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Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. (DOFER) Fair Value & Analysis

Basic Materials · TR · Market cap 1.5B TRY

DY Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. DOFER · IS
Price27.60 TRY
Fair Value13.84 TRY
Upside-49.9%
Quality39/100
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Expensive Growth
Thin margins · 0.3% net margin
Low debt · negative free cash flow
0.68% dividend yield
Trails peers (3/9)
Narrow moat 22/100
Evidence: Medium Range 9.69 TRY – 17.48 TRY Share as image

Fair value as of: Aug 7, 2026

From 14 valuation models · updated yesterday

Share price −12.3% over the past month.

Below-average quality, and screening another 50% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (17.48 TRY). The favourable scenario is already priced in.
  • Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (9.69 TRY to 17.48 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (3 years)

65.31 TRY 18.40 TRY Fair Value 13.84 TRY Oct 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 7, 2026.

How to read this chart

34‑month range 18.40 TRY – 65.31 TRY · fair‑value band 9.69 TRY – 17.48 TRY · the 27.60 TRY price screens above the 13.84 TRY fair value. Dashed = 300-day average. As of Aug 7, 2026.

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Analysis

Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. (DOFER) currently trades at 27.60 TRY, while our model-based Fair Value estimate is 13.84 TRY, implying the stock looks roughly 49.9% overvalued today. We read business quality at 39/100 (below-average quality), in the Basic Materials 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: medium).

Over the trailing twelve months, Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. generated revenue of 7.1B TRY at a net margin of 0.3%. Revenue grew 14.9% year over year. It earns a return on equity of 1.8%. Net debt stands at 302M TRY. Fundamentals as of Aug 7, 2026

Our scenario range runs from 9.69 TRY (bear case) to 17.48 TRY (bull case); at 27.60 TRY, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 58% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -7% fair-value upside, at -50%, DOFER 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
ROIC Compounder 20.16 TRY 22.64 TRY 24.71 TRY 72
Growth-Adj P/E 9.69 TRY 13.84 TRY 17.99 TRY 68
P/E Multiple 4.60 TRY 6.14 TRY 7.67 TRY 63
All 14 models by family
Earnings-Based
Graham-Dodd 2.09 TRY 14.55 TRY 20.42 TRY 54
Lynch FV 7.52 TRY 10.74 TRY 13.96 TRY 50
PEG = 1.0 7.52 TRY 10.74 TRY 13.96 TRY 46
EPV 20.16 TRY 22.64 TRY 24.71 TRY 59
Multiples
P/E Multiple 4.60 TRY 6.14 TRY 7.67 TRY 63
P/S Multiple 3.91 TRY 5.22 TRY 6.52 TRY 58
P/B Multiple 3.91 TRY 5.22 TRY 6.52 TRY 55
EV/EBIT 40.82 TRY 53.77 TRY 66.71 TRY 53
EV/EBITDA 44.62 TRY 58.83 TRY 73.05 TRY 54
EV/Revenue 28.16 TRY 39.38 TRY 50.60 TRY 43
Asset-Based
NCAV (Graham) 13.36 TRY 17.90 TRY 26.71 TRY 50
Economic Profit
Residual Income 17.20 TRY 15.62 TRY 10.56 TRY 61
ROIC Compounder 20.16 TRY 22.64 TRY 24.71 TRY 72
Growth Earnings
Growth-Adj P/E 9.69 TRY 13.84 TRY 17.99 TRY 68

Widest divergence: Asset-Based (17.90 TRY) versus Multiples (6.14 TRY). Highest evidence: ROIC Compounder (72).

Key figures & financial health

Revenue (TTM) 7.1B TRY
Revenue growth (YoY) +14.9%
Net margin 0.3%
Return on equity 1.8%
Free cash flow −390M TRY FY2025
Operating margin -1.5%
More key figures
EPS (TTM) -0.9700 TRY
Dividend yield 0.7%
EPS growth (YoY) -44.7%
Net debt 302M TRY FY2025

Figures from reported company fundamentals · as of Aug 7, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 39/100

Of which business quality 47 · Market factors (momentum, volatility) 25

Profitability 35
Margins and returns on capital today
Quality Growth 92
Are margins and returns improving?
Cashflow 2
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 1
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.

About the company

Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. manufactures and sells iron, steel mesh, and reinforcing bar products in Turkey. It offers cold drawing rods and pipe ducts, as well as prefabricated, reinforced concrete structure, and concrete transformer substation mesh products. Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S.

Full company description

Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. manufactures and sells iron, steel mesh, and reinforcing bar products in Turkey. It offers cold drawing rods and pipe ducts, as well as prefabricated, reinforced concrete structure, and concrete transformer substation mesh products. Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. was founded in 1985 and is headquartered in Ankara, Turkey.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. reported revenue of 6.9B TRY in FY2025 versus 927M TRY in FY2021, a compound +65.1%/yr. Reported net income was 17.1M TRY in FY2025, compounding +28.2%/yr from FY2021.

Growth Quality 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
6.9B TRY
Latest YoY
+48.5%
Avg. growth/yr (3Y)
+33.9%
Avg. growth/yr (5Y)
+61.3%
Revenue +65.1%/yr
FY21 927M TRY
FY22 2.9B TRY
FY23 3.4B TRY
FY24 4.6B TRY
FY25 6.9B TRY
Net income +28.2%/yr
FY21 6.3M TRY
FY22 35.2M TRY
FY23 205M TRY
FY24 −104M TRY
FY25 17.1M TRY

DOFER screens 50% overvalued. Compare with Tata Steel Limited →

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Cite: Fair Value Calculator (2026). "Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. Fair Value". https://www.fairvalue-calculator.com/stock/DOFER

Peer Group

Steel · 377 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 39 · Bottom 25%
Fair Value upside −50% · Bottom 25%
Return on equity (TTM) 2% · Below median
Return on assets 3% · Above median
Net margin (TTM) 0% · Below median
Operating margin (TTM) -2% · Bottom 25%
Revenue growth 15% · Top 25%
Dividend yield (TTM) 0.7% · Below median

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 19
FUTURE 75 · sector 2
PAST 7 · sector 15
HEALTH 100 · sector 95
DIVIDEND 14 · sector 41

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 Steel stocks, each showing price versus our Fair Value estimate (as of Aug 7, 2026).

Stock Price Fair Value vs Fair Value
Tata Steel Limited TTST $0.2010 $0.2000 -0%
JSW Steel Limited JSWSTEEL ₹1,227 ₹1,140 -7%
Baoshan Iron & Steel Co 600019 ¥5.89 ¥8.07 +37%
China Steel Corporation 2002A 38.55 TWD 8.74 TWD -77%
POSCO Holdings 005490 313,500 KRW 155,270 KRW -50%
Companhia Siderúrgica Nacional, SID 13,670 ARS 15,940 ARS +17%
Jindal Steel Limited JINDALSTEL ₹1,028 ₹545.12 -47%
Lloyds Metals and Energy Limited LLOYDSME ₹1,844 ₹1,098 -40%
Gerdau S.A GGBN 83.50 MXN 42.64 MXN -49%
Ternium S.A TXR 17,780 ARS 27,210 ARS +53%

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Frequently asked questions

Is Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. (DOFER) overvalued or undervalued?
As of Aug 7, 2026, our model estimates a fair value of 13.84 TRY versus a price of 27.60 TRY, about −50% (overvalued).
What is the fair value of DOFER?
Our model-based fair value for Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. is 13.84 TRY (as of Aug 7, 2026), built from audited fundamentals. The current price is 27.60 TRY.
What is the quality score of DOFER?
Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. has a Quality Score of 39/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. (DOFER)?
Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. reported trailing-twelve-month revenue of about 7.1B TRY (latest available figure, as of Aug 7, 2026).
What is the net profit margin of DOFER?
The net profit margin of Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. is about 0.3%, meaning it keeps roughly 0.3% of revenue as net income. Based on the latest reported figures.
Does Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. pay a dividend?
Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. currently shows a dividend yield of about 0.68% relative to its recent price (as of Aug 7, 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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