enerji Sanayi ve Ticaret A.S. engages in the manufacture and sale of solar panels in Turkey, Romania, and Greece. It operates through Solar Panel Production, Electricity Production, and Technology Investments segments. It provides cell halfcut, halfcut black, bifacial, and topcon panels.
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Alfa Solar Enerji Sanayi ve Ticaret A.S. engages in the manufacture and sale of solar panels in Turkey, Romania, and Greece. It operates through Solar Panel Production, Electricity Production, and Technology Investments segments. It provides cell halfcut, halfcut black, bifacial, and topcon panels. The company was founded in 2011 and is headquartered in Ankara, Turkey. Alfa Solar Enerji Sanayi ve Ticaret A.S. is a subsidiary of Alfa Kazan Enerji ve Çevre Yatirimlari A.S.
Stock analysis
Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS) currently trades at 33.80 TRY, while our model-based Fair Value estimate is 9.27 TRY, implying the stock looks roughly 264.6% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 35.14 TRY per share, and 2 of the 6 models we run sit above the 33.80 TRY price.
Bear case: the Asset-Based group reads lowest at 9.62 TRY, and 4 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: 8.21 TRY (bear) to 10.13 TRY (bull), the price of 33.80 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 31/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Alfas Solar Enerji Sanayi ve Ticaret A.S. reported revenue of 8.2B TRY in FY2025 versus 439M TRY in FY2021, a compound +108.2%/yr. Reported net income was −10.8M TRY in FY2025.
Key figures
Market cap 15.2B TRY (≈ $312M) · P/E ratio 187.8 · P/S ratio 2.14 · EPS (TTM) 0.1800 TRY · Net margin −0.1% · Return on equity 1.3% · Return on assets (EBIT) 16.5% · Operating margin −7.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 49% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at −73%, ALFAS screens richer than that median.
Fair Value models
Bear 8.21 TRYFair Value 9.27 TRYBull 10.13 TRY
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.1287 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.Evidence ⓘEvidence = 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.52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−18.3%
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.
+25.4%
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.
+103.9%
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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.
17.6% (2020) → 6.6% (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
Compare Alfas Solar Enerji Sanayi ve Ticaret 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.Solar · 109 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score31 · Bottom 25%
Fair Value upside−23% · Below median
Profitability
Return on equity (TTM)1% · Above median
Return on assets1% · Above median
Net margin (TTM)1% · Above median
Operating margin (TTM)−7% · Below median
Growth and dividend
Revenue growth−50% · Bottom 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.21× · Below median
Valuation Multiplesvs Solar median · lower = cheaper
P/E (TTM)187.8× · Priciest 25%
P/B2.88× · Pricier than median
P/S (TTM)2.14× · Pricier than median
EV/EBITDA44.3× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 13
FUTURE (revenue growth)0· sector 0
PAST (return on equity)5· sector 0
HEALTH (low debt)90· sector 85
DIVIDEND (yield)0· sector 30
VALUE 0: the price sits above our fair-value range.
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). "Alfas Solar Enerji Sanayi ve Ticaret A.S. Fair Value". https://www.fairvalue-calculator.com/stock/ALFAS
Frequently asked questions
Is Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 9.27 TRY versus a price of 33.80 TRY, about −73% upside (overvalued).
What is the fair value of ALFAS?
Our model-based fair value for Alfas Solar Enerji Sanayi ve Ticaret A.S. is 9.27 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 33.80 TRY.
What is the quality score of ALFAS?
Alfas Solar Enerji Sanayi ve Ticaret A.S. has a Quality Score of 31/100. 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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Our model-based price target is the fair value of 9.27 TRY (as of Sep 13, 2026) from 6 valuation models. Cautious scenario 8.21 TRY, optimistic scenario 10.13 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Alfas Solar Enerji Sanayi ve Ticaret A.S. stock forecast for 2026?
Our models put fair value at 9.27 TRY, about −73% upside versus a price of 33.80 TRY (overvalued). Cautious scenario 8.21 TRY, optimistic scenario 10.13 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Alfas Solar Enerji Sanayi ve Ticaret A.S. reported trailing-twelve-month revenue of about 7.1B TRY (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Alfas Solar Enerji Sanayi ve Ticaret A.S. it is 9.27 TRY per share (as of Sep 13, 2026), against a price of 33.80 TRY. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Alfas Solar Enerji Sanayi ve Ticaret A.S. stock overvalued or undervalued in 2026?
As of Sep 13, 2026, ALFAS trades above its calculated fair value: price 33.80 TRY, fair value 9.27 TRY, a gap of about −73% (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 ALFAS?
No. The price is what the market pays today (33.80 TRY); the fair value is what the company's own numbers justify (9.27 TRY). For Alfas Solar Enerji Sanayi ve Ticaret A.S. the two are 24.53 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Alfas Solar Enerji Sanayi ve Ticaret A.S. worth?
The market values Alfas Solar Enerji Sanayi ve Ticaret A.S. at about 15.2B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 33.80 TRY; our models calculate a fair value of 9.27 TRY per share.
What do the bullish and bearish scenarios say about ALFAS?
Our models span a range for Alfas Solar Enerji Sanayi ve Ticaret A.S.: cautious scenario 8.21 TRY, base 9.27 TRY, optimistic 10.13 TRY per share (as of Sep 13, 2026, price 33.80 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ALFAS?
Alfas Solar Enerji Sanayi ve Ticaret A.S. trades at a price-to-earnings ratio of 187.8 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9.27 TRY is built from several models across several years. Other multiples: P/B 2.9, P/S 2.1, EV/EBITDA 44.3.
How solid is the balance sheet of Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Balance-sheet figures for Alfas Solar Enerji Sanayi ve Ticaret A.S. (as of Sep 13, 2026): return on equity 1.3%, debt of 0.21 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is ALFAS from its 52-week high?
Alfas Solar Enerji Sanayi ve Ticaret A.S. trades at 33.80 TRY, about 49% below its 52-week high of 66.60 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 9.27 TRY is for.
Which stocks are comparable to Alfas Solar Enerji Sanayi ve Ticaret A.S.?
From the same area (Technology) we also value First Solar, Inc, Nextpower Inc, Tongwei Co, Waaree Energies 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 Alfas Solar Enerji Sanayi ve Ticaret A.S. stock attractive at the current price?
The data as of Sep 13, 2026: price 33.80 TRY, calculated fair value 9.27 TRY (−73%), Quality Score 31/100, from 6 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 ALFAS calculated?
We run Alfas Solar Enerji Sanayi ve Ticaret A.S. through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 9.27 TRY, 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 15.5 % above its aggregate fair value. Alfas Solar Enerji Sanayi ve Ticaret 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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
The closing price on Sep 17, 2026 was 33.80 TRY. Our model-based fair value is 9.27 TRY, about −73% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Alfas Solar Enerji Sanayi ve Ticaret A.S. right now?
The price sits above even our optimistic bull case (10.13 TRY). The favourable scenario is already priced in. Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Alfas Solar Enerji Sanayi ve Ticaret A.S.
How large is the market capitalisation of Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
The market capitalisation of Alfas Solar Enerji Sanayi ve Ticaret A.S. is 15.2B TRY (≈ $312M). 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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
The price-to-sales ratio of Alfas Solar Enerji Sanayi ve Ticaret A.S. is 2.14 (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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Earnings per share at Alfas Solar Enerji Sanayi ve Ticaret A.S. are 0.1800 TRY (price ÷ EPS = P/E 187.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
The net margin of Alfas Solar Enerji Sanayi ve Ticaret A.S. is −0.1% (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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
The return on equity (ROE) of Alfas Solar Enerji Sanayi ve Ticaret A.S. is 1.3% (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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
On an EBIT basis the return on assets of Alfas Solar Enerji Sanayi ve Ticaret A.S. is 16.5% (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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
The operating margin of Alfas Solar Enerji Sanayi ve Ticaret A.S. is −7.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Revenue at Alfas Solar Enerji Sanayi ve Ticaret A.S. is growing −49.5% versus a year earlier (3y avg +25.4%). 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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS)?
Earnings per share at Alfas Solar Enerji Sanayi ve Ticaret A.S. are growing −93.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS) generate?
The free cash flow of Alfas Solar Enerji Sanayi ve Ticaret A.S. is −434M 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 Alfas Solar Enerji Sanayi ve Ticaret A.S. (ALFAS) carry?
The net debt of Alfas Solar Enerji Sanayi ve Ticaret A.S. is 2.2B 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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