Dogu Aras Enerji Yatirimlari AS (ARASE) fair value: what the stock is really worth
As of Oct 5, 2026: fair value of Dogu Aras Enerji Yatirimlari AS TRY 235, price TRY 98.20, upside +139.2%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Dogu Aras Enerji Yatirimlari AS, through its subsidiaries, engages in the retail sale and distribution of electricity in Turkey. The company was founded in 2013 and is based in Erzurum, Turkey.
Stock analysis
Dogu Aras Enerji Yatirimlari AS (ARASE) currently trades at 98.20 TRY, while our model-based Fair Value estimate is 234.85 TRY, implying the stock looks roughly 58.2% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 914.99 TRY per share, and 13 of the 17 models we run sit above the 98.20 TRY price.
Bear case: the Asset-Based group reads lowest at 26.12 TRY, and 4 of the 17 models stay below the price. Evidence for this calculation is medium.
Scenario range: 176.14 TRY (bear) to 362.80 TRY (bull), the price of 98.20 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 63/100 (solid quality), in the Utilities sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Dogu Aras Enerji Yatirimlari AS reported revenue of 23.5B TRY in FY2023 versus 2.0B TRY in FY2019, a compound +84.5%/yr. Reported net income was 5.2B TRY in FY2023, compounding +87.0%/yr from FY2019.
Key figures
Market cap 24.6B TRY (≈ $499M) · P/E ratio 25.0 · P/S ratio 5.56 · EPS (TTM) 3.93 TRY · Net margin 22.3% · Return on equity 12.1% · Return on assets (EBIT) 23.7% · Operating margin 30.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).
What moves the price
The share trades about 24% below its 52-week high and 99% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −43% fair-value upside, at 139%, ARASE screens cheaper than that median.
Fair Value models
Bear 176.14 TRYFair Value 234.85 TRYBull 362.80 TRY
Price 98.20 TRY · Upside +139.2%
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.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.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.55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+49.9%
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.
+104.1%
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.
+68.8%
’18
’19
’20
’21
’22
’23
What shareholders gained per year (last 5 years), in TRY (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in TRY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+46.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+46.8%
Dividend (yield on the price)0.0%
2023 sits 1,033% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Compare Dogu Aras Enerji Yatirimlari AS 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.Utilities - Independent Power Producers · 73 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside+139.2% · Top 25%
Profitability
Return on equity (TTM)12.1% · Above median
Return on assets18.0% · Top 25%
Net margin (TTM)7.3% · Below median
Operating margin (TTM)30.4% · Top 25%
Growth and dividend
Revenue growth−6.4% · Below median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Utilities - Independent Power Producers median · lower = cheaper
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). "Dogu Aras Enerji Yatirimlari AS Fair Value". https://www.fairvalue-calculator.com/stock/ARASE
Frequently asked questions
Is Dogu Aras Enerji Yatirimlari AS (ARASE) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of 234.85 TRY versus a price of 98.20 TRY, about +139% upside (undervalued).
What is the fair value of ARASE?
Our model-based fair value for Dogu Aras Enerji Yatirimlari AS is 234.85 TRY (as of Oct 1, 2026), built from audited fundamentals. The current price: 98.20 TRY.
What is the quality score of ARASE?
Dogu Aras Enerji Yatirimlari AS has a Quality Score of 63/100. 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 Dogu Aras Enerji Yatirimlari AS (ARASE)?
Our model-based price target is the fair value of 234.85 TRY (as of Oct 1, 2026) from 17 valuation models. Cautious scenario 176.14 TRY, optimistic scenario 362.80 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Dogu Aras Enerji Yatirimlari AS stock forecast for 2026?
Our models put fair value at 234.85 TRY, about +139% upside versus a price of 98.20 TRY (undervalued). Cautious scenario 176.14 TRY, optimistic scenario 362.80 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Dogu Aras Enerji Yatirimlari AS (ARASE)?
Dogu Aras Enerji Yatirimlari AS reported trailing-twelve-month revenue of about 34.7B TRY (latest available figure, as of Oct 1, 2026).
What is the intrinsic value of Dogu Aras Enerji Yatirimlari AS (ARASE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dogu Aras Enerji Yatirimlari AS it is 234.85 TRY per share (as of Oct 1, 2026), against a price of 98.20 TRY. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Dogu Aras Enerji Yatirimlari AS stock overvalued or undervalued in 2026?
As of Oct 1, 2026, ARASE trades below its calculated fair value: price 98.20 TRY, fair value 234.85 TRY, a gap of about +139% (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 ARASE?
No. The price is what the market pays today (98.20 TRY); the fair value is what the company's own numbers justify (234.85 TRY). For Dogu Aras Enerji Yatirimlari AS the two are 136.65 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Dogu Aras Enerji Yatirimlari AS worth?
The market values Dogu Aras Enerji Yatirimlari AS at about 24.6B TRY (market capitalisation, as of Oct 1, 2026). Per share that is 98.20 TRY; our models calculate a fair value of 234.85 TRY per share.
What do the bullish and bearish scenarios say about ARASE?
Our models span a range for Dogu Aras Enerji Yatirimlari AS: cautious scenario 176.14 TRY, base 234.85 TRY, optimistic 362.80 TRY per share (as of Oct 1, 2026, price 98.20 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ARASE?
Dogu Aras Enerji Yatirimlari AS trades at a price-to-earnings ratio of 25.0 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 234.85 TRY is built from several models across several years. Other multiples: P/B 2.5, P/S 0.7, EV/EBITDA 2.7.
How solid is the balance sheet of Dogu Aras Enerji Yatirimlari AS (ARASE)?
Balance-sheet figures for Dogu Aras Enerji Yatirimlari AS (as of Oct 1, 2026): return on equity 12.1%, debt of 0.01 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is ARASE from its 52-week high?
Dogu Aras Enerji Yatirimlari AS trades at 98.20 TRY, about 24% below its 52-week high of 128.70 TRY and 99% above the low of 49.43 TRY (as of Oct 5, 2026). Distance from the high says nothing about value: that is what the fair value of 234.85 TRY is for.
Which stocks are comparable to Dogu Aras Enerji Yatirimlari AS?
From the same area (Utilities) we also value Constellation Energy Corporation, Vistra Corp, Adani Power Limited, CGN Power Co, 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 Dogu Aras Enerji Yatirimlari AS stock attractive at the current price?
The data as of Oct 1, 2026: price 98.20 TRY, calculated fair value 234.85 TRY (+139%), Quality Score 63/100, from 17 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 ARASE calculated?
We run Dogu Aras Enerji Yatirimlari AS through 17 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 234.85 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 15.1 % above its aggregate fair value. Dogu Aras Enerji Yatirimlari AS currently trades 58 % 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 Dogu Aras Enerji Yatirimlari AS (ARASE)?
The closing price on Oct 5, 2026 was 98.20 TRY. Our model-based fair value is 234.85 TRY, about +139% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dogu Aras Enerji Yatirimlari AS right now?
The price is below even our cautious bear case (176.14 TRY). The market is more pessimistic than our downside scenario. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (176.14 TRY to 362.80 TRY) leaves room in how you read the outcome.
Key figures of Dogu Aras Enerji Yatirimlari AS
How large is the market capitalisation of Dogu Aras Enerji Yatirimlari AS (ARASE)?
The market capitalisation of Dogu Aras Enerji Yatirimlari AS is 24.6B TRY (≈ $499M). 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 Dogu Aras Enerji Yatirimlari AS (ARASE)?
The price-to-sales ratio of Dogu Aras Enerji Yatirimlari AS is 5.56 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dogu Aras Enerji Yatirimlari AS (ARASE)?
Earnings per share at Dogu Aras Enerji Yatirimlari AS are 3.93 TRY (price ÷ EPS = P/E 25.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Dogu Aras Enerji Yatirimlari AS (ARASE)?
The net margin of Dogu Aras Enerji Yatirimlari AS is 22.3% (fiscal year 2023). 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 Dogu Aras Enerji Yatirimlari AS (ARASE)?
The return on equity (ROE) of Dogu Aras Enerji Yatirimlari AS is 12.1% (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 Dogu Aras Enerji Yatirimlari AS (ARASE)?
On an EBIT basis the return on assets of Dogu Aras Enerji Yatirimlari AS is 23.7% (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 Dogu Aras Enerji Yatirimlari AS (ARASE)?
The operating margin of Dogu Aras Enerji Yatirimlari AS is 30.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dogu Aras Enerji Yatirimlari AS (ARASE)?
Revenue at Dogu Aras Enerji Yatirimlari AS is growing −6.4% versus a year earlier (3y avg +104%). 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 Dogu Aras Enerji Yatirimlari AS (ARASE)?
Earnings per share at Dogu Aras Enerji Yatirimlari AS are growing +3.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Dogu Aras Enerji Yatirimlari AS (ARASE) generate?
The free cash flow of Dogu Aras Enerji Yatirimlari AS is −1.8B TRY (fiscal year 2023). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Dogu Aras Enerji Yatirimlari AS (ARASE) carry?
The net debt of Dogu Aras Enerji Yatirimlari AS is 2.5B TRY (fiscal year 2023). 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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