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Dogan Sirketler Grubu Holding (DOHOL) Fair Value & Analysis

Industrials · TR · Market cap 53.8B TRY

DS Dogan Sirketler Grubu Holding DOHOL · IS
Price20.90 TRY
Fair Value18.66 TRY
Upside-10.7%
Quality48/100
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Healthy Growth
Thin margins · 3.0% net margin
Low debt · generates free cash flow
Mixed vs. peers (7/14)
Narrow moat 30/100
Evidence: Medium Range 14.00 TRY – 23.33 TRY Share as image

Fair value as of: Aug 7, 2026

From 24 valuation models · updated yesterday

Share price +1.5% over the past month.

Below-average quality, and screening another 11% overvalued on our models.

What matters now

  • Our model range runs from 14.00 TRY (bear) to 23.33 TRY (bull), base 18.66 TRY. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 48/100 (below-average quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

24.64 TRY 2.25 TRY Fair Value 18.66 TRY May 2021 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

60‑month range 2.25 TRY – 24.64 TRY · fair‑value band 14.00 TRY – 23.33 TRY · the 20.90 TRY price screens above the 18.66 TRY fair value. Dashed = 300-day average. As of Aug 7, 2026.

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Analysis

Dogan Sirketler Grubu Holding (DOHOL) currently trades at 20.90 TRY, while our model-based Fair Value estimate is 18.66 TRY, implying the stock looks roughly 10.7% overvalued today. We read business quality at 48/100 (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: medium).

Over the trailing twelve months, Dogan Sirketler Grubu Holding generated revenue of 93.2B TRY at a net margin of 3.0%. Revenue declined 1.8% year over year. It earns a return on equity of 3.4%. Net debt stands at 25.9B TRY. Fundamentals as of Aug 7, 2026

Our scenario range runs from 14.00 TRY (bear case) to 23.33 TRY (bull case); at 20.90 TRY, the current price sits within 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 17% below its 52-week high and 32% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -14% fair-value upside, at -11%, DOHOL screens cheaper 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
Growth DCF 89.00 TRY 165.40 TRY 301.67 TRY 80
Residual Income 22.98 TRY 21.86 TRY 17.38 TRY 76
Rev-Margin DCF 38.06 TRY 56.33 TRY 81.25 TRY 74
All 24 models by family
DCF Models
FCF DCF 90.91 TRY 173.33 TRY 340.85 TRY 38
Owner Earnings 10.57 TRY 20.11 TRY 37.92 TRY 31
5Y Revenue Exit 38.06 TRY 55.71 TRY 77.81 TRY 39
5Y EBITDA Exit 53.74 TRY 89.75 TRY 135.07 TRY 41
5Y P/E Exit 35.14 TRY 49.36 TRY 64.59 TRY 38
10Y Revenue Exit 53.99 TRY 77.75 TRY 111.70 TRY 36
10Y EBITDA Exit 65.12 TRY 103.44 TRY 162.12 TRY 37
10Y P/E Exit 52.52 TRY 72.96 TRY 100.05 TRY 35
Earnings-Based
Graham-Dodd 4.74 TRY 25.97 TRY 36.02 TRY 54
Lynch FV 7.22 TRY 10.32 TRY 13.41 TRY 50
PEG = 1.0 7.22 TRY 10.32 TRY 13.41 TRY 46
EPV 13.81 TRY 16.00 TRY 17.91 TRY 59
Multiples
P/E Multiple 10.45 TRY 13.93 TRY 17.42 TRY 63
P/S Multiple 8.88 TRY 11.84 TRY 14.80 TRY 58
P/B Multiple 8.88 TRY 11.84 TRY 14.80 TRY 55
EV/EBIT 21.36 TRY 28.24 TRY 35.13 TRY 53
EV/EBITDA 39.60 TRY 52.57 TRY 65.54 TRY 54
EV/Revenue 14.62 TRY 20.59 TRY 26.56 TRY 43
Asset-Based
NCAV (Graham) 16.27 TRY 21.80 TRY 32.54 TRY 50
Growth DCF
Growth DCF 89.00 TRY 165.40 TRY 301.67 TRY 80
Rev-Margin DCF 38.06 TRY 56.33 TRY 81.25 TRY 74
Economic Profit
Residual Income 22.98 TRY 21.86 TRY 17.38 TRY 76
ROIC Compounder 13.81 TRY 16.00 TRY 17.91 TRY 72
Growth Earnings
Growth-Adj P/E 10.26 TRY 14.65 TRY 19.05 TRY 68

Widest divergence: DCF Models (72.96 TRY) versus Earnings-Based (10.32 TRY). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 93.2B TRY
Revenue growth (YoY) -1.8%
Net margin 3.0%
Return on equity 3.4%
Free cash flow 16.8B TRY FY2025
P/E ratio 19.2
More key figures
Operating margin 11.4%
EPS (TTM) 1.09 TRY
EPS growth (YoY) +39.5%
Net debt 25.9B TRY FY2025

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

Quality Score breakdown

Overall quality 48/100

Of which business quality 48 · Market factors (momentum, volatility) 52

Profitability 22
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 81
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 25
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 49
Distance to the 52-week high (market factor)
Net Issuance 84
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

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Dogan Sirketler Grubu Holding 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.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
93.7B TRY
Avg. growth/yr (3Y)
+83.7%
Avg. growth/yr (5Y)
+51.2%
Avg. growth/yr (24Y)
−33.2%
Revenue +53.4%/yr
FY21 16.9B TRL
FY22 45.9B TRL
FY23 75.7B TRL
FY24 105B TRL
FY25 93.7B TRL
Net income −10.8%/yr
FY21 2.8B TRL
FY22 6.0B TRL
FY23 −210M TRL
FY24 5.7B TRL
FY25 1.8B TRL

DOHOL screens 11% overvalued. Compare with CITIC Limited →

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Cite: Fair Value Calculator (2026). "Dogan Sirketler Grubu Holding Fair Value". https://www.fairvalue-calculator.com/stock/DOHOL

Peer Group

Conglomerates · 371 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 48 · Below median
Fair Value upside −11% · Below median
Return on equity (TTM) 3% · Below median
Return on assets 2% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 11% · Above median
Revenue growth -2% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.07× · Lower than median

Valuation Multiples vs Conglomerates median · lower = cheaper

P/E (TTM) 19.2× · Pricier than median
P/B 0.64× · Cheaper than median
P/S (TTM) 0.58× · Cheaper than median
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 4.6× · Cheaper than 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 19 · sector 19
FUTURE 0 · sector 16
PAST 13 · sector 20
HEALTH 97 · sector 89
DIVIDEND 0 · sector 39

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

Stock Price Fair Value vs Fair Value
CITIC Limited 0267 HK$11.28 HK$22.56 +100%
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PT Astra International Tbk, ASII 4,810 IDR 9,620 IDR +100%
The Siam Cement Public Company SCC 254.00 THB 199.40 THB -21%
SRF Limited SRF ₹2,875 ₹1,053 -63%
Empresas Copec S.A COPEC 6,330 CLP 10,879 CLP +72%
Posco International Corporation 047050 50,900 KRW 61,248 KRW +20%
Tube Investments of India Limited TIINDIA ₹2,940 ₹559.30 -81%
Doosan Corporation 000155 464,000 KRW 75,620 KRW -84%
Thermax Limited THERMAX ₹4,809 ₹1,087 -77%

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Frequently asked questions

Is Dogan Sirketler Grubu Holding (DOHOL) overvalued or undervalued?
As of Aug 7, 2026, our model estimates a fair value of 18.66 TRY versus a price of 20.90 TRY, about −11% (overvalued).
What is the fair value of DOHOL?
Our model-based fair value for Dogan Sirketler Grubu Holding is 18.66 TRY (as of Aug 7, 2026), built from audited fundamentals. The current price is 20.90 TRY.
What is the quality score of DOHOL?
Dogan Sirketler Grubu Holding has a Quality Score of 48/100. 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 Dogan Sirketler Grubu Holding (DOHOL)?
Dogan Sirketler Grubu Holding reported trailing-twelve-month revenue of about 93.2B TRY (latest available figure, as of Aug 7, 2026).
What is the net profit margin of DOHOL?
The net profit margin of Dogan Sirketler Grubu Holding is about 3.0%, meaning it keeps roughly 3.0% of revenue as net income. 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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