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CUSAN Fair Value & Analysis

Industrials · Market cap 1.7B TRY

C CUSAN CUSAN · IS
Price23.64 TRY
Fair Value3.84 TRY
Upside-83.8%
Quality19/100
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Expensive Growth
Loss-making · -16.5% net margin
Moderate debt · negative free cash flow
Trails peers (2/10)
Narrow moat 0/100
Evidence: Low Range 2.54 TRY – 4.64 TRY Share as image

Fair value as of: Aug 6, 2026

From 3 valuation models · updated today

Share price +1.0% over the past month.

Below-average quality, and screening another 84% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (4.64 TRY). The favourable scenario is already priced in.
  • Weak quality (19/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (2.54 TRY to 4.64 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

38.50 TRY 6.59 TRY Fair Value 3.84 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 6.59 TRY – 38.50 TRY · fair‑value band 2.54 TRY – 4.64 TRY · the 23.64 TRY price screens above the 3.84 TRY fair value. Dashed = 300-day average. As of Aug 6, 2026.

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

Analysis

CUSAN (CUSAN) currently trades at 23.64 TRY, while our model-based Fair Value estimate is 3.84 TRY, implying the stock looks roughly 83.8% overvalued today. We read business quality at 19/100 (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, CUSAN generated revenue of 2.5B TRY at a net margin of -16.5%. Revenue declined 38.6% year over year. It earns a return on equity of -91.9%. Net debt stands at 2.4B TRY. Fundamentals as of Aug 6, 2026

Our scenario range runs from 2.54 TRY (bear case) to 4.64 TRY (bull case); at 23.64 TRY, the current price sits above that range. The share trades about 42% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -33% fair-value upside, at -84%, CUSAN screens richer 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 3.45 TRY 6.22 TRY 8.57 TRY 70
DDM Multi-Stage 3.45 TRY 5.68 TRY 6.65 TRY 61
NCAV (Graham) 5.15 TRY 6.90 TRY 10.29 TRY 50
All 3 models by family
Dividend Discount
Gordon GGM 3.45 TRY 6.22 TRY 8.57 TRY 70
DDM Multi-Stage 3.45 TRY 5.68 TRY 6.65 TRY 61
Asset-Based
NCAV (Graham) 5.15 TRY 6.90 TRY 10.29 TRY 50

Widest divergence: Asset-Based (6.90 TRY) versus Dividend Discount (5.68 TRY). Highest evidence: Gordon GGM (70).

Key figures & financial health

Revenue (TTM) 2.5B TRY
Revenue growth (YoY) -38.6%
Net margin -16.5%
Return on equity -91.9%
Free cash flow −1.4B TRY FY2025
Operating margin -44.4%
More key figures
EPS (TTM) -5.89 TRY
EPS growth (YoY) -22.6%
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 19/100

Of which business quality 19 · Market factors (momentum, volatility) 27

Profitability 9
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 6
Balance sheet, leverage, solvency risk
Investment 16
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 13
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

CUSAN reported revenue of 2.8B TRY in FY2025 versus 1.1B TRY in FY2021, a compound +26.8%/yr. Reported net income was −585M 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)
2.8B TRY
Latest YoY
−22.6%
Avg. growth/yr (3Y)
+13.5%
Avg. growth/yr (5Y)
+52.5%
Avg. growth/yr (13Y)
+31.2%
Revenue +26.8%/yr
FY21 1.1B TRY
FY22 1.9B TRY
FY23 2.6B TRY
FY24 3.6B TRY
FY25 2.8B TRY
Net income
FY21 95.3M TRY
FY22 203M TRY
FY23 −344M TRY
FY24 −250M TRY
FY25 −585M TRY

CUSAN screens 84% overvalued. Compare with Trane Technologies plc →

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

Peer Group

Building Products & Equipment · 249 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 19 · Bottom 25%
Fair Value upside −84% · Bottom 25%
Return on assets -5% · Bottom 25%
Net margin (TTM) -17% · Bottom 25%
Operating margin (TTM) -44% · Bottom 25%
Revenue growth -39% · Bottom 25%
Debt / equity 1.49× · Higher than 75% of peers

Valuation Multiples vs Building Products & Equipment median · lower = cheaper

P/B 0.05× · Cheaper than 75% of peers
P/S (TTM) 0.01× · 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 9
PAST 0 · sector 23
HEALTH 25 · sector 94
DIVIDEND 0 · sector 29

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.

Similar stocks

10 more Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).

Stock Price Fair Value vs Fair Value
Trane Technologies plc TT $469.98 $212.34 -55%
Johnson Controls International plc JCI $142.81 $45.65 -68%
Carrier Global Corporation CARR $68.61 $17.35 -75%
Compagnie de Saint-Gobain S.A SGO €76.62 €101.60 +33%
Geberit AG GEBN CHF 523.20 CHF 307.66 -41%
Lennox International Inc LII $543.93 $363.09 -33%
Kingspan Group KRX €87.30 €70.76 -19%
Masco Corporation MAS $78.04 $54.36 -30%
PT Impack Pratama Industri Tbk, IMPC 1,420 IDR 179.76 IDR -87%
NIBE Industrier AB NIBEB kr 36.03 kr 25.37 -30%

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Frequently asked questions

Is CUSAN overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of 3.84 TRY versus a price of 23.64 TRY, about −84% (overvalued).
What is the fair value of CUSAN?
Our model-based fair value for CUSAN is 3.84 TRY (as of Aug 6, 2026), built from audited fundamentals. The current price is 23.64 TRY.
What is the quality score of CUSAN?
CUSAN has a Quality Score of 19/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of CUSAN?
CUSAN reported trailing-twelve-month revenue of about 2.5B TRY (latest available figure, as of Aug 6, 2026).
What is the net profit margin of CUSAN?
The net profit margin of CUSAN is about -16.5%, 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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