Desa Deri Sanayi ve Ticaret AS (DESA) fair value: what the stock is really worth
We calculate from audited financials what Desa Deri Sanayi ve Ticaret 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 0.7610 TRY – 16.05 TRY · fair‑value band 21.22 TRY – 53.99 TRY · the 9.78 TRY price screens below the 33.03 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 13, 2026.
Desa Deri Sanayi ve Ticaret A.S. manufactures, sells, exports, and imports leather garments in Turkey. The company offers leather jackets, clothing, shoes, bags and accessories, backpacks, saddlery products, and other leather accessories for men and women.
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Desa Deri Sanayi ve Ticaret A.S. manufactures, sells, exports, and imports leather garments in Turkey. The company offers leather jackets, clothing, shoes, bags and accessories, backpacks, saddlery products, and other leather accessories for men and women. The company markets and sells its products through wholesale and retail sales channels, as well as through online stores. It also exports its products. The company was founded in 1972 and is headquartered in Istanbul, Turkey. Desa Deri Sanayi ve Ticaret A.S. is a subsidiary of Çelet Holding A.S.
Stock analysis
Desa Deri Sanayi ve Ticaret AS (DESA) currently trades at 9.78 TRY, while our model-based Fair Value estimate is 33.03 TRY, implying the stock looks roughly 70.4% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 47.37 TRY per share, and 21 of the 26 models we run sit above the 9.78 TRY price.
Bear case: the Dividend Discount group reads lowest at 3.41 TRY, and 5 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 21.22 TRY (bear) to 53.99 TRY (bull), the price of 9.78 TRY sits below 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 60/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Desa Deri Sanayi ve Ticaret AS reported revenue of 3.8B TRY in FY2025 versus 432M TRY in FY2021, a compound +72.4%/yr. Reported net income was 581M TRY in FY2025, compounding +88.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 4.8B TRY (≈ $98.7M) · P/E ratio 9.1 · P/S ratio 1.38 · EPS (TTM) 1.08 TRY · Dividend yield 2.3% · Net margin 15.2% · Return on equity 14.4% · Return on assets (EBIT) 18.9%.
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 41% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 44% fair-value upside, at 238%, DESA screens cheaper than that median.
Fair Value models
Bear 21.22 TRYFair Value 33.03 TRYBull 53.99 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 8 months old). Earnings retained since then (0.7604 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.94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.1%
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.
+41.1%
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.
+74.9%
Revenue growth 20 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.
+21.8%
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What shareholders gained per year (last 5 years), in TRY ⓘ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. Measured in TRY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+28.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+26.2%
Dividend (yield on the price)2.3%
Profit margin 2019 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.16% → 19%
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).
−6.2%
Yearly growth needed for the next five years to justify today's price.
Compare Desa Deri Sanayi ve Ticaret AS with another stock
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.Footwear & Accessories · 91 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+167% · Top 25%
Profitability
Return on equity (TTM)14% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)14% · Top 25%
Operating margin (TTM)12% · Top 25%
Growth and dividend
Revenue growth−4% · Below median
Dividend yield (TTM)2.3% · Above median
Valuation Multiplesvs Footwear & Accessories 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). "Desa Deri Sanayi ve Ticaret AS Fair Value". https://www.fairvalue-calculator.com/stock/DESA.IS
Frequently asked questions
Is Desa Deri Sanayi ve Ticaret AS (DESA) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 33.03 TRY versus a price of 9.78 TRY, about +238% upside (undervalued).
What is the fair value of DESA?
Our model-based fair value for Desa Deri Sanayi ve Ticaret AS is 33.03 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 9.78 TRY.
What is the quality score of DESA?
Desa Deri Sanayi ve Ticaret AS has a Quality Score of 60/100. 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 Desa Deri Sanayi ve Ticaret AS (DESA)?
Our model-based price target is the fair value of 33.03 TRY (as of Sep 13, 2026) from 26 valuation models. Cautious scenario 21.22 TRY, optimistic scenario 53.99 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Desa Deri Sanayi ve Ticaret AS stock forecast for 2026?
Our models put fair value at 33.03 TRY, about +238% upside versus a price of 9.78 TRY (undervalued). Cautious scenario 21.22 TRY, optimistic scenario 53.99 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Desa Deri Sanayi ve Ticaret AS (DESA)?
Desa Deri Sanayi ve Ticaret AS reported trailing-twelve-month revenue of about 3.8B TRY (latest available figure, as of Sep 13, 2026).
Does Desa Deri Sanayi ve Ticaret AS pay a dividend?
Desa Deri Sanayi ve Ticaret AS currently shows a dividend yield of about 2.34% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Desa Deri Sanayi ve Ticaret AS (DESA)?
For today's price to be fair in a discounted-cash-flow model, Desa Deri Sanayi ve Ticaret AS would have to grow free cash flow by -6.2 % 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 +74.9 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of DESA use?
Our models discount Desa Deri Sanayi ve Ticaret AS at 15.7 %: a base by market capitalisation (micro), damped by beta 0.33, 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 Desa Deri Sanayi ve Ticaret AS that is -6.2 % 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 Desa Deri Sanayi ve Ticaret AS (DESA) delivered so far?
Over the past 5 years revenue at Desa Deri Sanayi ve Ticaret AS grew +74.9 % a year. The price currently implies -6.2 % 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 Desa Deri Sanayi ve Ticaret AS (DESA) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Desa Deri Sanayi ve Ticaret AS (-6.2 % 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 Desa Deri Sanayi ve Ticaret AS (DESA)?
The free-cash-flow yield on the price is 19.75 %: that much free cash flow Desa Deri Sanayi ve Ticaret 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 Desa Deri Sanayi ve Ticaret AS (DESA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Desa Deri Sanayi ve Ticaret AS it is 33.03 TRY per share (as of Sep 13, 2026), against a price of 9.78 TRY. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Desa Deri Sanayi ve Ticaret AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, DESA trades below its calculated fair value: price 9.78 TRY, fair value 33.03 TRY, a gap of about +238% (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 DESA?
No. The price is what the market pays today (9.78 TRY); the fair value is what the company's own numbers justify (33.03 TRY). For Desa Deri Sanayi ve Ticaret AS the two are 23.25 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Desa Deri Sanayi ve Ticaret AS worth?
The market values Desa Deri Sanayi ve Ticaret AS at about 4.8B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 9.78 TRY; our models calculate a fair value of 33.03 TRY per share.
What do the bullish and bearish scenarios say about DESA?
Our models span a range for Desa Deri Sanayi ve Ticaret AS: cautious scenario 21.22 TRY, base 33.03 TRY, optimistic 53.99 TRY per share (as of Sep 13, 2026, price 9.78 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DESA?
Desa Deri Sanayi ve Ticaret AS trades at a price-to-earnings ratio of 9.1 (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 33.03 TRY is built from several models across several years. Other multiples: P/B 1.2, P/S 1.2, EV/EBITDA 9.0.
How solid is the balance sheet of Desa Deri Sanayi ve Ticaret AS (DESA)?
Balance-sheet figures for Desa Deri Sanayi ve Ticaret AS (as of Sep 13, 2026): return on equity 14.4%. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is DESA from its 52-week high?
Desa Deri Sanayi ve Ticaret AS trades at 9.78 TRY, about 41% below its 52-week high of 16.62 TRY and 8% above the low of 9.05 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 33.03 TRY is for.
Which stocks are comparable to Desa Deri Sanayi ve Ticaret AS?
From the same area (Consumer Cyclical) we also value NIKE, Inc, adidas AG, Deckers Outdoor Corporation, On Holding, 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 Desa Deri Sanayi ve Ticaret AS stock attractive at the current price?
The data as of Sep 13, 2026: price 9.78 TRY, calculated fair value 33.03 TRY (+238%), Quality Score 60/100, from 26 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 DESA calculated?
We run Desa Deri Sanayi ve Ticaret AS through 26 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 33.03 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 15.8 % above its aggregate fair value. Desa Deri Sanayi ve Ticaret AS currently trades 238 % 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 should I pay attention to with Desa Deri Sanayi ve Ticaret AS right now?
The price is below even our cautious bear case (21.22 TRY). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (21.22 TRY to 53.99 TRY) leaves room in how you read the outcome.
Key figures of Desa Deri Sanayi ve Ticaret AS
How large is the market capitalisation of Desa Deri Sanayi ve Ticaret AS (DESA)?
The market capitalisation of Desa Deri Sanayi ve Ticaret AS is 4.8B TRY (≈ $98.7M). 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 Desa Deri Sanayi ve Ticaret AS (DESA)?
The price-to-sales ratio of Desa Deri Sanayi ve Ticaret AS is 1.38 (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 Desa Deri Sanayi ve Ticaret AS (DESA)?
Earnings per share at Desa Deri Sanayi ve Ticaret AS are 1.08 TRY (price ÷ EPS = P/E 9.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Desa Deri Sanayi ve Ticaret AS (DESA)?
The dividend yield of Desa Deri Sanayi ve Ticaret AS is 2.3% (payout 21.2%). 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 Desa Deri Sanayi ve Ticaret AS (DESA)?
The net margin of Desa Deri Sanayi ve Ticaret AS is 15.2% (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 Desa Deri Sanayi ve Ticaret AS (DESA)?
The return on equity (ROE) of Desa Deri Sanayi ve Ticaret AS is 14.4% (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 Desa Deri Sanayi ve Ticaret AS (DESA)?
On an EBIT basis the return on assets of Desa Deri Sanayi ve Ticaret AS is 18.9% (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 Desa Deri Sanayi ve Ticaret AS (DESA)?
The operating margin of Desa Deri Sanayi ve Ticaret AS is 12.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Desa Deri Sanayi ve Ticaret AS (DESA)?
Revenue at Desa Deri Sanayi ve Ticaret AS is growing −4.4% versus a year earlier (3y avg +41.1%). 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 Desa Deri Sanayi ve Ticaret AS (DESA)?
Earnings per share at Desa Deri Sanayi ve Ticaret AS are growing −30.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Desa Deri Sanayi ve Ticaret AS (DESA) carry?
The net debt of Desa Deri Sanayi ve Ticaret AS is 67.0M TRY (fiscal year 2024, ≈ 0.1 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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