Celebi Hava Servisi AS (CLEBI) fair value: what the stock is really worth
As of Nov 3, 2026: fair value (intrinsic value) of Celebi Hava Servisi AS stock TRY 959, price TRY 1,206, that is 20.5% below the price, quality 58 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
60‑month range 117.69 TRY – 2,888 TRY · fair‑value band 663.89 TRY – 1,339 TRY · the 1,206 TRY price screens above the 958.78 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 2, 2026.
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Çelebi Hava Servisi A.S. provides ground handling and cargo warehouse services to domestic and foreign airlines, and private air cargo companies in Turkey. It offers ground handling services, such as representation, traffic, ramp, cargo, and flight operations.
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The company was founded in 1958 and is headquartered in Istanbul, Turkey. Çelebi Hava Servisi A.S. operates as a subsidiary of Çelebi Aviation Holding A.S.
Stock analysis
Celebi Hava Servisi AS (CLEBI) currently trades at 1,206 TRY, while our model-based Fair Value estimate is 958.78 TRY, 20% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 2,378 TRY per share, and 10 of the 24 models we run sit above the 1,206 TRY price.
Bear case: the Asset-Based group reads lowest at 194.39 TRY, and 14 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: 663.89 TRY (bear) to 1,339 TRY (bull), the price of 1,206 TRY sits inside 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 Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Celebi Hava Servisi AS reported revenue of 18.2B TRL in FY2025 versus 2.6B TRL in FY2021, a compound +63.3%/yr. Reported net income was 3.6B TRL in FY2025, compounding +61.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 29.3B TRY (≈ $586M) Small · P/E ratio 7.9 · P/S ratio 1.40 · EPS (TTM) 152.81 TRY · Dividend yield 8.5% · Net margin 16.4% · Return on equity 50.6% · Return on assets (EBIT) 15.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −40% fair-value upside, at −20%, CLEBI screens cheaper than that median.
Fair Value models
Bear663.89 TRYFair Value 958.78 TRYBull1,339 TRY
Price 1,206 TRY · Downside -20.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (42.03 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. 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.Coverage ⓘCoverage = 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.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+43.5%
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.
+44.3%
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.
+63.9%
Start year 2020 (pandemic). Over 10 years: +37.9% a year
Revenue growth 25 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.
−27.3%
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What shareholders gained per year (last 5 years) (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.
+77.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+69.0%
Dividend (yield on the price)8.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.58.6% vs 52.2%, picking up
Profit margin 2020 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.13% → 23%
2025 sits 118% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
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).
+30.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about +9.1% a year for the 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.Airports & Air Services · 48 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Below median
Fair Value upside−20.5% · Below median
Profitability
Return on equity (12 months)50.6% · Top 25%
Return on assets14.9% · Top 25%
Net margin (12 months)16.4% · Above median
Operating margin (12 months)22.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)32.7% · Top 25%
Dividend yield (12 months)8.5% · Top 25%
Balance sheet
Debt / equity0.43× · Above median
Valuation Multiplesvs Airports & Air Services 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). "Celebi Hava Servisi AS Fair Value". https://www.fairvalue-calculator.com/stock/CLEBI
Frequently asked questions
Is Celebi Hava Servisi AS (CLEBI) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of 958.78 TRY versus a price of 1,206 TRY, about 20% lower (overvalued).
What is the fair value of CLEBI?
Our model-based fair value for Celebi Hava Servisi AS is 958.78 TRY (as of Nov 2, 2026), built from audited fundamentals. The current price: 1,206 TRY.
What is the quality score of CLEBI?
Celebi Hava Servisi AS 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 Celebi Hava Servisi AS (CLEBI)?
Our model-based price target is the fair value of 958.78 TRY (as of Nov 2, 2026) from 24 valuation models. Cautious scenario 663.89 TRY, optimistic scenario 1,339 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Celebi Hava Servisi AS stock forecast for 2026?
Our models put fair value at 958.78 TRY, about 20% lower versus a price of 1,206 TRY (overvalued). Cautious scenario 663.89 TRY, optimistic scenario 1,339 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Celebi Hava Servisi AS (CLEBI)?
Celebi Hava Servisi AS reported trailing-twelve-month revenue of about 20.9B TRY (latest available figure, as of Nov 2, 2026).
Does Celebi Hava Servisi AS pay a dividend?
Celebi Hava Servisi AS currently shows a dividend yield of 8.54% relative to its recent price (as of Nov 2, 2026).
What growth is priced into Celebi Hava Servisi AS (CLEBI)?
For today's price to be fair in a discounted-cash-flow model, Celebi Hava Servisi AS would have to grow free cash flow by +30.1 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +63.9 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of CLEBI use?
Our models discount Celebi Hava Servisi AS at 15.7 %: a base by market capitalisation (small), 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 Celebi Hava Servisi AS that is +30.1 % per year a year over ten years, using the same discount rate (15.7 %) and the same formula as our fair value.
How much growth has Celebi Hava Servisi AS (CLEBI) delivered so far?
Over the past 5 years revenue at Celebi Hava Servisi AS grew +63.9 % a year. The price currently implies +30.1 % 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 Celebi Hava Servisi AS (CLEBI) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Celebi Hava Servisi AS (+30.1 % 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 Celebi Hava Servisi AS (CLEBI)?
The free-cash-flow yield on the price is 3.81 %: that much free cash flow Celebi Hava Servisi AS produces per unit of market value. When it exceeds the discount rate of our models (15.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Celebi Hava Servisi AS (CLEBI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Celebi Hava Servisi AS it is 958.78 TRY per share (as of Nov 2, 2026), against a price of 1,206 TRY. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Celebi Hava Servisi AS stock overvalued or undervalued in 2026?
As of Nov 2, 2026, CLEBI trades above its calculated fair value: price 1,206 TRY, fair value 958.78 TRY, a gap of about −20% (overvalued). 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 CLEBI?
No. The price is what the market pays today (1,206 TRY); the fair value is what the company's own numbers justify (958.78 TRY). For Celebi Hava Servisi AS the two are 247.22 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Celebi Hava Servisi AS worth?
The market values Celebi Hava Servisi AS at about 29.3B TRY (market capitalisation, as of Nov 2, 2026). Per share that is 1,206 TRY; our models calculate a fair value of 958.78 TRY per share.
What do the bullish and bearish scenarios say about CLEBI?
Our models span a range for Celebi Hava Servisi AS: cautious scenario 663.89 TRY, base 958.78 TRY, optimistic 1,339 TRY per share (as of Nov 2, 2026, price 1,206 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CLEBI?
Celebi Hava Servisi AS trades at a price-to-earnings ratio of 7.9 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 958.78 TRY is built from several models across several years. Other multiples: PEG 4.9, P/B 3.5, P/S 1.4, EV/EBITDA 5.3.
What is the PEG ratio of CLEBI?
The PEG ratio of Celebi Hava Servisi AS is 4.88 (P/E divided by earnings growth, as of Nov 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Celebi Hava Servisi AS (CLEBI)?
Balance-sheet figures for Celebi Hava Servisi AS (as of Nov 2, 2026): return on equity 50.6%, debt of 0.43 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is CLEBI from its 52-week high?
Celebi Hava Servisi AS trades at 1,206 TRY, about 42% below its 52-week high of 2,062 TRY and 7% above the low of 1,127 TRY (as of Nov 3, 2026). Distance from the high says nothing about value: that is what the fair value of 958.78 TRY is for.
Which stocks are comparable to Celebi Hava Servisi AS?
From the same area (Industrials) we also value Aena S.M.E., S.A, Airports of Thailand Public Company, GMR Airports Limited, Shanghai International Airport 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 Celebi Hava Servisi AS stock attractive at the current price?
The data as of Nov 2, 2026: price 1,206 TRY, calculated fair value 958.78 TRY (−20%), Quality Score 58/100, from 24 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 CLEBI calculated?
We run Celebi Hava Servisi AS through 24 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 958.78 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 14.5% above its aggregate fair value. Celebi Hava Servisi AS itself currently trades above fair value. 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 Celebi Hava Servisi AS (CLEBI)?
The closing price on Nov 3, 2026 was 1,206 TRY. Our model-based fair value is 958.78 TRY, about 20% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Celebi Hava Servisi AS right now?
Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (663.89 TRY to 1,339 TRY) leaves room in how you read the outcome.
Where does the earnings growth of Celebi Hava Servisi AS (CLEBI) come from?
Earnings per share at Celebi Hava Servisi AS grew +51.4 % a year from 2012 to 2023. Broken into its drivers: revenue per share +31.4 %, EBIT margin +8.3 %, tax rate −0.4 %, residual (interest, one-offs) +6.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Celebi Hava Servisi AS
How large is the market capitalisation of Celebi Hava Servisi AS (CLEBI)?
The market capitalisation of Celebi Hava Servisi AS is 29.3B TRY (≈ $586M). 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 Celebi Hava Servisi AS (CLEBI)?
The price-to-sales ratio of Celebi Hava Servisi AS is 1.40 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Celebi Hava Servisi AS (CLEBI)?
Earnings per share at Celebi Hava Servisi AS are 152.81 TRY (price ÷ EPS = P/E 7.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Celebi Hava Servisi AS (CLEBI)?
The dividend yield of Celebi Hava Servisi AS is 8.5% (payout 67.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Celebi Hava Servisi AS (CLEBI)?
The net margin of Celebi Hava Servisi AS is 16.4% (last twelve months). 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 Celebi Hava Servisi AS (CLEBI)?
The return on equity (ROE) of Celebi Hava Servisi AS is 50.6% (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 Celebi Hava Servisi AS (CLEBI)?
On an EBIT basis the return on assets of Celebi Hava Servisi AS is 15.9% (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 Celebi Hava Servisi AS (CLEBI)?
The operating margin of Celebi Hava Servisi AS is 22.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Celebi Hava Servisi AS (CLEBI)?
Revenue at Celebi Hava Servisi AS is growing +32.7% versus a year earlier (3y avg +44.3%). 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 Celebi Hava Servisi AS (CLEBI)?
Earnings per share at Celebi Hava Servisi AS are growing +240% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Celebi Hava Servisi AS (CLEBI) carry?
The net debt of Celebi Hava Servisi AS is 2.4B TRY (fiscal year 2025, ≈ 2.1 yrs of FCF). 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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Broad data
Nov 2, 2026