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DYO Boya Fabrikalari Sanayi ve Ticaret A.S. (DYOBY) Fair Value & Analysis

Basic Materials · TR · Market cap 3.8B TRY

DB DYO Boya Fabrikalari Sanayi ve Ticaret A.S. DYOBY · IS
Price12.68 TRY
Fair Value20.29 TRY
Upside+60.0%
Quality32/100
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Mixed Growth
Loss-making · -4.3% net margin
Low debt · generates free cash flow
Mixed vs. peers (5/11)
Narrow moat 22/100
Evidence: High Range 11.99 TRY – 30.64 TRY Share as image

Fair value as of: Aug 7, 2026

From 15 valuation models · updated yesterday

Share price −8.4% over the past month.

Below-average quality, screening 60% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (32/100). That raises the risk this is a value trap rather than a bargain.
  • A fairly wide model range (11.99 TRY to 30.64 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

30.76 TRY 2.53 TRY Fair Value 20.29 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 2.53 TRY – 30.76 TRY · fair‑value band 11.99 TRY – 30.64 TRY · the 12.68 TRY price screens below the 20.29 TRY fair value. Dashed = 300-day average. As of Aug 7, 2026.

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Analysis

DYO Boya Fabrikalari Sanayi ve Ticaret A.S. (DYOBY) currently trades at 12.68 TRY, while our model-based Fair Value estimate is 20.29 TRY, implying the stock looks roughly 60.0% undervalued today. We read business quality at 32/100 (below-average quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, DYO Boya Fabrikalari Sanayi ve Ticaret A.S. generated revenue of 9.1B TRY at a net margin of -4.3%. Revenue declined 35.3% year over year. It earns a return on equity of -5.3%. Net debt stands at 5.5B TRY. Fundamentals as of Aug 7, 2026

Our scenario range runs from 11.99 TRY (bear case) to 30.64 TRY (bull case); at 12.68 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 44% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -58% fair-value upside, at 60%, DYOBY 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 30.84 TRY 57.51 TRY 109.72 TRY 80
Rev-Margin DCF 16.04 TRY 30.01 TRY 56.57 TRY 74
ROIC Compounder 6.66 TRY 8.13 TRY 9.39 TRY 72
All 15 models by family
DCF Models
FCF DCF 33.00 TRY 52.22 TRY 112.13 TRY 38
5Y Revenue Exit 15.73 TRY 25.86 TRY 46.81 TRY 39
5Y EBITDA Exit 20.90 TRY 36.32 TRY 66.46 TRY 41
10Y Revenue Exit 20.77 TRY 41.08 TRY 51.66 TRY 36
10Y EBITDA Exit 24.90 TRY 51.97 TRY 97.05 TRY 37
Earnings-Based
EPV 6.66 TRY 8.13 TRY 9.39 TRY 59
Dividend Discount
Gordon GGM 3.06 TRY 6.08 TRY 9.21 TRY 70
DDM Multi-Stage 3.06 TRY 5.26 TRY 6.42 TRY 61
Multiples
EV/EBIT 12.68 TRY 17.78 TRY 22.88 TRY 53
EV/EBITDA 15.45 TRY 21.46 TRY 27.48 TRY 54
EV/Revenue 7.70 TRY 12.12 TRY 16.53 TRY 43
Asset-Based
NCAV (Graham) 5.37 TRY 7.20 TRY 10.74 TRY 50
Growth DCF
Growth DCF 30.84 TRY 57.51 TRY 109.72 TRY 80
Rev-Margin DCF 16.04 TRY 30.01 TRY 56.57 TRY 74
Economic Profit
ROIC Compounder 6.66 TRY 8.13 TRY 9.39 TRY 72

Widest divergence: DCF Models (41.08 TRY) versus Dividend Discount (5.26 TRY). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 9.1B TRY
Revenue growth (YoY) -35.3%
Net margin -4.3%
Return on equity -5.3%
Free cash flow 1.5B TRY FY2025
Operating margin 9.6%
More key figures
EPS (TTM) -1.78 TRY
EPS growth (YoY) +265%
Net debt 5.5B TRY FY2025

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

Quality Score breakdown

Overall quality 32/100

Of which business quality 37 · Market factors (momentum, volatility) 30

Profitability 16
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 25
Balance sheet, leverage, solvency risk
Investment 28
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 40
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

DYO Boya Fabrikalari Sanayi ve Ticaret A.S. produces and sells paints, varnishes, resins, other surface coatings, and construction and thermal insulation products in Türkiye and internationally. The company offers industrial, furniture, and marine coatings; protective, coil, and defence and military coatings; and car refinish and polyester.

Full company description

DYO Boya Fabrikalari Sanayi ve Ticaret A.S. produces and sells paints, varnishes, resins, other surface coatings, and construction and thermal insulation products in Türkiye and internationally. The company offers industrial, furniture, and marine coatings; protective, coil, and defence and military coatings; and car refinish and polyester. It also provides decorative paints, including interior wall paints, exterior wall paints, wood and metal paints, and wood care products and varnishes, as well as primers, putties and thinners; products under the Dr. DYO and DYO traffic brands; and colors, painters, architect products. The company was founded in 1927 and is headquartered in Izmir, Turkey. DYO Boya Fabrikalari Sanayi ve Ticaret A.S. is a subsidiary of Yasar Holding A.S.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

DYO Boya Fabrikalari Sanayi ve Ticaret A.S. reported revenue of 10.2B TRY in FY2025 versus 2.3B TRY in FY2021, a compound +45.2%/yr. Reported net income was −427M TRY in FY2025.

Growth Quality 61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
10.2B TRY
Latest YoY
−27.2%
Avg. growth/yr (3Y)
+34.0%
Avg. growth/yr (5Y)
+47.2%
Avg. growth/yr (20Y)
+21.7%
Revenue +45.2%/yr
FY21 2.3B TRY
FY22 4.2B TRY
FY23 12.3B TRY
FY24 14.0B TRY
FY25 10.2B TRY
Net income
FY21 −720K TRY
FY22 285M TRY
FY23 471M TRY
FY24 −221M TRY
FY25 −427M TRY

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Cite: Fair Value Calculator (2026). "DYO Boya Fabrikalari Sanayi ve Ticaret A.S. Fair Value". https://www.fairvalue-calculator.com/stock/DYOBY

Peer Group

Specialty Chemicals · 679 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 32 · Bottom 25%
Fair Value upside +60% · Top 25%
Return on assets 2% · Below median
Net margin (TTM) -4% · Bottom 25%
Operating margin (TTM) 10% · Above median
Revenue growth -35% · Bottom 25%
Debt / equity 0.27× · Higher than median

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 1.8× · Cheaper than 75% of peers
PEG 1.02× · 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 100 · sector 0
FUTURE 0 · sector 19
PAST 0 · sector 23
HEALTH 87 · sector 95
DIVIDEND 0 · sector 25

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

Stock Price Fair Value vs Fair Value
Linde plc LIN $520.74 $226.27 -57%
Nan Ya Plastics Corporation 1303 181.50 TWD 255.83 TWD +41%
Wanhua Chemical Group 600309 ¥70.04 ¥68.03 -3%
Novozymes A/S NSISB kr 428.20 kr 179.66 -58%
Asian Paints Limited ASIANPAINT ₹2,689 ₹668.81 -75%
Solar Industries India Limited SOLARINDS ₹18,236 ₹2,793 -85%
Pidilite Industries Limited PIDILITIND ₹1,560 ₹351.84 -77%
PT Chandra Asri Pacific Tbk TPIA 1,805 IDR 2,888 IDR +60%
Linde India Limited LINDEINDIA ₹7,115 ₹757.93 -89%
Berger Paints India Limited BERGEPAINT ₹493.70 ₹164.29 -67%

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Frequently asked questions

Is DYO Boya Fabrikalari Sanayi ve Ticaret A.S. (DYOBY) overvalued or undervalued?
As of Aug 7, 2026, our model estimates a fair value of 20.29 TRY versus a price of 12.68 TRY, about +60% (undervalued).
What is the fair value of DYOBY?
Our model-based fair value for DYO Boya Fabrikalari Sanayi ve Ticaret A.S. is 20.29 TRY (as of Aug 7, 2026), built from audited fundamentals. The current price is 12.68 TRY.
What is the quality score of DYOBY?
DYO Boya Fabrikalari Sanayi ve Ticaret A.S. has a Quality Score of 32/100. 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 DYO Boya Fabrikalari Sanayi ve Ticaret A.S. (DYOBY)?
DYO Boya Fabrikalari Sanayi ve Ticaret A.S. reported trailing-twelve-month revenue of about 9.1B TRY (latest available figure, as of Aug 7, 2026).
What is the net profit margin of DYOBY?
The net profit margin of DYO Boya Fabrikalari Sanayi ve Ticaret A.S. is about -4.3%, meaning it is currently running at a net loss. 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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