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Fonet Bilgi Teknolojileri A.S. (FONET) Fair Value & Analysis

Healthcare · TR · Market cap 4.7B TRY

FB Fonet Bilgi Teknolojileri A.S. FONET · IS
Price5.00 TRY
Fair Value4.41 TRY
Upside-11.8%
Quality56/100
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Expensive Growth
Highly profitable · 27.0% net margin
Low debt · generates free cash flow
Ranks above peers (11/13)
Wide moat 70/100
Evidence: High Range 2.06 TRY – 5.53 TRY Share as image

Fair value as of: Aug 8, 2026

From 24 valuation models · updated yesterday

Share price −1.0% over the past month.

A solid business, but screening 12% overvalued on our models.

What matters now

  • The model range is unusually wide (2.06 TRY to 5.53 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Our model range runs from 2.06 TRY (bear) to 5.53 TRY (bull), base 4.41 TRY. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 56/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

8.20 TRY 0.4051 TRY Fair Value 4.41 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 0.4051 TRY – 8.20 TRY · fair‑value band 2.06 TRY – 5.53 TRY · the 5.00 TRY price screens above the 4.41 TRY fair value. Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

Fonet Bilgi Teknolojileri A.S. (FONET) currently trades at 5.00 TRY, while our model-based Fair Value estimate is 4.41 TRY, implying the stock looks roughly 11.8% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Healthcare 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, Fonet Bilgi Teknolojileri A.S. generated revenue of 898M TRY at a net margin of 27.0%. Revenue grew 57.4% year over year. It earns a return on equity of 15.6%. Net debt stands at 10.8M TRY. Fundamentals as of Aug 8, 2026

Our scenario range runs from 2.06 TRY (bear case) to 5.53 TRY (bull case); at 5.00 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 22% below its 52-week high and 112% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -53% fair-value upside, at -12%, FONET 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 1.80 TRY 3.32 TRY 5.75 TRY 80
Rev-Margin DCF 2.09 TRY 3.74 TRY 7.17 TRY 74
ROIC Compounder 3.42 TRY 4.93 TRY 6.03 TRY 72
All 24 models by family
DCF Models
FCF DCF 1.91 TRY 2.87 TRY 5.87 TRY 38
Owner Earnings 1.94 TRY 4.14 TRY 8.60 TRY 31
5Y Revenue Exit 1.90 TRY 3.28 TRY 6.19 TRY 39
5Y EBITDA Exit 3.98 TRY 7.49 TRY 14.38 TRY 41
5Y P/E Exit 3.27 TRY 7.60 TRY 13.57 TRY 38
10Y Revenue Exit 1.86 TRY 4.12 TRY 5.61 TRY 36
10Y EBITDA Exit 3.42 TRY 8.49 TRY 17.68 TRY 37
10Y P/E Exit 2.91 TRY 7.01 TRY 13.91 TRY 35
Earnings-Based
Graham-Dodd 1.62 TRY 11.29 TRY 15.85 TRY 54
Lynch FV 5.83 TRY 8.33 TRY 10.83 TRY 50
PEG = 1.0 5.83 TRY 8.33 TRY 10.83 TRY 46
EPV 2.63 TRY 3.03 TRY 3.37 TRY 59
Multiples
P/E Multiple 3.57 TRY 4.76 TRY 5.95 TRY 63
P/S Multiple 1.71 TRY 2.28 TRY 2.85 TRY 58
P/B Multiple 3.04 TRY 4.05 TRY 5.06 TRY 55
EV/EBIT 4.26 TRY 5.64 TRY 7.02 TRY 53
EV/EBITDA 4.66 TRY 6.17 TRY 7.68 TRY 54
EV/Revenue 1.73 TRY 2.41 TRY 3.10 TRY 43
Asset-Based
NCAV (Graham) 0.9000 TRY 1.21 TRY 1.81 TRY 50
Growth DCF
Growth DCF 1.80 TRY 3.32 TRY 5.75 TRY 80
Rev-Margin DCF 2.09 TRY 3.74 TRY 7.17 TRY 74
Economic Profit
Residual Income 1.70 TRY 2.07 TRY 4.73 TRY 61
ROIC Compounder 3.42 TRY 4.93 TRY 6.03 TRY 72
Growth Earnings
Growth-Adj P/E 7.52 TRY 10.74 TRY 13.96 TRY 68

Widest divergence: Growth Earnings (10.74 TRY) versus Asset-Based (1.21 TRY). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 898M TRY
Revenue growth (YoY) +57.4%
Net margin 27.0%
Return on equity 15.6%
Free cash flow 105M TRY FY2025
P/E ratio 25.2
More key figures
Operating margin 17.5%
EPS (TTM) 0.2000 TRY
EPS growth (YoY) +47.8%
Net debt 10.8M TRY FY2023

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

Quality Score breakdown

Overall quality 56/100

Of which business quality 52 · Market factors (momentum, volatility) 70

Profitability 57
Margins and returns on capital today
Quality Growth 77
Are margins and returns improving?
Cashflow 58
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 46
Calm price path (market factor)
Momentum 79
Price trend over the last 3–12 months (market factor)
52W Momentum 83
Distance to the 52-week high (market factor)
Net Issuance 0
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

Fonet Bilgi Teknolojileri A.S. provides information technology services in the healthcare sector in Turkey and internationally.

Full company description

Fonet Bilgi Teknolojileri A.S. provides information technology services in the healthcare sector in Turkey and internationally. The company offers health informatics, digital health transformation, solutions social security, and family and social aid solutions such as healthcare software modules, including consultation management, appointment management, patient record/admission management, emergency management, polyclinic management, interoperability systems, decision support management, material resource and inventory management, fixture and asset management, home health care services management, and remote health information systems. The company also provides software development services, project implementation, and system support. In addition, it offers turnkey project services and develops, sells, and supports ERP products used in both public and private sectors. The company's products include Fonet Hospital Information Management System (HIS), that manages medical, administrative, and financial business processes of health institutions. Fonet Bilgi Teknolojileri A.S. was founded in 1997 and is headquartered in Ankara, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fonet Bilgi Teknolojileri A.S. reported revenue of 855M TRY in FY2025 versus 85.5M TRY in FY2021, a compound +77.8%/yr. Reported net income was 223M TRY in FY2025, compounding +56.1%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
855M TRY
Latest YoY
+35.9%
Avg. growth/yr (3Y)
+88.3%
Avg. growth/yr (5Y)
+67.5%
Avg. growth/yr (7Y)
+57.4%
Revenue +77.8%/yr
FY21 85.5M TRY
FY22 128M TRY
FY23 361M TRY
FY24 629M TRY
FY25 855M TRY
Net income +56.1%/yr
FY21 37.5M TRY
FY22 56.4M TRY
FY23 215M TRY
FY24 197M TRY
FY25 223M TRY

FONET screens 12% overvalued. Compare with Veeva Systems Inc →

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Cite: Fair Value Calculator (2026). "Fonet Bilgi Teknolojileri A.S. Fair Value". https://www.fairvalue-calculator.com/stock/FONET

Peer Group

Health Information Services · 126 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 56 · Above median
Fair Value upside −12% · Above median
Return on equity (TTM) 16% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 27% · Top 25%
Operating margin (TTM) 18% · Top 25%
Revenue growth 57% · Top 25%

Valuation Multiples vs Health Information Services median · lower = cheaper

P/E (TTM) 25.2× · Cheaper than median
P/B 2.78× · Pricier than median
P/S (TTM) 5.24× · Pricier than 75% of peers
P/FCF 0.9× · Cheaper than 75% of peers
EV/EBITDA 13.2× · 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 18 · sector 0
FUTURE 100 · sector 33
PAST 62 · sector 7
HEALTH 100 · sector 98
DIVIDEND 0 · sector 35

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 Health Information Services stocks, each showing price versus our Fair Value estimate (as of Aug 8, 2026).

Stock Price Fair Value vs Fair Value
Veeva Systems Inc VEEV $190.12 $95.12 -50%
Pro Medicus Limited PME A$194.84 A$23.74 -88%
BrightSpring Health Services, Inc BTSG $68.16 $21.31 -69%
HealthEquity, Inc HQY $97.67 $56.63 -42%
Hinge Health, Inc HNGE $88.80 $24.03 -73%
10x Genomics, Inc TXG $45.75 $17.18 -62%
Waystar Holding WAY $22.69 $12.86 -43%
Doximity, Inc DOCS $22.21 $17.18 -23%
Privia Health Group PRVA $28.10 $5.30 -81%
Inventurus Knowledge Solutions Limited IKS ₹1,846 ₹860.28 -53%

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Frequently asked questions

Is Fonet Bilgi Teknolojileri A.S. (FONET) overvalued or undervalued?
As of Aug 8, 2026, our model estimates a fair value of 4.41 TRY versus a price of 5.00 TRY, about −12% (overvalued).
What is the fair value of FONET?
Our model-based fair value for Fonet Bilgi Teknolojileri A.S. is 4.41 TRY (as of Aug 8, 2026), built from audited fundamentals. The current price is 5.00 TRY.
What is the quality score of FONET?
Fonet Bilgi Teknolojileri A.S. has a Quality Score of 56/100. 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 Fonet Bilgi Teknolojileri A.S. (FONET)?
Fonet Bilgi Teknolojileri A.S. reported trailing-twelve-month revenue of about 898M TRY (latest available figure, as of Aug 8, 2026).
What is the net profit margin of FONET?
The net profit margin of Fonet Bilgi Teknolojileri A.S. is about 27.0%, meaning it keeps roughly 27.0% 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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