Celebi Hava Servisi AS (CLEBI) fair value: what the stock is really worth
We calculate from audited financials what Celebi Hava Servisi AS 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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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 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 1,385 TRY price screens below the 2,682 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. Dashed = 300-day average. As of Sep 13, 2026.
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. The company was founded in 1958 and is headquartered in Istanbul, Turkey. Çelebi Hava Servisi A.S.
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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. 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 1,385 TRY, while our model-based Fair Value estimate is 2,682 TRY, implying the stock looks roughly 48.4% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 4,873 TRY per share, and 20 of the 24 models we run sit above the 1,385 TRY price.
Bear case: the Growth DCF group reads lowest at 1,360 TRY, and 4 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 1,076 TRY (bear) to 5,431 TRY (bull), the price of 1,385 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 59/100 (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 33.7B TRY (≈ $690M) · P/E ratio 10.2 · P/S ratio 2.04 · EPS (TTM) 135.75 TRY · Dividend yield 7.4% · Net margin 20.0% · Return on equity 37.5% · Return on assets (EBIT) 15.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at 94%, CLEBI screens cheaper than that median.
Fair Value models
Bear 1,076 TRYFair Value 2,682 TRYBull 5,431 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 (23.60 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.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%
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.
+76.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+69.0%
Dividend (yield on the price)7.4%
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.59% vs 52%, 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.
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).
+32.9%
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.Airports & Air Services · 53 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+85% · Top 25%
Profitability
Return on equity (TTM)38% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)16% · Above median
Operating margin (TTM)8% · Below median
Growth and dividend
Revenue growth38% · Top 25%
Dividend yield (TTM)7.4% · Top 25%
Balance sheet
Debt / equity0.43× · Above median
Valuation Multiplesvs Airports & Air Services median · lower = cheaper
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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 Sep 13, 2026, our model estimates a fair value of 2,682 TRY versus a price of 1,385 TRY, about +94% upside (undervalued).
What is the fair value of CLEBI?
Our model-based fair value for Celebi Hava Servisi AS is 2,682 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 1,385 TRY.
What is the quality score of CLEBI?
Celebi Hava Servisi AS has a Quality Score of 59/100. 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 2,682 TRY (as of Sep 13, 2026) from 24 valuation models. Cautious scenario 1,076 TRY, optimistic scenario 5,431 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 2,682 TRY, about +94% upside versus a price of 1,385 TRY (undervalued). Cautious scenario 1,076 TRY, optimistic scenario 5,431 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 19.5B TRY (latest available figure, as of Sep 13, 2026).
Does Celebi Hava Servisi AS pay a dividend?
Celebi Hava Servisi AS currently shows a dividend yield of about 7.44% relative to its recent price (as of Sep 13, 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 +32.9 % 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 Sep 13, 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 +32.9 % 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 +32.9 % 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 +4.6 % a year. That is the yardstick for the growth priced into Celebi Hava Servisi AS (+32.9 % 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 3.32 %: 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 2,682 TRY per share (as of Sep 13, 2026), against a price of 1,385 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 Sep 13, 2026, CLEBI trades below its calculated fair value: price 1,385 TRY, fair value 2,682 TRY, a gap of about +94% (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 CLEBI?
No. The price is what the market pays today (1,385 TRY); the fair value is what the company's own numbers justify (2,682 TRY). For Celebi Hava Servisi AS the two are 1,297 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 33.7B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 1,385 TRY; our models calculate a fair value of 2,682 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 1,076 TRY, base 2,682 TRY, optimistic 5,431 TRY per share (as of Sep 13, 2026, price 1,385 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 10.2 (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 2,682 TRY is built from several models across several years. Other multiples: PEG 4.9, P/B 4.2, P/S 1.8, EV/EBITDA 7.2.
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 Sep 13, 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 Sep 13, 2026): return on equity 37.5%, debt of 0.43 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is CLEBI from its 52-week high?
Celebi Hava Servisi AS trades at 1,385 TRY, about 35% below its 52-week high of 2,126 TRY and 2% above the low of 1,359 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 2,682 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, Grupo Aeroportuario del Pacífico, S.A., GMR Airports Limited, 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 Sep 13, 2026: price 1,385 TRY, calculated fair value 2,682 TRY (+94%), Quality Score 59/100, 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 2,682 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 16.0 % above its aggregate fair value. Celebi Hava Servisi AS currently trades 94 % 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 Celebi Hava Servisi AS (CLEBI)?
The closing price on Sep 18, 2026 was 1,385 TRY. Our model-based fair value is 2,682 TRY, about +94% upside (undervalued). 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?
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 (59/100) at a price below fair value, the discount is the argument here, not the business quality.
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 33.7B TRY (≈ $690M). 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 2.04 (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 Celebi Hava Servisi AS (CLEBI)?
Earnings per share at Celebi Hava Servisi AS are 135.75 TRY (price ÷ EPS = P/E 10.2). 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 7.4% (payout 75.9%). 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 20.0% (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 Celebi Hava Servisi AS (CLEBI)?
The return on equity (ROE) of Celebi Hava Servisi AS is 37.5% (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 8.2% (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 +38.0% 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 −98.7% 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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