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CLEBI Fair Value & Analysis

Industrials · Market cap 35.3B TRY

C CLEBI CLEBI · IS
Price1,451 TRY
Fair Value2,682 TRY
Upside+84.8%
Quality54/100
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Mixed Growth
Solidly profitable · 16.2% net margin
Low debt · generates free cash flow
7.03% dividend yield
Ranks above peers (9/15)
Wide moat 68/100
Evidence: Medium Range 1,076 TRY – 5,431 TRY Share as image

Fair value as of: Aug 6, 2026

From 24 valuation models · updated today

Share price −7.6% over the past month.

A solid business, screening 85% undervalued on our models.

What matters now

  • The model range is unusually wide (1,076 TRY to 5,431 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

2,888 TRY 117.69 TRY Fair Value 2,682 TRY Apr 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 117.69 TRY – 2,888 TRY · fair‑value band 1,076 TRY – 5,431 TRY · the 1,451 TRY price screens below the 2,682 TRY fair value. Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

CLEBI (CLEBI) currently trades at 1,451 TRY, while our model-based Fair Value estimate is 2,682 TRY, implying the stock looks roughly 84.8% undervalued today. We read business quality at 54/100 (solid 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: medium), always confirm before acting.

Over the trailing twelve months, CLEBI generated revenue of 19.5B TRY at a net margin of 16.2%. Revenue grew 38.0% year over year. It earns a return on equity of 37.5%. Net debt stands at 2.4B TRY. Fundamentals as of Aug 6, 2026

Our scenario range runs from 1,076 TRY (bear case) to 5,431 TRY (bull case); at 1,451 TRY, the current price sits within that range. The share trades about 32% 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 -29% fair-value upside, at 85%, CLEBI 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
Growth DCF 734.76 TRY 1,360 TRY 2,625 TRY 80
Residual Income 1,228 TRY 1,869 TRY 26,729 TRY 76
Rev-Margin DCF 1,289 TRY 2,746 TRY 5,494 TRY 74
All 24 models by family
DCF Models
FCF DCF 780.71 TRY 1,224 TRY 2,636 TRY 38
Owner Earnings 1,348 TRY 3,059 TRY 6,650 TRY 31
5Y Revenue Exit 1,281 TRY 2,405 TRY 4,772 TRY 39
5Y EBITDA Exit 1,794 TRY 3,441 TRY 6,681 TRY 41
5Y P/E Exit 1,915 TRY 4,654 TRY 8,454 TRY 38
10Y Revenue Exit 1,101 TRY 2,853 TRY 4,107 TRY 36
10Y EBITDA Exit 1,534 TRY 3,956 TRY 8,356 TRY 37
10Y P/E Exit 1,623 TRY 4,218 TRY 8,636 TRY 35
Earnings-Based
Graham-Dodd 1,018 TRY 7,098 TRY 9,961 TRY 54
Lynch FV 2,670 TRY 3,814 TRY 4,958 TRY 50
PEG = 1.0 2,670 TRY 3,814 TRY 4,958 TRY 46
EPV 1,283 TRY 1,495 TRY 1,681 TRY 59
Multiples
P/E Multiple 2,245 TRY 2,994 TRY 3,742 TRY 63
P/S Multiple 1,406 TRY 1,875 TRY 2,344 TRY 58
P/B Multiple 777.04 TRY 1,036 TRY 1,295 TRY 55
EV/EBIT 2,313 TRY 3,081 TRY 3,850 TRY 53
EV/EBITDA 2,092 TRY 2,787 TRY 3,482 TRY 54
EV/Revenue 1,320 TRY 1,883 TRY 2,445 TRY 43
Asset-Based
NCAV (Graham) 172.68 TRY 231.39 TRY 345.35 TRY 50
Growth DCF
Growth DCF 734.76 TRY 1,360 TRY 2,625 TRY 80
Rev-Margin DCF 1,289 TRY 2,746 TRY 5,494 TRY 74
Economic Profit
Residual Income 1,228 TRY 1,869 TRY 26,729 TRY 76
ROIC Compounder 1,599 TRY 2,282 TRY 3,208 TRY 72
Growth Earnings
Growth-Adj P/E 3,348 TRY 4,782 TRY 6,217 TRY 68

Widest divergence: Growth Earnings (4,782 TRY) versus Asset-Based (231.39 TRY). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 19.5B TRY
Revenue growth (YoY) +38.0%
Net margin 16.2%
Return on equity 37.5%
Free cash flow 1.1B TRY FY2025
P/E ratio 10.7
More key figures
Operating margin 8.2%
EPS (TTM) 135.75 TRY
Dividend yield 7.0%
EPS growth (YoY) -98.7%
Net debt 2.4B TRY FY2025

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

Quality Score breakdown

Overall quality 54/100

Of which business quality 59 · Market factors (momentum, volatility) 38

Profitability 73
Margins and returns on capital today
Quality Growth 70
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 11
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 16
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

CLEBI 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.

Growth Quality 86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
18.2B TRY
Latest YoY
+43.5%
Avg. growth/yr (3Y)
+44.3%
Avg. growth/yr (5Y)
+63.9%
Avg. growth/yr (25Y)
−27.3%
Revenue +63.3%/yr
FY21 2.6B TRL
FY22 6.1B TRL
FY23 10.9B TRL
FY24 12.7B TRL
FY25 18.2B TRL
Net income +61.6%/yr
FY21 533M TRL
FY22 1.1B TRL
FY23 1.7B TRL
FY24 3.6B TRL
FY25 3.6B TRL

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

Peer Group

Airports & Air Services · 56 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 54 · Below median
Fair Value upside +85% · Top 25%
Return on equity (TTM) 38% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 16% · Above median
Operating margin (TTM) 8% · Below median
Revenue growth 38% · Top 25%
Dividend yield (TTM) 7.0% · Top 25%
Debt / equity 0.43× · Higher than median

Valuation Multiples vs Airports & Air Services median · lower = cheaper

P/E (TTM) 10.7× · Cheaper than 75% of peers
P/B 4.20× · Pricier than 75% of peers
P/S (TTM) 1.81× · Pricier than median
P/FCF 0.7× · Cheaper than 75% of peers
EV/EBITDA 7.2× · Cheaper than median
PEG 4.88× · Pricier 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 100 · sector 37
FUTURE 100 · sector 24
PAST 100 · sector 45
HEALTH 79 · sector 89
DIVIDEND 100 · sector 45

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 Airports & Air Services stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).

Stock Price Fair Value vs Fair Value
Aena S.M.E., S.A AENA €26.24 €28.41 +8%
Airports of Thailand Public Company TATD 2.50 SGD 1.26 SGD -50%
Grupo Aeroportuario del Pacífico, S.A. PAC $220.91 $246.06 +11%
GMR Airports Limited GMRINFRA ₹112.80 ₹22.29 -80%
Flughafen Zürich AG FHZN CHF 237.20 CHF 121.30 -49%
Shanghai International Airport Co 600009 ¥24.08 ¥17.09 -29%
Auckland International Airport Limited AIA A$7.11 A$2.80 -61%
Fraport AG FRA €69.35 €49.83 -28%
Københavns Lufthavne A/S KBHL kr 5,660 kr 1,821 -68%
SATS Ltd S58 4.45 SGD 4.03 SGD -9%

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Frequently asked questions

Is CLEBI overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of 2,682 TRY versus a price of 1,451 TRY, about +85% (undervalued).
What is the fair value of CLEBI?
Our model-based fair value for CLEBI is 2,682 TRY (as of Aug 6, 2026), built from audited fundamentals. The current price is 1,451 TRY.
What is the quality score of CLEBI?
CLEBI has a Quality Score of 54/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of CLEBI?
CLEBI reported trailing-twelve-month revenue of about 19.5B TRY (latest available figure, as of Aug 6, 2026).
What is the net profit margin of CLEBI?
The net profit margin of CLEBI is about 16.2%, meaning it keeps roughly 16.2% of revenue as net income. Based on the latest reported figures.
Does CLEBI pay a dividend?
CLEBI currently shows a dividend yield of about 7.03% relative to its recent price (as of Aug 6, 2026).

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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