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Çan2 Termik A.S., (CANTE) Fair Value & Analysis

Utilities · TR · Market cap 12.0B TRY

ÇT Çan2 Termik A.S., CANTE · IS
Price1.20 TRY
Fair Value1.26 TRY
Upside+5.0%
Quality24/100
Expensive Growth
Loss-making · -35.0% net margin
Low debt · negative free cash flow
Mixed vs. peers (4/9)
Narrow moat 1/100
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Evidence: Low Range 0.9400 TRY – 1.57 TRY Share as image

Fair value as of: Aug 5, 2026

From 3 valuation models · updated today

Share price −9.1% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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Price vs Fair Value (5 years)

7.71 TRY 0.1934 TRY Fair Value 1.26 TRY Apr 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

60‑month range 0.1934 TRY – 7.71 TRY · fair‑value band 0.9400 TRY – 1.57 TRY · the 1.20 TRY price screens below the 1.26 TRY fair value. Dashed = 300-day average. As of Aug 5, 2026.

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Analysis

Çan2 Termik A.S., (CANTE) currently trades at 1.20 TRY, while our model-based Fair Value estimate is 1.26 TRY, implying the stock looks roughly 5.0% fairly valued today. We read business quality at 24/100 (below-average quality), in the Utilities 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, Çan2 Termik A.S., generated revenue of 6.7B TRY at a net margin of -35.0%. Revenue grew 45.6% year over year. It earns a return on equity of -5.4%. Net debt stands at 115M TRY. Fundamentals as of Aug 5, 2026

Our scenario range runs from 0.9400 TRY (bear case) to 1.57 TRY (bull case); at 1.20 TRY, the current price sits within that range. The share trades about 50% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -59% fair-value upside, at 5%, CANTE 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
EV/EBITDA 1.29 TRY 1.70 TRY 2.11 TRY 54
NCAV (Graham) 1.40 TRY 1.87 TRY 2.79 TRY 50
Owner Earnings 0.3900 TRY 0.8300 TRY 1.75 TRY 31
All 3 models by family
DCF Models
Owner Earnings 0.3900 TRY 0.8300 TRY 1.75 TRY 31
Multiples
EV/EBITDA 1.29 TRY 1.70 TRY 2.11 TRY 54
Asset-Based
NCAV (Graham) 1.40 TRY 1.87 TRY 2.79 TRY 50

Widest divergence: Asset-Based (1.87 TRY) versus DCF Models (0.8300 TRY). Highest evidence: EV/EBITDA (54).

Key figures & financial health

Revenue (TTM) 6.7B TRY
Revenue growth (YoY) +45.6%
Net margin -35.0%
Return on equity -5.4%
Free cash flow −1.8B TRY FY2025
Operating margin -15.1%
More key figures
EPS (TTM) -0.2800 TRY
EPS growth (YoY) -4.5%
Net debt 115M TRY FY2025

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

Quality Score breakdown

Overall quality 24/100

Of which business quality 32 · Market factors (momentum, volatility) 20

Profitability 1
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 12
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 3
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 40
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

Çan2 Termik A.S., together with its subsidiaries, engages in the generation and sale of electricity in Turkey and Venezuela. The company operates a thermal power plant with an installed capacity of 340 MWm/330 MWe.

Full company description

Çan2 Termik A.S., together with its subsidiaries, engages in the generation and sale of electricity in Turkey and Venezuela. The company operates a thermal power plant with an installed capacity of 340 MWm/330 MWe. It is also involved in the establishment, commissioning, and renting of coal-based electric energy production facility; purchase, sale, manufacturing, assembly, and import of natural stone and mineral ores in finished and semi-finished forms; oil extraction services; and investment activities. The company was founded in 2003 and is headquartered in Istanbul, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Çan2 Termik A.S., reported revenue of 6.2B TRY in FY2025 versus 1.2B TRY in FY2021, a compound +50.7%/yr. Reported net income was −1.7B 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)
6.2B TRY
Latest YoY
−22.9%
Avg. growth/yr (3Y)
+2.0%
Avg. growth/yr (5Y)
+52.8%
Avg. growth/yr (7Y)
+59.5%
Revenue +50.7%/yr
FY21 1.2B TRY
FY22 5.8B TRY
FY23 8.4B TRY
FY24 8.0B TRY
FY25 6.2B TRY
Net income
FY21 −181M TRY
FY22 2.1B TRY
FY23 645M TRY
FY24 −1.6B TRY
FY25 −1.7B TRY

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Cite: Fair Value Calculator (2026). "Çan2 Termik A.S., Fair Value". https://www.fairvalue-calculator.com/stock/CANTE

Peer Group

Utilities - Independent Power Producers · 79 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 24 · Bottom 25%
Fair Value upside +5% · Above median
Return on assets -2% · Bottom 25%
Net margin (TTM) -35% · Bottom 25%
Operating margin (TTM) -15% · Bottom 25%
Revenue growth 46% · Top 25%

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

P/S (TTM) 0.04× · 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 40 · sector 23
FUTURE 100 · sector 0
PAST 0 · sector 30
HEALTH 100 · sector 71
DIVIDEND 0 · sector 52

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 5, 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 Çan2 Termik A.S., (CANTE) overvalued or undervalued?
As of Aug 5, 2026, our model estimates a fair value of 1.26 TRY versus a price of 1.20 TRY, about +5% (fairly valued).
What is the fair value of CANTE?
Our model-based fair value for Çan2 Termik A.S., is 1.26 TRY (as of Aug 5, 2026), built from audited fundamentals. The current price is 1.20 TRY.
What is the quality score of CANTE?
Çan2 Termik A.S., has a Quality Score of 24/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Çan2 Termik A.S., (CANTE)?
Çan2 Termik A.S., reported trailing-twelve-month revenue of about 6.7B TRY (latest available figure, as of Aug 5, 2026).
What is the net profit margin of CANTE?
The net profit margin of Çan2 Termik A.S., is about -35.0%, 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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