Dogan Sirketler Grubu Holding AS (DOHOL) fair value: what the stock is really worth
We calculate from audited financials what Dogan Sirketler Grubu 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 21, 2026.
How to read this chart
60‑month range 2.25 TRY – 24.64 TRY · fair‑value band 20.83 TRY – 36.02 TRY · the 19.84 TRY price screens below the 25.97 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 21, 2026.
Dogan Sirketler Grubu Holding A.S., together with its subsidiaries, engages in the electricity generation, industry and trade, automotive trade and marketing, finance and investment, internet and entertainment, and real estate investment businesses in Turkey.
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Dogan Sirketler Grubu Holding A.S., together with its subsidiaries, engages in the electricity generation, industry and trade, automotive trade and marketing, finance and investment, internet and entertainment, and real estate investment businesses in Turkey. It generates electricity from hydroelectric, solar, and wind power plants; sells food and cosmetic packaging; sells vehicles; rents real estate properties; and sells books and magazines. The company is also involved in foreign trade, husbandry, and production; TV, radio, and magazine publishing; entertainment; mining and export; and vehicle rental, automotive electronics, and spare parts services. In addition, it offers technology and informatics, automotive electronics, telecommunications, automotive infotainment systems, investment banking, factoring, administrative consultancy, investment, insurance, planning, advertisement, real estate management, and internet services. Further, the company provides sea vehicles and store rent; digital call center; financial advisory; and project management, engineering, maintenance and repair, and technical service, as well as device, system, and software design, development, manufacturing, assembly, sales, marketing, import, export and after-sales technical support services in the fields of telecommunications, electronic communications, and information systems. Dogan Sirketler Grubu Holding A.S. was incorporated in 1980 and is based in Istanbul, Turkey.
Stock analysis
Dogan Sirketler Grubu Holding AS (DOHOL) currently trades at 19.84 TRY, while our model-based Fair Value estimate is 25.97 TRY, implying the stock looks roughly 23.6% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 56.33 TRY per share, and 8 of the 11 models we run sit above the 19.84 TRY price.
Bear case: the Earnings-Based group reads lowest at 10.32 TRY, and 3 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: 20.83 TRY (bear) to 36.02 TRY (bull), the price of 19.84 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 46/100 (below-average quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Dogan Sirketler Grubu Holding AS reported revenue of 93.7B TRL in FY2025 versus 16.9B TRL in FY2021, a compound +53.4%/yr. Reported net income was 1.8B TRL in FY2025, compounding −10.8%/yr from FY2021.
Key figures
Market cap 51.0B TRY (≈ $1.0B) · P/E ratio 18.2 · P/S ratio 0.35 · EPS (TTM) 1.09 TRY · Net margin 1.9% · Return on equity 3.4% · Return on assets (EBIT) 3.9% · Operating margin 11.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −29% fair-value upside, at 31%, DOHOL screens cheaper than that median.
Fair Value models
Bear 20.83 TRYFair Value 25.97 TRYBull 36.02 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 (0.7914 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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
+83.7%
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.
+51.2%
Revenue growth 24 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.
−33.2%
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What shareholders gained per year (last 5 years) ⓘ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. Basis: EBIT basis.
+47.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+47.7%
Dividend (yield on the price)0.0%
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.5% → 4%
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).
−10.3%
Yearly growth needed for the next five years to justify today's price.
Compare Dogan Sirketler Grubu Holding 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.Conglomerates · 376 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−12% · Below median
Profitability
Return on equity (TTM)3% · Below median
Return on assets2% · Above median
Net margin (TTM)3% · Below median
Operating margin (TTM)11% · Above median
Growth and dividend
Revenue growth−2% · Below median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Conglomerates 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). "Dogan Sirketler Grubu Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/DOHOL
Frequently asked questions
Is Dogan Sirketler Grubu Holding AS (DOHOL) overvalued or undervalued?
As of Sep 21, 2026, our model estimates a fair value of 25.97 TRY versus a price of 19.84 TRY, about +31% upside (undervalued).
What is the fair value of DOHOL?
Our model-based fair value for Dogan Sirketler Grubu Holding AS is 25.97 TRY (as of Sep 21, 2026), built from audited fundamentals. The current price: 19.84 TRY.
What is the quality score of DOHOL?
Dogan Sirketler Grubu Holding AS has a Quality Score of 46/100. 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 Dogan Sirketler Grubu Holding AS (DOHOL)?
Our model-based price target is the fair value of 25.97 TRY (as of Sep 21, 2026) from 11 valuation models. Cautious scenario 20.83 TRY, optimistic scenario 36.02 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Dogan Sirketler Grubu Holding AS stock forecast for 2026?
Our models put fair value at 25.97 TRY, about +31% upside versus a price of 19.84 TRY (undervalued). Cautious scenario 20.83 TRY, optimistic scenario 36.02 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Dogan Sirketler Grubu Holding AS (DOHOL)?
Dogan Sirketler Grubu Holding AS reported trailing-twelve-month revenue of about 93.2B TRY (latest available figure, as of Sep 21, 2026).
What growth is priced into Dogan Sirketler Grubu Holding AS (DOHOL)?
For today's price to be fair in a discounted-cash-flow model, Dogan Sirketler Grubu Holding AS would have to grow free cash flow by -10.3 % per year for five years (discount rate 14.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +54.1 % per year. As of Sep 21, 2026.
What discount rate (WACC) does the fair value of DOHOL use?
Our models discount Dogan Sirketler Grubu Holding AS at 14.2 %: a base by market capitalisation (small), damped by beta 0.47, 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 Dogan Sirketler Grubu Holding AS that is -10.3 % per year a year over ten years, using the same discount rate (14.2 %) and the same formula as our fair value.
How much growth has Dogan Sirketler Grubu Holding AS (DOHOL) delivered so far?
Over the past 5 years revenue at Dogan Sirketler Grubu Holding AS grew +54.1 % a year. The price currently implies -10.3 % 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 Dogan Sirketler Grubu Holding AS (DOHOL) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Dogan Sirketler Grubu Holding AS (-10.3 % 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 Dogan Sirketler Grubu Holding AS (DOHOL)?
The free-cash-flow yield on the price is 32.86 %: that much free cash flow Dogan Sirketler Grubu Holding AS produces per unit of market value. When it exceeds the discount rate of our models (14.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dogan Sirketler Grubu Holding AS (DOHOL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dogan Sirketler Grubu Holding AS it is 25.97 TRY per share (as of Sep 21, 2026), against a price of 19.84 TRY. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Dogan Sirketler Grubu Holding AS stock overvalued or undervalued in 2026?
As of Sep 21, 2026, DOHOL trades below its calculated fair value: price 19.84 TRY, fair value 25.97 TRY, a gap of about +31% (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 DOHOL?
No. The price is what the market pays today (19.84 TRY); the fair value is what the company's own numbers justify (25.97 TRY). For Dogan Sirketler Grubu Holding AS the two are 6.13 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Dogan Sirketler Grubu Holding AS worth?
The market values Dogan Sirketler Grubu Holding AS at about 51.0B TRY (market capitalisation, as of Sep 21, 2026). Per share that is 19.84 TRY; our models calculate a fair value of 25.97 TRY per share.
What do the bullish and bearish scenarios say about DOHOL?
Our models span a range for Dogan Sirketler Grubu Holding AS: cautious scenario 20.83 TRY, base 25.97 TRY, optimistic 36.02 TRY per share (as of Sep 21, 2026, price 19.84 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DOHOL?
Dogan Sirketler Grubu Holding AS trades at a price-to-earnings ratio of 18.2 (as of Sep 21, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 25.97 TRY is built from several models across several years. Other multiples: P/B 0.6, P/S 0.6, EV/EBITDA 4.6.
How solid is the balance sheet of Dogan Sirketler Grubu Holding AS (DOHOL)?
Balance-sheet figures for Dogan Sirketler Grubu Holding AS (as of Sep 21, 2026): return on equity 3.4%, debt of 0.07 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is DOHOL from its 52-week high?
Dogan Sirketler Grubu Holding AS trades at 19.84 TRY, about 21% below its 52-week high of 25.24 TRY and 25% above the low of 15.87 TRY (as of Sep 21, 2026). Distance from the high says nothing about value: that is what the fair value of 25.97 TRY is for.
Which stocks are comparable to Dogan Sirketler Grubu Holding AS?
From the same area (Industrials) we also value ITOCHU Corporation, 3M Company, Honeywell International Inc, CITIC 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 Dogan Sirketler Grubu Holding AS stock attractive at the current price?
The data as of Sep 21, 2026: price 19.84 TRY, calculated fair value 25.97 TRY (+31%), Quality Score 46/100, from 11 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 DOHOL calculated?
We run Dogan Sirketler Grubu Holding AS through 11 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 25.97 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 16.1 % above its aggregate fair value. Dogan Sirketler Grubu Holding AS currently trades 31 % 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 Dogan Sirketler Grubu Holding AS (DOHOL)?
The closing price on Sep 21, 2026 was 19.84 TRY. Our model-based fair value is 25.97 TRY, about +31% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dogan Sirketler Grubu Holding AS right now?
The price is below even our cautious bear case (20.83 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 (46/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Dogan Sirketler Grubu Holding AS
How large is the market capitalisation of Dogan Sirketler Grubu Holding AS (DOHOL)?
The market capitalisation of Dogan Sirketler Grubu Holding AS is 51.0B TRY (≈ $1.0B). 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 Dogan Sirketler Grubu Holding AS (DOHOL)?
The price-to-sales ratio of Dogan Sirketler Grubu Holding AS is 0.35 (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 Dogan Sirketler Grubu Holding AS (DOHOL)?
Earnings per share at Dogan Sirketler Grubu Holding AS are 1.09 TRY (price ÷ EPS = P/E 18.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Dogan Sirketler Grubu Holding AS (DOHOL)?
The net margin of Dogan Sirketler Grubu Holding AS is 1.9% (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 Dogan Sirketler Grubu Holding AS (DOHOL)?
The return on equity (ROE) of Dogan Sirketler Grubu Holding AS is 3.4% (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 Dogan Sirketler Grubu Holding AS (DOHOL)?
On an EBIT basis the return on assets of Dogan Sirketler Grubu Holding AS is 3.9% (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 Dogan Sirketler Grubu Holding AS (DOHOL)?
The operating margin of Dogan Sirketler Grubu Holding AS is 11.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dogan Sirketler Grubu Holding AS (DOHOL)?
Revenue at Dogan Sirketler Grubu Holding AS is growing −1.8% versus a year earlier (3y avg +26.9%). 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 Dogan Sirketler Grubu Holding AS (DOHOL)?
Earnings per share at Dogan Sirketler Grubu Holding AS are growing +39.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Dogan Sirketler Grubu Holding AS (DOHOL) carry?
The net debt of Dogan Sirketler Grubu Holding AS is 25.9B TRY (fiscal year 2025, ≈ 1.5 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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