Enerjisa Enerji AS (ENJSA) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Enerjisa Enerji AS TRY 119, price TRY 109, upside +8.9%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 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 20, 2026.
How to read this chart
60‑month range 7.48 TRY – 127.00 TRY · fair‑value band 83.16 TRY – 154.43 TRY · the 109.10 TRY price screens below the 118.80 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 20, 2026.
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.
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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.
Stock analysis
Enerjisa Enerji AS (ENJSA) currently trades at 109.10 TRY, while our model-based Fair Value estimate is 118.80 TRY, implying the stock looks roughly 8.2% fairly valued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 665.54 TRY per share, and 17 of the 26 models we run sit above the 109.10 TRY price.
Bear case: the Multiples group reads lowest at 48.33 TRY, and 9 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 83.16 TRY (bear) to 154.43 TRY (bull), the price of 109.10 TRY sits inside 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 53/100 (solid quality), in the Utilities sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Enerjisa Enerji AS 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.
Key figures
Market cap 129B TRY (≈ $2.6B) · P/E ratio 24.7 · P/S ratio 0.34 · EPS (TTM) 4.42 TRY · Dividend yield 4.7% · Net margin 1.4% · Return on equity 5.8% · Return on assets (EBIT) 14.3%.
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 15% below its 52-week high and 75% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −38% fair-value upside, at 9%, ENJSA screens cheaper than that median.
Fair Value models
Bear 83.16 TRYFair Value 118.80 TRYBull 154.43 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.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.84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−6.6%
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.
+40.3%
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.
+60.7%
Start year 2020 (pandemic). Over 10 years: +34.7% a year
Revenue growth 12 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.
+34.4%
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What shareholders gained per year (last 5 years), in TRY ⓘ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. Measured in TRY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+28.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.9%
Dividend (yield on the price)4.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.24% vs 27%, slowing
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.11% → 15%
Start year 2020 (pandemic)
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).
−11.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about −25.4% a year for the price.
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.Utilities - Regulated Electric · 156 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score53 · Above median
Fair Value upside−54% · Bottom 25%
Profitability
Return on equity (TTM)6% · Bottom 25%
Return on assets9% · Top 25%
Net margin (TTM)2% · Bottom 25%
Operating margin (TTM)16% · Below median
Growth and dividend
Revenue growth−8% · Bottom 25%
Dividend yield (TTM)4.7% · Top 25%
Balance sheet
Debt / equity0.35× · Below median
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Enerjisa Enerji AS Fair Value". https://www.fairvalue-calculator.com/stock/ENJSA
Frequently asked questions
Is Enerjisa Enerji AS (ENJSA) overvalued or undervalued?
As of Sep 20, 2026, our model estimates a fair value of 118.80 TRY versus a price of 109.10 TRY, about +9% upside (fairly valued).
What is the fair value of ENJSA?
Our model-based fair value for Enerjisa Enerji AS is 118.80 TRY (as of Sep 20, 2026), built from audited fundamentals. The current price: 109.10 TRY.
What is the quality score of ENJSA?
Enerjisa Enerji AS has a Quality Score of 53/100. 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 Enerjisa Enerji AS (ENJSA)?
Our model-based price target is the fair value of 118.80 TRY (as of Sep 20, 2026) from 26 valuation models. Cautious scenario 83.16 TRY, optimistic scenario 154.43 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Enerjisa Enerji AS stock forecast for 2026?
Our models put fair value at 118.80 TRY, about +9% upside versus a price of 109.10 TRY (fairly valued). Cautious scenario 83.16 TRY, optimistic scenario 154.43 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Enerjisa Enerji AS (ENJSA)?
Enerjisa Enerji AS reported trailing-twelve-month revenue of about 228B TRY (latest available figure, as of Sep 20, 2026).
Does Enerjisa Enerji AS pay a dividend?
Enerjisa Enerji AS currently shows a dividend yield of about 4.66% relative to its recent price (as of Sep 20, 2026).
What growth is priced into Enerjisa Enerji AS (ENJSA)?
For today's price to be fair in a discounted-cash-flow model, Enerjisa Enerji AS would have to grow free cash flow by -11.0 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +60.7 % per year. As of Sep 20, 2026.
What discount rate (WACC) does the fair value of ENJSA use?
Our models discount Enerjisa Enerji AS at 12.7 %: a base by market capitalisation (mid), damped by beta 0.43, 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 Enerjisa Enerji AS that is -11.0 % per year a year over ten years, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has Enerjisa Enerji AS (ENJSA) delivered so far?
Over the past 5 years revenue at Enerjisa Enerji AS grew +60.7 % a year. The price currently implies -11.0 % 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 Enerjisa Enerji AS (ENJSA) growing?
The median revenue growth in the sector is +0.8 % a year. That is the yardstick for the growth priced into Enerjisa Enerji AS (-11.0 % 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 Enerjisa Enerji AS (ENJSA)?
The free-cash-flow yield on the price is 29.16 %: that much free cash flow Enerjisa Enerji AS produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Enerjisa Enerji AS (ENJSA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Enerjisa Enerji AS it is 118.80 TRY per share (as of Sep 20, 2026), against a price of 109.10 TRY. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Enerjisa Enerji AS stock overvalued or undervalued in 2026?
As of Sep 20, 2026, ENJSA trades below its calculated fair value: price 109.10 TRY, fair value 118.80 TRY, a gap of about +9% (fairly valued). 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 ENJSA?
No. The price is what the market pays today (109.10 TRY); the fair value is what the company's own numbers justify (118.80 TRY). For Enerjisa Enerji AS the two are 9.70 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Enerjisa Enerji AS worth?
The market values Enerjisa Enerji AS at about 129B TRY (market capitalisation, as of Sep 20, 2026). Per share that is 109.10 TRY; our models calculate a fair value of 118.80 TRY per share.
What do the bullish and bearish scenarios say about ENJSA?
Our models span a range for Enerjisa Enerji AS: cautious scenario 83.16 TRY, base 118.80 TRY, optimistic 154.43 TRY per share (as of Sep 20, 2026, price 109.10 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ENJSA?
Enerjisa Enerji AS trades at a price-to-earnings ratio of 24.7 (as of Sep 20, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 118.80 TRY is built from several models across several years. Other multiples: P/B 1.4, P/S 0.6, EV/EBITDA 4.5.
How solid is the balance sheet of Enerjisa Enerji AS (ENJSA)?
Balance-sheet figures for Enerjisa Enerji AS (as of Sep 20, 2026): return on equity 5.8%, debt of 0.35 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is ENJSA from its 52-week high?
Enerjisa Enerji AS trades at 109.10 TRY, about 15% below its 52-week high of 127.90 TRY and 75% above the low of 62.30 TRY (as of Sep 20, 2026). Distance from the high says nothing about value: that is what the fair value of 118.80 TRY is for.
Which stocks are comparable to Enerjisa Enerji AS?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, 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 Enerjisa Enerji AS stock attractive at the current price?
The data as of Sep 20, 2026: price 109.10 TRY, calculated fair value 118.80 TRY (+9%), Quality Score 53/100, from 26 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 ENJSA calculated?
We run Enerjisa Enerji AS through 26 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 118.80 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 16.0 % above its aggregate fair value. Enerjisa Enerji AS currently trades 9 % 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 Enerjisa Enerji AS (ENJSA)?
The closing price on Sep 22, 2026 was 109.10 TRY. Our model-based fair value is 118.80 TRY, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Enerjisa Enerji AS right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (83.16 TRY to 154.43 TRY) leaves room in how you read the outcome.
Key figures of Enerjisa Enerji AS
How large is the market capitalisation of Enerjisa Enerji AS (ENJSA)?
The market capitalisation of Enerjisa Enerji AS is 129B TRY (≈ $2.6B). 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 Enerjisa Enerji AS (ENJSA)?
The price-to-sales ratio of Enerjisa Enerji AS is 0.34 (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 Enerjisa Enerji AS (ENJSA)?
Earnings per share at Enerjisa Enerji AS are 4.42 TRY (price ÷ EPS = P/E 24.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Enerjisa Enerji AS (ENJSA)?
The dividend yield of Enerjisa Enerji AS is 4.7% (payout 115%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Enerjisa Enerji AS (ENJSA)?
The net margin of Enerjisa Enerji AS is 1.4% (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 Enerjisa Enerji AS (ENJSA)?
The return on equity (ROE) of Enerjisa Enerji AS is 5.8% (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 Enerjisa Enerji AS (ENJSA)?
On an EBIT basis the return on assets of Enerjisa Enerji AS is 14.3% (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 Enerjisa Enerji AS (ENJSA)?
The operating margin of Enerjisa Enerji AS is 16.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Enerjisa Enerji AS (ENJSA)?
Revenue at Enerjisa Enerji AS is growing −7.7% versus a year earlier (3y avg +40.3%). 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 Enerjisa Enerji AS (ENJSA)?
Earnings per share at Enerjisa Enerji AS are growing +20.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Enerjisa Enerji AS (ENJSA) carry?
The net debt of Enerjisa Enerji AS is 63.0B TRY (fiscal year 2025, ≈ 1.7 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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