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Enerjisa Enerji A.S., (ENJSA) Fair Value & Analysis

Utilities · TR · Market cap 134B TRY

EE Enerjisa Enerji A.S., ENJSA · IS
Price113.20 TRY
Fair Value52.64 TRY
Upside-53.5%
Quality61/100
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Mixed Growth
Thin margins · 2.3% net margin
Low debt · generates free cash flow
4.48% dividend yield
Mixed vs. peers (8/14)
Narrow moat 42/100
Evidence: High Range 52.64 TRY – 60.41 TRY Share as image

Fair value as of: Aug 8, 2026

From 26 valuation models · updated yesterday

Share price +9.5% over the past month.

A solid business, but screening 54% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (60.41 TRY). The favourable scenario is already priced in.
  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
  • The models converge in a tight band (52.64 TRY to 60.41 TRY), unusually little disagreement for a valuation.
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Price vs Fair Value (5 years)

127.00 TRY 7.48 TRY Fair Value 52.64 TRY May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 8, 2026.

How to read this chart

60‑month range 7.48 TRY – 127.00 TRY · fair‑value band 52.64 TRY – 60.41 TRY · the 113.20 TRY price screens above the 52.64 TRY fair value. Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

Enerjisa Enerji A.S., (ENJSA) currently trades at 113.20 TRY, while our model-based Fair Value estimate is 52.64 TRY, implying the stock looks roughly 53.5% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Utilities 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: high).

Over the trailing twelve months, Enerjisa Enerji A.S., generated revenue of 228B TRY at a net margin of 2.3%. Revenue declined 7.7% year over year. It earns a return on equity of 5.8%. Net debt stands at 63.0B TRY. Fundamentals as of Aug 8, 2026

Our scenario range runs from 52.64 TRY (bear case) to 60.41 TRY (bull case); at 113.20 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 11% below its 52-week high and 82% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -27% fair-value upside, at -54%, ENJSA 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
Growth DCF 478.07 TRY 974.07 TRY 1,787 TRY 80
Residual Income 59.84 TRY 59.33 TRY 52.09 TRY 76
Rev-Margin DCF 370.56 TRY 665.54 TRY 1,284 TRY 74
All 26 models by family
DCF Models
FCF DCF 509.89 TRY 816.99 TRY 1,795 TRY 38
Owner Earnings 62.30 TRY 174.39 TRY 409.71 TRY 31
5Y Revenue Exit 334.24 TRY 578.32 TRY 1,088 TRY 39
5Y EBITDA Exit 315.56 TRY 540.54 TRY 980.32 TRY 41
5Y P/E Exit 148.38 TRY 245.17 TRY 356.86 TRY 38
10Y Revenue Exit 379.82 TRY 820.47 TRY 1,087 TRY 36
10Y EBITDA Exit 378.16 TRY 780.24 TRY 1,451 TRY 37
10Y P/E Exit 256.17 TRY 420.25 TRY 643.09 TRY 35
Earnings-Based
Graham-Dodd 18.26 TRY 127.33 TRY 178.69 TRY 54
Lynch FV 65.78 TRY 93.98 TRY 122.17 TRY 50
PEG = 1.0 65.78 TRY 93.98 TRY 122.17 TRY 46
EPV 222.64 TRY 264.01 TRY 300.20 TRY 59
Dividend Discount
Gordon GGM 31.34 TRY 65.16 TRY 103.37 TRY 70
DDM Multi-Stage 31.34 TRY 54.94 TRY 68.39 TRY 61
Multiples
P/E Multiple 36.25 TRY 48.33 TRY 60.41 TRY 63
P/S Multiple 34.23 TRY 45.65 TRY 57.06 TRY 58
P/B Multiple 34.23 TRY 45.65 TRY 57.06 TRY 55
EV/EBIT 300.20 TRY 408.80 TRY 517.39 TRY 53
EV/EBITDA 232.03 TRY 317.90 TRY 403.77 TRY 54
EV/Revenue 237.94 TRY 350.88 TRY 463.82 TRY 43
Asset-Based
NCAV (Graham) 40.54 TRY 54.33 TRY 81.09 TRY 50
Growth DCF
Growth DCF 478.07 TRY 974.07 TRY 1,787 TRY 80
Rev-Margin DCF 370.56 TRY 665.54 TRY 1,284 TRY 74
Economic Profit
Residual Income 59.84 TRY 59.33 TRY 52.09 TRY 76
ROIC Compounder 316.22 TRY 533.50 TRY 694.61 TRY 72
Growth Earnings
Growth-Adj P/E 82.21 TRY 117.45 TRY 152.68 TRY 68

Widest divergence: Growth DCF (665.54 TRY) versus Multiples (48.33 TRY). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 228B TRY
Revenue growth (YoY) -7.7%
Net margin 2.3%
Return on equity 5.8%
Free cash flow 37.6B TRY FY2025
P/E ratio 25.6
More key figures
Operating margin 16.0%
EPS (TTM) 4.42 TRY
Dividend yield 4.5%
EPS growth (YoY) +2,050%
Net debt 63.0B TRY FY2025

Figures from reported company fundamentals · as of Aug 8, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 55 · Market factors (momentum, volatility) 75

Profitability 37
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 38
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 89
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

Enerjisa Enerji A.S., together with its subsidiaries, engages in the electricity business in Turkey. It operates through three segments: Electricity Distribution, Retail, and Customer Solutions.

Full company description

Enerjisa Enerji A.S., together with its subsidiaries, engages in the electricity business in Turkey. It operates through three segments: Electricity Distribution, Retail, and Customer Solutions. The company engages in the transmission of electricity over lines to the end users through distribution networks; retail sale of electricity; and provision of renewable energy and energy efficiency solutions. It is also involved in the operation of charging network for electric vehicles; supply of charging station equipment; and vehicle leasing and fleet services. The company was incorporated in 2011 and is headquartered in Istanbul, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Enerjisa Enerji A.S., reported revenue of 233B TRY in FY2025 versus 30.5B TRY in FY2021, a compound +66.2%/yr. Reported net income was 3.2B TRY in FY2025, compounding +8.6%/yr from FY2021.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
233B TRY
Latest YoY
−6.6%
Avg. growth/yr (3Y)
+40.3%
Avg. growth/yr (5Y)
+60.7%
Avg. growth/yr (12Y)
+34.4%
Revenue +66.2%/yr
FY21 30.5B TRY
FY22 84.4B TRY
FY23 169B TRY
FY24 249B TRY
FY25 233B TRY
Net income +8.6%/yr
FY21 2.3B TRY
FY22 14.5B TRY
FY23 4.5B TRY
FY24 −6.4B TRY
FY25 3.2B TRY

ENJSA screens 54% overvalued. Compare with NextEra Energy, Inc →

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Cite: Fair Value Calculator (2026). "Enerjisa Enerji A.S., Fair Value". https://www.fairvalue-calculator.com/stock/ENJSA

Peer Group

Utilities - Regulated Electric · 155 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 61 · Top 25%
Fair Value upside −54% · Bottom 25%
Return on equity (TTM) 6% · Bottom 25%
Return on assets 9% · Top 25%
Net margin (TTM) 2% · Bottom 25%
Operating margin (TTM) 16% · Below median
Revenue growth -8% · Bottom 25%
Dividend yield (TTM) 4.5% · Top 25%
Debt / equity 0.35× · Lower than median

Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper

P/E (TTM) 25.6× · Pricier than 75% of peers
P/B 1.40× · Cheaper than median
P/S (TTM) 0.59× · Cheaper than 75% of peers
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 4.5× · Cheaper than 75% of peers

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 9
FUTURE 0 · sector 32
PAST 23 · sector 39
HEALTH 82 · sector 53
DIVIDEND 90 · sector 57

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 Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Aug 8, 2026).

Stock Price Fair Value vs Fair Value
NextEra Energy, Inc NEE $88.80 $32.94 -63%
The Southern Company SO $95.61 $61.06 -36%
Duke Energy Corporation DUK $126.11 $97.11 -23%
National Grid plc NGG 61,175 ARS 44,377 ARS -27%
American Electric Power Company AEP $132.50 $79.33 -40%
Dominion Energy, Inc D $70.08 $46.92 -33%
NTPC Limited NTPC ₹341.85 ₹377.16 +10%
CEZ, a. s. CEZ 232.40 PLN 159.33 PLN -31%
Power Grid Corporation POWERGRID ₹283.55 ₹252.77 -11%
China National Nuclear Power Co 601985 ¥8.91 ¥7.69 -14%

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Frequently asked questions

Is Enerjisa Enerji A.S., (ENJSA) overvalued or undervalued?
As of Aug 8, 2026, our model estimates a fair value of 52.64 TRY versus a price of 113.20 TRY, about −54% (overvalued).
What is the fair value of ENJSA?
Our model-based fair value for Enerjisa Enerji A.S., is 52.64 TRY (as of Aug 8, 2026), built from audited fundamentals. The current price is 113.20 TRY.
What is the quality score of ENJSA?
Enerjisa Enerji A.S., has a Quality Score of 61/100. 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 Enerjisa Enerji A.S., (ENJSA)?
Enerjisa Enerji A.S., reported trailing-twelve-month revenue of about 228B TRY (latest available figure, as of Aug 8, 2026).
What is the net profit margin of ENJSA?
The net profit margin of Enerjisa Enerji A.S., is about 2.3%, meaning it keeps roughly 2.3% of revenue as net income. Based on the latest reported figures.
Does Enerjisa Enerji A.S., pay a dividend?
Enerjisa Enerji A.S., currently shows a dividend yield of about 4.48% relative to its recent price (as of Aug 8, 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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