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CEMAS Fair Value & Analysis

Industrials · Market cap 3.3B TRY

C CEMAS CEMAS · IS
Price4.15 TRY
Fair Value2.97 TRY
Upside-28.4%
Quality21/100
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Expensive Growth
Loss-making · -88.4% net margin
Low debt · negative free cash flow
Trails peers (2/9)
Narrow moat 0/100
Evidence: Low Range 2.21 TRY – 2.97 TRY Share as image

Fair value as of: Aug 6, 2026

From 3 valuation models · updated today

Share price −3.7% over the past month.

Below-average quality, and screening another 28% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (2.97 TRY). The favourable scenario is already priced in.
  • Weak quality (21/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • 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)

11.23 TRY 1.00 TRY Fair Value 2.97 TRY May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range 1.00 TRY – 11.23 TRY · fair‑value band 2.21 TRY – 2.97 TRY · the 4.15 TRY price screens above the 2.97 TRY fair value. Dashed = 300-day average. As of Aug 6, 2026.

Which stocks are undervalued right now? Check free Discover now →

Analysis

CEMAS (CEMAS) currently trades at 4.15 TRY, while our model-based Fair Value estimate is 2.97 TRY, implying the stock looks roughly 28.4% overvalued today. We read business quality at 21/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, CEMAS generated revenue of 1.5B TRY at a net margin of -88.4%. Revenue declined 34.1% year over year. It earns a return on equity of -35.0%. Net debt stands at 110M TRY. Fundamentals as of Aug 6, 2026

Our scenario range runs from 2.21 TRY (bear case) to 2.97 TRY (bull case); at 4.15 TRY, the current price sits above that range. The share trades about 55% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -72% fair-value upside, at -28%, CEMAS 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
Gordon GGM 2.97 TRY 2.97 TRY 70
DDM Multi-Stage 2.97 TRY 2.97 TRY 61
NCAV (Graham) 656.37 TRY 882.09 TRY 1,316 TRY 50
All 3 models by family
Dividend Discount
Gordon GGM 2.97 TRY 2.97 TRY 70
DDM Multi-Stage 2.97 TRY 2.97 TRY 61
Asset-Based
NCAV (Graham) 656.37 TRY 882.09 TRY 1,316 TRY 50

Widest divergence: Asset-Based (882.09 TRY) versus Dividend Discount (2.97 TRY). Highest evidence: Gordon GGM (70).

Key figures & financial health

Revenue (TTM) 1.5B TRY
Revenue growth (YoY) -34.1%
Net margin -88.4%
Return on equity -35.0%
Free cash flow −1.9B TRY FY2025
Operating margin -42.3%
More key figures
EPS (TTM) -1.72 TRY
EPS growth (YoY) -56.7%
Net debt 110M TRY FY2025

Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 21/100

Of which business quality 28 · Market factors (momentum, volatility) 21

Profitability 4
Margins and returns on capital today
Quality Growth 24
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 50
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 56
Calm price path (market factor)
Momentum 10
Price trend over the last 3–12 months (market factor)
52W Momentum 2
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.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CEMAS reported revenue of 1.7B TRY in FY2025 versus 333M TRY in FY2021, a compound +50.6%/yr. Reported net income was −1.4B TRY in FY2025.

Growth Quality 32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.7B TRY
Latest YoY
−30.4%
Avg. growth/yr (3Y)
+29.2%
Avg. growth/yr (5Y)
+53.3%
Avg. growth/yr (18Y)
+26.5%
Revenue +50.6%/yr
FY21 333M TRY
FY22 795M TRY
FY23 2.4B TRY
FY24 2.5B TRY
FY25 1.7B TRY
Net income
FY21 320M TRY
FY22 490M TRY
FY23 −436M TRY
FY24 −641M TRY
FY25 −1.4B TRY

CEMAS screens 28% overvalued. Compare with Carpenter Technology Corporation →

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

Peer Group

Metal Fabrication · 245 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 21 · Bottom 25%
Fair Value upside −28% · Below median
Return on assets -7% · Bottom 25%
Net margin (TTM) -88% · Bottom 25%
Operating margin (TTM) -42% · Bottom 25%
Revenue growth -34% · Bottom 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Metal Fabrication median · lower = cheaper

P/S (TTM) 0.05× · 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 0 · sector 0
FUTURE 0 · sector 34
PAST 0 · sector 20
HEALTH 99 · sector 95
DIVIDEND 0 · sector 25

VALUE 0: the price sits above our fair-value range.

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.

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Frequently asked questions

Is CEMAS overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of 2.97 TRY versus a price of 4.15 TRY, about −28% (overvalued).
What is the fair value of CEMAS?
Our model-based fair value for CEMAS is 2.97 TRY (as of Aug 6, 2026), built from audited fundamentals. The current price is 4.15 TRY.
What is the quality score of CEMAS?
CEMAS has a Quality Score of 21/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of CEMAS?
CEMAS reported trailing-twelve-month revenue of about 1.5B TRY (latest available figure, as of Aug 6, 2026).
What is the net profit margin of CEMAS?
The net profit margin of CEMAS is about -88.4%, 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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