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Forte Bilgi Iletisim Teknologjileri ve Savunma Sanayi A.S. (FORTE) Fair Value & Analysis

Technology · TR · Market cap 7.9B TRY

FB Forte Bilgi Iletisim Teknologjileri ve Savunma Sanayi A.S. FORTE · IS
Price138.00 TRY
Fair Value400.71 TRY
Upside+190.4%
Quality65/100
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Strengths

✓Trades 190% below our fair value of 400.71 TRY
✓Healthy Growth
✓Highly profitable · 101.8% net margin
✓Low debt · generates free cash flow

Risks

!Mixed vs. peers (8/14)
!The models disagree: range 181.80 TRY to 862.59 TRY
!Weak on dividend: 3 out of 100
Healthy Growth
Highly profitable · 101.8% net margin
Low debt · generates free cash flow
Mixed vs. peers (8/14)
Wide moat 71/100
Evidence: High Range 181.80 TRY – 862.59 TRY Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 7 days ago

Share price +29.6% over the past month.

A solid business, screening 190% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (181.80 TRY). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (181.80 TRY to 862.59 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (3 years)

143.00 TRY 13.20 TRY Fair Value 400.71 TRY Jun 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

38‑month range 13.20 TRY – 143.00 TRY · fair‑value band 181.80 TRY – 862.59 TRY · the 138.00 TRY price screens below the 400.71 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Forte Bilgi Iletisim Teknologjileri ve Savunma Sanayi A.S. (FORTE) currently trades at 138.00 TRY, while our model-based Fair Value estimate is 400.71 TRY, implying the stock looks roughly 190.4% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Technology 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.

Trailing-twelve-month revenue stands at 1.8B TRY. Revenue grew 208.4% year over year. It earns a return on equity of 142.9%. Net debt stands at 1.2B TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 181.80 TRY (bear case) to 862.59 TRY (bull case); at 138.00 TRY, the current price sits below 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 near its 52-week high and 114% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -42% fair-value upside, at 190%, FORTE 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 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
Highest evidence
Growth DCF 579.58 TRY 1,108 TRY 1,960 TRY 80
Residual Income 297.77 TRY 697.09 TRY 35,756 TRY 76
ROIC Compounder 100.56 TRY 160.24 TRY 196.10 TRY 72
All 25 models by family
DCF Models
FCF DCF 617.53 TRY 953.82 TRY 2,002 TRY 38
Owner Earnings 466.82 TRY 1,041 TRY 2,203 TRY 31
5Y Revenue Exit 251.08 TRY 362.96 TRY 590.85 TRY 39
5Y EBITDA Exit 288.99 TRY 439.59 TRY 732.04 TRY 41
5Y P/E Exit 711.53 TRY 1,622 TRY 2,868 TRY 38
10Y Revenue Exit 361.15 TRY 624.09 TRY 737.02 TRY 36
10Y EBITDA Exit 392.51 TRY 703.85 TRY 1,190 TRY 37
10Y P/E Exit 693.95 TRY 1,593 TRY 3,080 TRY 35
Earnings-Based
Graham-Dodd 236.39 TRY 1,649 TRY 2,314 TRY 54
Lynch FV 851.71 TRY 1,217 TRY 1,582 TRY 50
PEG = 1.0 851.71 TRY 1,217 TRY 1,582 TRY 46
EPV 72.76 TRY 85.13 TRY 95.81 TRY 59
Dividend Discount
Gordon GGM 1.45 TRY 2.90 TRY 4.39 TRY 70
DDM Multi-Stage 1.45 TRY 2.50 TRY 3.06 TRY 61
Multiples
P/E Multiple 730.04 TRY 973.38 TRY 1,217 TRY 63
P/S Multiple 150.08 TRY 200.10 TRY 250.13 TRY 58
P/B Multiple 165.69 TRY 220.92 TRY 276.15 TRY 55
EV/EBIT 190.85 TRY 256.34 TRY 321.84 TRY 53
EV/EBITDA 152.13 TRY 204.72 TRY 257.31 TRY 54
EV/Revenue 93.69 TRY 136.27 TRY 178.84 TRY 43
Asset-Based
NCAV (Graham) 18.41 TRY 24.67 TRY 36.82 TRY 50
Growth DCF
Growth DCF 579.58 TRY 1,108 TRY 1,960 TRY 80
Economic Profit
Residual Income 297.77 TRY 697.09 TRY 35,756 TRY 76
ROIC Compounder 100.56 TRY 160.24 TRY 196.10 TRY 72
Growth Earnings
Growth-Adj P/E 1,230 TRY 1,757 TRY 2,284 TRY 68

Widest divergence: Growth Earnings (1,757 TRY) versus Dividend Discount (2.50 TRY). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.8B TRY
Revenue growth (YoY) +208%
Net margin 102%
Return on equity 143%
Free cash flow 2.6B TRY FY2025
P/E ratio 3.9
More key figures
Operating margin 2.1%
EPS (TTM) 35.67 TRY
EPS growth (YoY) +10.5%
Net debt 1.2B TRY FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 66 · Market factors (momentum, volatility) 83

Profitability 71
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 18
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 89
Price trend over the last 3–12 months (market factor)
52W Momentum 100
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

Forte Bilgi Iletisim Teknolojileri ve Savunma Sanayi A.S., together with its subsidiaries, engages in the system integration and software development businesses in Turkey and internationally. It operates through Commercial Activities, Software Activities, Crowdfunding Activities, and Agricultural Activities.

Full company description

Forte Bilgi Iletisim Teknolojileri ve Savunma Sanayi A.S., together with its subsidiaries, engages in the system integration and software development businesses in Turkey and internationally. It operates through Commercial Activities, Software Activities, Crowdfunding Activities, and Agricultural Activities. The company offers various software, such as factory production management systems, integrated logistics support systems, smart project portfolio management and analysis systems, interactive technical documentation system viewers and editors, unmanned aerial vehicle management information systems, Azerbaijan personnel and logistics management information systems, artificial intelligence assistants, and crowdfunding platform systems. It also provides field services, material coding, professional technical documentation authoring, IT service management, personnel outsourcing, professional installation, and strategic database consulting and data analysis services. In addition, the company offers business continuity, disaster recovery, and backup; CCTV systems; virtualization and consolidation solutions; data storage systems; server system solutions; infrastructure solutions; data center solutions; cyber security solutions; and enterprise network solutions. Further, it engages in electronic computing; purchase and sale of communication machines; production and development of operating system software and productivity-enhancing software, as well as agricultural systems and technologies; and purchase, sale, and marketing of electronic information processing parts. The company serves the defense, energy, manufacturing sectors; and public institutions. Forte Bilgi Iletisim Teknolojileri ve Savunma Sanayi A.S. was incorporated in 2006 and is headquartered in Ankara, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Forte Bilgi Iletisim Teknologjileri ve Savunma Sanayi A.S. reported revenue of 2.4B TRY in FY2025 versus 215M TRY in FY2021, a compound +83.4%/yr. Reported net income was 2.3B TRY in FY2025, compounding +215.7%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.4B TRY
Latest YoY
+4.5%
Avg. growth/yr (3Y) ⓘ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.
+52.7%
Avg. growth/yr (5Y) ⓘ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.
+64.2%
Revenue +83.4%/yr
FY21 215M TRY
FY22 685M TRY
FY23 960M TRY
FY24 2.3B TRY
FY25 2.4B TRY
Net income +215.7%/yr
FY21 23.5M TRY
FY22 55.3M TRY
FY23 12.2M TRY
FY24 −107M TRY
FY25 2.3B TRY

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Forte Bilgi Iletisim Teknologjileri ve Savunma Sanayi A.S. · Fair Value
400.71 TRY +190%Fair Value
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Cite: Fair Value Calculator (2026). "Forte Bilgi Iletisim Teknologjileri ve Savunma Sanayi A.S. Fair Value". https://www.fairvalue-calculator.com/stock/FORTE

Peer Group

Software - Application · 726 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 65 · Above median
Fair Value upside +190% · Top 25%
Return on equity (TTM) 143% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 102% · Top 25%
Operating margin (TTM) 2% · Below median
Revenue growth 208% · Top 25%
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.36× · Higher than 75% of peers

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 3.9× · Cheaper than 75% of peers
P/B 3.21× · Pricier than median
P/S (TTM) 4.30× · Pricier than 75% of peers
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 44.6× · Pricier 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 0
FUTURE100 · sector 38
PAST100 · sector 12
HEALTH82 · sector 98
DIVIDEND3 · sector 30

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

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Cadence Design Systems, Inc CDNS $323.13 $112.57 -65%
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Douzone Bizon Co 012510 120,000 KRW 92,181 KRW -23%
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Frequently asked questions

Is Forte Bilgi Iletisim Teknologjileri ve Savunma Sanayi A.S. (FORTE) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 400.71 TRY versus a price of 138.00 TRY, about +190% (undervalued).
What is the fair value of FORTE?
Our model-based fair value for Forte Bilgi Iletisim Teknologjileri ve Savunma Sanayi A.S. is 400.71 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price: 138.00 TRY.
What is the quality score of FORTE?
Forte Bilgi Iletisim Teknologjileri ve Savunma Sanayi A.S. has a Quality Score of 65/100. 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 revenue of Forte Bilgi Iletisim Teknologjileri ve Savunma Sanayi A.S. (FORTE)?
Forte Bilgi Iletisim Teknologjileri ve Savunma Sanayi A.S. reported trailing-twelve-month revenue of about 1.8B TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of FORTE?
The net profit margin of Forte Bilgi Iletisim Teknologjileri ve Savunma Sanayi A.S. is about 101.8%, meaning it keeps roughly 101.8% 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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