Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Girisim Elektrik Taahhut Ticaret & Sanayi AS TRY 71.49, price TRY 50.05, upside +42.8%, quality 31 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Girisim Elektrik Sanayi Taahhüt ve Ticaret A.S. operates as an EPC company in Turkey and internationally. The company operates through Enterprise, Europower, Peak PV, EP World, Euromek, and Peakesco segments.
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Girisim Elektrik Sanayi Taahhüt ve Ticaret A.S. operates as an EPC company in Turkey and internationally. The company operates through Enterprise, Europower, Peak PV, EP World, Euromek, and Peakesco segments. It offers EPC services for HV and MV substations, electric distribution networks, transmission lines, thermal and hydroelectrical power plants, hydroelectric and wind power plants, geothermal and biomass power plants, combined cycle natural gas power plants, cogeneration, railways and industrial facility electrification, infrastructure and super structure projects, power factor correction, and automation and SCADA projects. The company also provides engineering services, such as project design and management, supervision, and testing and commissioning, as well as training services. In addition, it offers LV switch gears, LV-MV power factor correction devices and reactors, automation and SCADA equipment, data recorders, power protection and control equipment, LV panels, MV cells, concrete and metallic kiosks, compact and packaged substations, testing and measurement equipment, power and distribution transformers and accessories, LV-MV-HV measurement and protection transformers, MV-HV circuit breakers, disconnectors, gas insulated switch gears, UPS, voltage regulators, cables and cable accessories, MV-fuses, insulators, power transmission and distribution equipment, neutral earthing resistors, conductors, motor and drives, surge arresters, lightning and over-voltage protection equipment, cable trays and busbar systems, grounding equipment, steel and concrete poles, power generation systems and products, lighting equipment, electrical installation equipment, electrical products, transformer oils, railway catenary and electrification equipment, solar panels, inverters, solar energy mounting systems and structures, and battery systems; and health, safety, and environmental equipment. The company was incorporated in 1999 and is headquartered in Ankara, Turkey.
Stock analysis
Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN) currently trades at 50.05 TRY, while our model-based Fair Value estimate is 71.49 TRY, implying the stock looks roughly 30.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 89.91 TRY per share, and 9 of the 14 models we run sit above the 50.05 TRY price.
Bear case: the Asset-Based group reads lowest at 19.87 TRY, and 5 of the 14 models stay below the price. Evidence for this calculation is medium.
Scenario range: 51.20 TRY (bear) to 83.55 TRY (bull), the price of 50.05 TRY sits below 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 31/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Girisim Elektrik Taahhut Ticaret & Sanayi AS reported revenue of 20.6B TRY in FY2025 versus 1.2B TRY in FY2021, a compound +102.2%/yr. Reported net income was 903M TRY in FY2025, compounding +42.3%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 37.6B TRY (≈ $771M) · P/E ratio 21.6 · P/S ratio 0.95 · EPS (TTM) 2.32 TRY · Net margin 4.4% · Return on equity 3.7% · Return on assets (EBIT) 17.8% · Operating margin 27.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 47% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −30% fair-value upside, at 43%, GESAN screens cheaper than that median.
Fair Value models
Bear 51.20 TRYFair Value 71.49 TRYBull 83.55 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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1.68 TRY per share) are deliberately not added.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.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+3.6%
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.
+69.6%
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.
+87.9%
Revenue growth 7 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.
+78.1%
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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.
+2.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.2%
Dividend (yield on the price)0.0%
Profit margin 2019 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.7% → 15%
Compare Girisim Elektrik Taahhut Ticaret & Sanayi AS with another stock
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.Engineering & Construction · 818 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score31 · Bottom 25%
Fair Value upside+18% · Above median
Profitability
Return on equity (TTM)4% · Below median
Return on assets8% · Top 25%
Net margin (TTM)2% · Below median
Operating margin (TTM)28% · Top 25%
Growth and dividend
Revenue growth32% · Top 25%
Balance sheet
Debt / equity0.17× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Girisim Elektrik Taahhut Ticaret & Sanayi AS Fair Value". https://www.fairvalue-calculator.com/stock/GESAN
Frequently asked questions
Is Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN) overvalued or undervalued?
As of Sep 22, 2026, our model estimates a fair value of 71.49 TRY versus a price of 50.05 TRY, about +43% upside (undervalued).
What is the fair value of GESAN?
Our model-based fair value for Girisim Elektrik Taahhut Ticaret & Sanayi AS is 71.49 TRY (as of Sep 22, 2026), built from audited fundamentals. The current price: 50.05 TRY.
What is the quality score of GESAN?
Girisim Elektrik Taahhut Ticaret & Sanayi AS has a Quality Score of 31/100. 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 Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
Our model-based price target is the fair value of 71.49 TRY (as of Sep 22, 2026) from 14 valuation models. Cautious scenario 51.20 TRY, optimistic scenario 83.55 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Girisim Elektrik Taahhut Ticaret & Sanayi AS stock forecast for 2026?
Our models put fair value at 71.49 TRY, about +43% upside versus a price of 50.05 TRY (undervalued). Cautious scenario 51.20 TRY, optimistic scenario 83.55 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
Girisim Elektrik Taahhut Ticaret & Sanayi AS reported trailing-twelve-month revenue of about 22.2B TRY (latest available figure, as of Sep 22, 2026).
What is the intrinsic value of Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Girisim Elektrik Taahhut Ticaret & Sanayi AS it is 71.49 TRY per share (as of Sep 22, 2026), against a price of 50.05 TRY. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Girisim Elektrik Taahhut Ticaret & Sanayi AS stock overvalued or undervalued in 2026?
As of Sep 22, 2026, GESAN trades below its calculated fair value: price 50.05 TRY, fair value 71.49 TRY, a gap of about +43% (undervalued). 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 GESAN?
No. The price is what the market pays today (50.05 TRY); the fair value is what the company's own numbers justify (71.49 TRY). For Girisim Elektrik Taahhut Ticaret & Sanayi AS the two are 21.44 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Girisim Elektrik Taahhut Ticaret & Sanayi AS worth?
The market values Girisim Elektrik Taahhut Ticaret & Sanayi AS at about 37.6B TRY (market capitalisation, as of Sep 22, 2026). Per share that is 50.05 TRY; our models calculate a fair value of 71.49 TRY per share.
What do the bullish and bearish scenarios say about GESAN?
Our models span a range for Girisim Elektrik Taahhut Ticaret & Sanayi AS: cautious scenario 51.20 TRY, base 71.49 TRY, optimistic 83.55 TRY per share (as of Sep 22, 2026, price 50.05 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GESAN?
Girisim Elektrik Taahhut Ticaret & Sanayi AS trades at a price-to-earnings ratio of 21.6 (as of Sep 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 71.49 TRY is built from several models across several years. Other multiples: P/B 2.8, P/S 1.7, EV/EBITDA 8.9.
How solid is the balance sheet of Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
Balance-sheet figures for Girisim Elektrik Taahhut Ticaret & Sanayi AS (as of Sep 22, 2026): return on equity 3.7%, debt of 0.17 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is GESAN from its 52-week high?
Girisim Elektrik Taahhut Ticaret & Sanayi AS trades at 50.05 TRY, about 47% below its 52-week high of 93.70 TRY and 21% above the low of 41.48 TRY (as of Sep 22, 2026). Distance from the high says nothing about value: that is what the fair value of 71.49 TRY is for.
Which stocks are comparable to Girisim Elektrik Taahhut Ticaret & Sanayi AS?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Girisim Elektrik Taahhut Ticaret & Sanayi AS stock attractive at the current price?
The data as of Sep 22, 2026: price 50.05 TRY, calculated fair value 71.49 TRY (+43%), Quality Score 31/100, from 14 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 GESAN calculated?
We run Girisim Elektrik Taahhut Ticaret & Sanayi AS through 14 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 71.49 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. Girisim Elektrik Taahhut Ticaret & Sanayi AS currently trades 43 % 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 Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
The closing price on Sep 22, 2026 was 50.05 TRY. Our model-based fair value is 71.49 TRY, about +43% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Girisim Elektrik Taahhut Ticaret & Sanayi AS right now?
The large discount to fair value meets weak quality (31/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (51.20 TRY). The market is more pessimistic than our downside scenario.
Key figures of Girisim Elektrik Taahhut Ticaret & Sanayi AS
How large is the market capitalisation of Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
The market capitalisation of Girisim Elektrik Taahhut Ticaret & Sanayi AS is 37.6B TRY (≈ $771M). 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 Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
The price-to-sales ratio of Girisim Elektrik Taahhut Ticaret & Sanayi AS is 0.95 (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 Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
Earnings per share at Girisim Elektrik Taahhut Ticaret & Sanayi AS are 2.32 TRY (price ÷ EPS = P/E 21.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
The net margin of Girisim Elektrik Taahhut Ticaret & Sanayi AS is 4.4% (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 Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
The return on equity (ROE) of Girisim Elektrik Taahhut Ticaret & Sanayi AS is 3.7% (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 Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
On an EBIT basis the return on assets of Girisim Elektrik Taahhut Ticaret & Sanayi AS is 17.8% (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 Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
The operating margin of Girisim Elektrik Taahhut Ticaret & Sanayi AS is 27.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
Revenue at Girisim Elektrik Taahhut Ticaret & Sanayi AS is growing +31.5% versus a year earlier (3y avg +69.6%). 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 Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN)?
Earnings per share at Girisim Elektrik Taahhut Ticaret & Sanayi AS are growing −66.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN) generate?
The free cash flow of Girisim Elektrik Taahhut Ticaret & Sanayi AS is −2.7B TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Girisim Elektrik Taahhut Ticaret & Sanayi AS (GESAN) carry?
The net debt of Girisim Elektrik Taahhut Ticaret & Sanayi AS is 3.4B TRY (fiscal year 2025). 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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