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BRLSM Fair Value & Analysis

Industrials · TR · Market cap 3.4B TRY

B BRLSM BRLSM · IS
Price15.19 TRY
Fair Value21.85 TRY
Upside+43.8%
Quality30/100
Expensive Growth
Loss-making · -6.0% net margin
Low debt · negative free cash flow
Ranks above peers (6/9)
Narrow moat 15/100
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Evidence: Low Range 15.31 TRY – 28.38 TRY Share as image

Fair value as of: Aug 5, 2026

From 6 valuation models · updated today

Share price −19.1% over the past month.

Below-average quality, screening 44% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (30/100). That raises the risk this is a value trap rather than a bargain.
  • 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 (15.31 TRY to 28.38 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

42.64 TRY 3.50 TRY Fair Value 21.85 TRY Aug 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 5, 2026.

How to read this chart

59‑month range 3.50 TRY – 42.64 TRY · fair‑value band 15.31 TRY – 28.38 TRY · the 15.19 TRY price screens below the 21.85 TRY fair value. Dashed = 300-day average. As of Aug 5, 2026.

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Analysis

BRLSM (BRLSM) currently trades at 15.19 TRY, while our model-based Fair Value estimate is 21.85 TRY, implying the stock looks roughly 43.8% undervalued today. We read business quality at 30/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Over the trailing twelve months, BRLSM generated revenue of 5.2B TRY at a net margin of -6.0%. Revenue grew 57.0% year over year. It earns a return on equity of -21.6%. Net debt stands at 960M TRY. Fundamentals as of Aug 5, 2026

Our scenario range runs from 15.31 TRY (bear case) to 28.38 TRY (bull case); at 15.19 TRY, the current price sits below that range. The share trades about 40% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at 44%, BRLSM 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
ROIC Compounder 20.70 TRY 32.45 TRY 40.96 TRY 72
EPV 15.53 TRY 17.84 TRY 19.84 TRY 59
EV/EBITDA 20.47 TRY 27.01 TRY 33.54 TRY 54
All 6 models by family
Earnings-Based
EPV 15.53 TRY 17.84 TRY 19.84 TRY 59
Multiples
EV/EBIT 25.05 TRY 33.11 TRY 41.17 TRY 53
EV/EBITDA 20.47 TRY 27.01 TRY 33.54 TRY 54
EV/Revenue 17.17 TRY 24.15 TRY 31.14 TRY 43
Asset-Based
NCAV (Graham) 3.70 TRY 4.96 TRY 7.41 TRY 50
Economic Profit
ROIC Compounder 20.70 TRY 32.45 TRY 40.96 TRY 72

Widest divergence: Economic Profit (32.45 TRY) versus Asset-Based (4.96 TRY). Highest evidence: ROIC Compounder (72).

Key figures & financial health

Revenue (TTM) 5.2B TRY
Revenue growth (YoY) +57.0%
Net margin -6.0%
Return on equity -21.6%
Free cash flow −135M TRY FY2025
Operating margin 6.0%
More key figures
EPS (TTM) -1.39 TRY
EPS growth (YoY) -71.7%
Net debt 960M TRY FY2025

Figures from reported company fundamentals · as of Aug 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 30/100

Of which business quality 29 · Market factors (momentum, volatility) 40

Profitability 19
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 5
Earnings quality: real cash, not paper profit
Fin. Strength 35
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 21
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

Birlesim Mühendislik Isitma Sogutma Havalandirma Sanayi ve Ticaret Anonim Sirketi provides heating, cooling, ventilation, and other mechanical installation services.

Full company description

Birlesim Mühendislik Isitma Sogutma Havalandirma Sanayi ve Ticaret Anonim Sirketi provides heating, cooling, ventilation, and other mechanical installation services. The company also offers heating cooling systems, specialized ventilation systems, sanitary installation, fire protection and fire stop systems, natural gas distribution systems, and medical gas systems, as well as testing, adjusting, and commissioning solutions. It serves hospitals and medical buildings, industrial facilities, business and life centers, commercial buildings, hotels, shopping centers, and residences. Birlesim Mühendislik Isitma Sogutma Havalandirma Sanayi ve Ticaret Anonim Sirketi was incorporated in 2002 and is headquartered in Istanbul, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BRLSM reported revenue of 4.7B TRY in FY2025 versus 620M TRY in FY2021, a compound +65.7%/yr. Reported net income was −201M TRY in FY2025.

Growth Quality 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
4.7B TRY
Latest YoY
−11.1%
Avg. growth/yr (3Y)
+50.8%
Avg. growth/yr (5Y)
+51.9%
Avg. growth/yr (7Y)
+44.4%
Revenue +65.7%/yr
FY21 620M TRY
FY22 1.4B TRY
FY23 5.7B TRY
FY24 5.3B TRY
FY25 4.7B TRY
Net income
FY21 31.7M TRY
FY22 175M TRY
FY23 −289M TRY
FY24 583M TRY
FY25 −201M TRY

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Cite: Fair Value Calculator (2026). "BRLSM Fair Value". https://www.fairvalue-calculator.com/stock/BRLSM

Peer Group

Engineering & Construction · 851 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 30 · Bottom 25%
Fair Value upside +44% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) -6% · Bottom 25%
Operating margin (TTM) 6% · Above median
Revenue growth 57% · Top 25%
Debt / equity 0.05× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/S (TTM) 0.01× · Cheaper than 75% of peers

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 92 · sector 15
FUTURE 100 · sector 15
PAST 0 · sector 25
HEALTH 98 · sector 94
DIVIDEND 0 · sector 32

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 5, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹102.36 ₹48.22 -53%
Cemindia Projects Limited CEMPRO ₹1,431 ₹730.69 -49%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is BRLSM overvalued or undervalued?
As of Aug 5, 2026, our model estimates a fair value of 21.85 TRY versus a price of 15.19 TRY, about +44% (undervalued).
What is the fair value of BRLSM?
Our model-based fair value for BRLSM is 21.85 TRY (as of Aug 5, 2026), built from audited fundamentals. The current price is 15.19 TRY.
What is the quality score of BRLSM?
BRLSM has a Quality Score of 30/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of BRLSM?
BRLSM reported trailing-twelve-month revenue of about 5.2B TRY (latest available figure, as of Aug 5, 2026).
What is the net profit margin of BRLSM?
The net profit margin of BRLSM is about -6.0%, meaning it is currently running at a net loss. 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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