BULLS GSYO (BULGS) fair value: what the stock is really worth
We calculate from audited financials what BULLS GSYO 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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Bulls Girisim Sermayesi Yatirim Ortakligi A.S. engages in investment business in Turkey. It offers financial, managerial and structuring support to growth-stage and medium-sized companies. The company was founded in 2021 and is based in Istanbul, Turkey. Bulls Girisim Sermayesi Yatirim Ortakligi A.S. is a subsidiary of Bulls Yatirim Holding A.S.
Stock analysis
BULLS GSYO (BULGS) currently trades at 21.06 TRY, while our model-based Fair Value estimate is 39.11 TRY, implying the stock looks roughly 46.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 281.91 TRY per share, and 10 of the 11 models we run sit above the 21.06 TRY price.
Bear case: the Asset-Based group reads lowest at 18.71 TRY, and 1 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: 29.27 TRY (bear) to 110.40 TRY (bull), the price of 21.06 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 58/100 (solid quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
BULLS GSYO reported revenue of 2.0B TRY in FY2025 versus 61.1M TRY in FY2021, a compound +138.7%/yr. Reported net income was 1.6B TRY in FY2025, compounding +159.2%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 10.2B TRY (≈ $208M) · P/E ratio 3.0 · P/S ratio 2.45 · EPS (TTM) 7.10 TRY · Net margin 82.5% · Return on equity 17.2% · Return on assets (EBIT) 23.4% · Operating margin 33.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 63% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −23% fair-value upside, at 86%, BULGS screens cheaper than that median.
Fair Value models
Bear 29.27 TRYFair Value 39.11 TRYBull 110.40 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 (5.10 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−53.8%
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.
+97.4%
’21
’22
’23
’24
’25
What shareholders gained per year (last 3 years), in TRY ⓘ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 3 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. 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.
+21.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.2%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2025 ⓘ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.72% → 28%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+14.3%
Yearly growth needed for the next five years to justify today's price.
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.Capital Markets · 458 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+116% · Top 25%
Profitability
Return on equity (TTM)17% · Top 25%
Return on assets12% · Top 25%
Net margin (TTM)59% · Top 25%
Operating margin (TTM)34% · Above median
Growth and dividend
Revenue growth187% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Cite: Fair Value Calculator (2026). "BULLS GSYO Fair Value". https://www.fairvalue-calculator.com/stock/BULGS
Frequently asked questions
Is BULLS GSYO (BULGS) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 39.11 TRY versus a price of 21.06 TRY, about +86% upside (undervalued).
What is the fair value of BULGS?
Our model-based fair value for BULLS GSYO is 39.11 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 21.06 TRY.
What is the quality score of BULGS?
BULLS GSYO has a Quality Score of 58/100. 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 BULLS GSYO (BULGS)?
Our model-based price target is the fair value of 39.11 TRY (as of Sep 13, 2026) from 11 valuation models. Cautious scenario 29.27 TRY, optimistic scenario 110.40 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the BULLS GSYO stock forecast for 2026?
Our models put fair value at 39.11 TRY, about +86% upside versus a price of 21.06 TRY (undervalued). Cautious scenario 29.27 TRY, optimistic scenario 110.40 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of BULLS GSYO (BULGS)?
BULLS GSYO reported trailing-twelve-month revenue of about 1.3B TRY (latest available figure, as of Sep 13, 2026).
What growth is priced into BULLS GSYO (BULGS)?
For today's price to be fair in a discounted-cash-flow model, BULLS GSYO would have to grow free cash flow by +14.3 % per year for five years (discount rate 17.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +138.7 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of BULGS use?
Our models discount BULLS GSYO at 17.2 %: a base by market capitalisation (micro), country premium for Turkey. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For BULLS GSYO that is +14.3 % per year a year over ten years, using the same discount rate (17.2 %) and the same formula as our fair value.
How much growth has BULLS GSYO (BULGS) delivered so far?
Over the past 4 years revenue at BULLS GSYO grew +138.7 % a year. The price currently implies +14.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of BULLS GSYO (BULGS) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into BULLS GSYO (+14.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of BULLS GSYO (BULGS)?
The free-cash-flow yield on the price is 8.34 %: that much free cash flow BULLS GSYO produces per unit of market value. When it exceeds the discount rate of our models (17.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of BULLS GSYO (BULGS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BULLS GSYO it is 39.11 TRY per share (as of Sep 13, 2026), against a price of 21.06 TRY. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is BULLS GSYO stock overvalued or undervalued in 2026?
As of Sep 13, 2026, BULGS trades below its calculated fair value: price 21.06 TRY, fair value 39.11 TRY, a gap of about +86% (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 BULGS?
No. The price is what the market pays today (21.06 TRY); the fair value is what the company's own numbers justify (39.11 TRY). For BULLS GSYO the two are 18.05 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is BULLS GSYO worth?
The market values BULLS GSYO at about 10.2B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 21.06 TRY; our models calculate a fair value of 39.11 TRY per share.
What do the bullish and bearish scenarios say about BULGS?
Our models span a range for BULLS GSYO: cautious scenario 29.27 TRY, base 39.11 TRY, optimistic 110.40 TRY per share (as of Sep 13, 2026, price 21.06 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BULGS?
BULLS GSYO trades at a price-to-earnings ratio of 3.0 (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 39.11 TRY is built from several models across several years. Other multiples: P/B 1.4, P/S 7.5.
How solid is the balance sheet of BULLS GSYO (BULGS)?
Balance-sheet figures for BULLS GSYO (as of Sep 13, 2026): return on equity 17.2%. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is BULGS from its 52-week high?
BULLS GSYO trades at 21.06 TRY, about 63% below its 52-week high of 56.57 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 39.11 TRY is for.
Which stocks are comparable to BULLS GSYO?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, 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 BULLS GSYO stock attractive at the current price?
The data as of Sep 13, 2026: price 21.06 TRY, calculated fair value 39.11 TRY (+86%), Quality Score 58/100, 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 BULGS calculated?
We run BULLS GSYO through 11 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 39.11 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 15.8 % above its aggregate fair value. BULLS GSYO currently trades 86 % 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 BULLS GSYO (BULGS)?
The closing price on Sep 18, 2026 was 21.06 TRY. Our model-based fair value is 39.11 TRY, about +86% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BULLS GSYO right now?
The price is below even our cautious bear case (29.27 TRY). The market is more pessimistic than our downside scenario. The model range is unusually wide (29.27 TRY to 110.40 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of BULLS GSYO
How large is the market capitalisation of BULLS GSYO (BULGS)?
The market capitalisation of BULLS GSYO is 10.2B TRY (≈ $208M). 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 BULLS GSYO (BULGS)?
The price-to-sales ratio of BULLS GSYO is 2.45 (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 BULLS GSYO (BULGS)?
Earnings per share at BULLS GSYO are 7.10 TRY (price ÷ EPS = P/E 3.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of BULLS GSYO (BULGS)?
The net margin of BULLS GSYO is 82.5% (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 BULLS GSYO (BULGS)?
The return on equity (ROE) of BULLS GSYO is 17.2% (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 BULLS GSYO (BULGS)?
On an EBIT basis the return on assets of BULLS GSYO is 23.4% (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 BULLS GSYO (BULGS)?
The operating margin of BULLS GSYO is 33.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BULLS GSYO (BULGS)?
Revenue at BULLS GSYO is growing +187% versus a year earlier (3y avg +97.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
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