Deva Holding AS (DEVA) fair value: what the stock is really worth
We calculate from audited financials what Deva Holding 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 21.27 TRY – 105.10 TRY · fair‑value band 66.77 TRY – 121.57 TRY · the 99.10 TRY price screens above the 94.17 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.
Deva Holding A.S. manufactures, markets, and sells pharmaceutical products in Turkey. The company offers antineoplastic and immunomodulating agents; dermatological products; systemic hormanal preparations; anti-infective and antiparasitic products for systemic use; food supplements; and electrolyte solutions.
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Deva Holding A.S. manufactures, markets, and sells pharmaceutical products in Turkey. The company offers antineoplastic and immunomodulating agents; dermatological products; systemic hormanal preparations; anti-infective and antiparasitic products for systemic use; food supplements; and electrolyte solutions. It also provides products in the areas of urogenital system and sex hormones, blood and blood forming organs, cardiovascular system, musculoskeletal system, nervous system, alimentary tract and metabolism, respiratory system, urinary systems, connective tissue, and sensory organs. In addition, the company offers various products in sterile and non-sterile forms, including liquids, semi-solids, solids, cephalosporins, penicillin, hormone and inhalation products, solid and liquid oncology, animal health products, active pharmaceutical ingredients, ampoules, liquid and lyophilized vials, eye drops, and medical ampoules for sterile injectable products, as well as cologne. It also exports its products to approximately 60 countries. The company was incorporated in 1958 and is based in Istanbul, Turkey. Deva Holding A.S. is a subsidiary of Eastpharma S.à R.L.
Stock analysis
Deva Holding AS (DEVA) currently trades at 99.10 TRY, while our model-based Fair Value estimate is 94.17 TRY, implying the stock looks roughly 5.2% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 214.06 TRY per share, and 7 of the 15 models we run sit above the 99.10 TRY price.
Bear case: the Earnings-Based group reads lowest at 9.76 TRY, and 8 of the 15 models stay below the price. Evidence for this calculation is medium.
Scenario range: 66.77 TRY (bear) to 121.57 TRY (bull), the price of 99.10 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 39/100 (below-average quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Deva Holding AS reported revenue of 19.2B TRY in FY2025 versus 2.3B TRY in FY2021, a compound +69.5%/yr. Reported net income was −807M TRY in FY2025.
Key figures
Market cap 19.8B TRY (≈ $406M) · P/S ratio 0.69 · EPS (TTM) −4.60 TRY · Dividend yield 4.4% · Net margin −4.2% · Return on equity −3.6% · Return on assets (EBIT) 8.3% · Operating margin 4.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).
What moves the price
The share trades near its 52-week high and 72% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −18% fair-value upside, at −5%, DEVA screens cheaper than that median.
Fair Value models
Bear 66.77 TRYFair Value 94.17 TRYBull 121.57 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.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.61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.9%
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.
+62.6%
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.
+59.5%
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.
+24.8%
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Profit margin (trend) ⓘ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.
34.0% (2020) → 0.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
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).
+3.0%
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.Drug Manufacturers - Specialty & Generic · 608 stocks
Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside+2% · Above median
Profitability
Return on assets0% · Below median
Net margin (TTM)−5% · Bottom 25%
Operating margin (TTM)5% · Below median
Growth and dividend
Revenue growth8% · Above median
Dividend yield (TTM)4.4% · Top 25%
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Deva Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/DEVA
Frequently asked questions
Is Deva Holding AS (DEVA) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 94.17 TRY versus a price of 99.10 TRY, about −5% upside (fairly valued).
What is the fair value of DEVA?
Our model-based fair value for Deva Holding AS is 94.17 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 99.10 TRY.
What is the quality score of DEVA?
Deva Holding AS has a Quality Score of 39/100. 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 Deva Holding AS (DEVA)?
Our model-based price target is the fair value of 94.17 TRY (as of Sep 13, 2026) from 15 valuation models. Cautious scenario 66.77 TRY, optimistic scenario 121.57 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Deva Holding AS stock forecast for 2026?
Our models put fair value at 94.17 TRY, about −5% upside versus a price of 99.10 TRY (fairly valued). Cautious scenario 66.77 TRY, optimistic scenario 121.57 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Deva Holding AS (DEVA)?
Deva Holding AS reported trailing-twelve-month revenue of about 19.7B TRY (latest available figure, as of Sep 13, 2026).
Does Deva Holding AS pay a dividend?
Deva Holding AS currently shows a dividend yield of about 4.43% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Deva Holding AS (DEVA)?
For today's price to be fair in a discounted-cash-flow model, Deva Holding AS would have to grow free cash flow by +3.0 % 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 +59.5 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of DEVA use?
Our models discount Deva Holding 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 Deva Holding AS that is +3.0 % 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 Deva Holding AS (DEVA) delivered so far?
Over the past 5 years revenue at Deva Holding AS grew +59.5 % a year. The price currently implies +3.0 % 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 Deva Holding AS (DEVA) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into Deva Holding AS (+3.0 % 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 Deva Holding AS (DEVA)?
The free-cash-flow yield on the price is 14.73 %: that much free cash flow Deva Holding 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 Deva Holding AS (DEVA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Deva Holding AS it is 94.17 TRY per share (as of Sep 13, 2026), against a price of 99.10 TRY. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Deva Holding AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, DEVA trades above its calculated fair value: price 99.10 TRY, fair value 94.17 TRY, a gap of about −5% (fairly valued). 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 DEVA?
No. The price is what the market pays today (99.10 TRY); the fair value is what the company's own numbers justify (94.17 TRY). For Deva Holding AS the two are 4.93 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Deva Holding AS worth?
The market values Deva Holding AS at about 19.8B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 99.10 TRY; our models calculate a fair value of 94.17 TRY per share.
What do the bullish and bearish scenarios say about DEVA?
Our models span a range for Deva Holding AS: cautious scenario 66.77 TRY, base 94.17 TRY, optimistic 121.57 TRY per share (as of Sep 13, 2026, price 99.10 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Deva Holding AS (DEVA)?
Balance-sheet figures for Deva Holding AS (as of Sep 13, 2026): return on equity −3.6%, debt of 0.02 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is DEVA from its 52-week high?
Deva Holding AS trades at 99.10 TRY, about 21% below its 52-week high of 81.75 TRY and 72% above the low of 57.50 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 94.17 TRY is for.
Which stocks are comparable to Deva Holding AS?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, Sun Pharmaceutical Industries 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 Deva Holding AS stock attractive at the current price?
The data as of Sep 13, 2026: price 99.10 TRY, calculated fair value 94.17 TRY (−5%), Quality Score 39/100, from 15 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 DEVA calculated?
We run Deva Holding AS through 15 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 94.17 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. Deva Holding 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 Deva Holding AS (DEVA)?
The closing price on Sep 18, 2026 was 99.10 TRY. Our model-based fair value is 94.17 TRY, about −5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Deva Holding AS right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (66.77 TRY to 121.57 TRY) leaves room in how you read the outcome.
Key figures of Deva Holding AS
How large is the market capitalisation of Deva Holding AS (DEVA)?
The market capitalisation of Deva Holding AS is 19.8B TRY (≈ $406M). 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 Deva Holding AS (DEVA)?
The price-to-sales ratio of Deva Holding AS is 0.69 (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 Deva Holding AS (DEVA)?
Earnings per share at Deva Holding AS are −4.60 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Deva Holding AS (DEVA)?
The dividend yield of Deva Holding AS is 4.4%. 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 Deva Holding AS (DEVA)?
The net margin of Deva Holding AS is −4.2% (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 Deva Holding AS (DEVA)?
The return on equity (ROE) of Deva Holding AS is −3.6% (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 Deva Holding AS (DEVA)?
On an EBIT basis the return on assets of Deva Holding AS is 8.3% (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 Deva Holding AS (DEVA)?
The operating margin of Deva Holding AS is 4.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Deva Holding AS (DEVA)?
Revenue at Deva Holding AS is growing +7.9% versus a year earlier (3y avg +62.6%). 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 Deva Holding AS (DEVA)?
Earnings per share at Deva Holding AS are growing −57.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Deva Holding AS (DEVA) carry?
The net debt of Deva Holding AS is 3.1B TRY (fiscal year 2025, ≈ 1.1 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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