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Global Menkul Degerler AS (GLBMD) fair value: what the stock is really worth

As of Sep 22, 2026: fair value of Global Menkul Degerler AS TRY 12.17, price TRY 10.43, upside +16.7%, quality 34 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · TR · ISIN TREGLMK00015

GM Thin data Sep 13, 2026

Global Menkul Degerler AS

GLBMD · IS

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value 12.17 TRY · Undervalued (+17%)
!Quality 34/100
!Expensive Growth (revenue 5y +20.6 %/yr)
!Loss-making · -0.4% net margin (TTM)
!negative free cash flow
!Trails peers (2/8)
!Narrow moat 11/100
!Evidence only low, so the estimate is less certain
!Weak on future: 17 out of 100
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

16.98 TRY 1.82 TRY Fair Value 12.17 TRY Jun 2021 Sep 2026

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

How to read this chart

60‑month range 1.82 TRY – 16.98 TRY · fair‑value band 10.76 TRY – 13.23 TRY · the 10.43 TRY price screens below the 12.17 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Global Menkul Degerler Anonim Sirketi provides capital market brokerage services to individuals, financial institutions, and local and international investors in Turkey. It offers investment services for stock; VIOP; foreign stock transaction; investment funds; portfolio management; corporate finance; investment advisory, and individual retirement system.

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Global Menkul Degerler Anonim Sirketi provides capital market brokerage services to individuals, financial institutions, and local and international investors in Turkey. It offers investment services for stock; VIOP; foreign stock transaction; investment funds; portfolio management; corporate finance; investment advisory, and individual retirement system. It also provides digital platforms, as well as consulting and fund management services. The company was founded in 1990 and is based in Istanbul, Turkey. Global Menkul Degerler Anonim Sirketi operates as a subsidiary of GFS Holding Anonim Sirketi.

Stock analysis

Global Menkul Degerler AS (GLBMD) currently trades at 10.43 TRY, while our model-based Fair Value estimate is 12.17 TRY, implying the stock looks roughly 14.3% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 20.49 TRY per share, and 5 of the 6 models we run sit above the 10.43 TRY price.

Bear case: the Asset-Based group reads lowest at 3.23 TRY, and 1 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: 10.76 TRY (bear) to 13.23 TRY (bull), the price of 10.43 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 34/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Global Menkul Degerler AS reported revenue of 27.5B TRY in FY2025 versus 8.3B TRY in FY2021, a compound +35.1%/yr. Reported net income was −71.3M TRY in FY2025.

Key figures

Market cap 1.4B TRY (≈ $28.3M) · P/S ratio 0.05 · EPS (TTM) −0.8600 TRY · Net margin −0.3% · Return on equity −17.8% · Return on assets (EBIT) 8.3% · Operating margin 0.2% · Revenue (TTM) 27.7B TRY.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades about 36% below its 52-week high, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −21% fair-value upside, at 17%, GLBMD screens cheaper than that median.

Fair Value models

Bear 10.76 TRY Fair Value 12.17 TRY Bull 13.23 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.
Highest evidence
EPV 13.52 TRY 14.92 TRY 16.09 TRY 70
ROIC Compounder 14.06 TRY 16.14 TRY 18.27 TRY 70
EV/EBITDA 15.79 TRY 19.97 TRY 24.16 TRY 64
All 6 models by family
Earnings-Based
EPV 13.52 TRY 14.92 TRY 16.09 TRY 70
Multiples
EV/EBIT 16.18 TRY 20.49 TRY 24.81 TRY 63
EV/EBITDA 15.79 TRY 19.97 TRY 24.16 TRY 64
EV/Revenue 16.32 TRY 21.93 TRY 27.54 TRY 52
Asset-Based
NCAV (Graham) 2.41 TRY 3.23 TRY 4.82 TRY 51
Economic Profit
ROIC Compounder 14.06 TRY 16.14 TRY 18.27 TRY 70

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Quality Score breakdown

Overall quality 34/100

Of which business quality 39 · Market factors (momentum, volatility) 32

Profitability 33
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 40
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−0.2%
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.
+31.7%
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.
+20.6%
Revenue growth 16 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.
+10.4%
Profit margin (trend) ⓘ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.
0.1% (2020) → 0.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Compare Global Menkul Degerler AS with another stock

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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.Capital Markets · 459 stocks

Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 35 · Bottom 25%
Fair Value upside +30% · Above median
Profitability
Return on assets −3% · Bottom 25%
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) 0% · Bottom 25%
Growth and dividend
Revenue growth 3% · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/B 0.05× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)56 · sector 25
FUTURE (revenue growth)17 · sector 91
PAST (return on equity)0 · sector 30
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)0 · sector 40

Context: sector, industry, market

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

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Morgan Stanley, a financial holding company, MS $206.12 $185.57 −10%
The Goldman Sachs Group GS $959.39 $756.89 −21%
The Charles Schwab Corporation SCHW $107.79 $102.31 −5%
Interactive Brokers Group IBKR $91.37 $22.69 −75%
Robinhood Markets, Inc HOOD $104.42 $47.18 −55%
Macquarie Group MQG A$239.64 A$75.58 −68%
CITIC Securities Company 600030 ¥26.45 ¥17.68 −33%
Guotai Haitong Securities Co 601211 ¥17.50 ¥18.62 +6%
East Money Information Co 300059 ¥18.09 ¥4.77 −74%
CSC Financial Co 601066 ¥23.19 ¥35.84 +55%

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Global Menkul Degerler AS · Fair Value
12.17 TRY +14%Fair Value
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Cite: Fair Value Calculator (2026). "Global Menkul Degerler AS Fair Value". https://www.fairvalue-calculator.com/stock/GLBMD

Frequently asked questions

Is Global Menkul Degerler AS (GLBMD) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 12.17 TRY versus a price of 10.43 TRY, about +17% upside (undervalued).
What is the fair value of GLBMD?
Our model-based fair value for Global Menkul Degerler AS is 12.17 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 10.43 TRY.
What is the quality score of GLBMD?
Global Menkul Degerler AS has a Quality Score of 34/100. 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 Global Menkul Degerler AS (GLBMD)?
Our model-based price target is the fair value of 12.17 TRY (as of Sep 13, 2026) from 6 valuation models. Cautious scenario 10.76 TRY, optimistic scenario 13.23 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Global Menkul Degerler AS stock forecast for 2026?
Our models put fair value at 12.17 TRY, about +17% upside versus a price of 10.43 TRY (undervalued). Cautious scenario 10.76 TRY, optimistic scenario 13.23 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Global Menkul Degerler AS (GLBMD)?
Global Menkul Degerler AS reported trailing-twelve-month revenue of about 27.7B TRY (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of Global Menkul Degerler AS (GLBMD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Global Menkul Degerler AS it is 12.17 TRY per share (as of Sep 13, 2026), against a price of 10.43 TRY. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Global Menkul Degerler AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, GLBMD trades below its calculated fair value: price 10.43 TRY, fair value 12.17 TRY, a gap of about +17% (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 GLBMD?
No. The price is what the market pays today (10.43 TRY); the fair value is what the company's own numbers justify (12.17 TRY). For Global Menkul Degerler AS the two are 1.74 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Global Menkul Degerler AS worth?
The market values Global Menkul Degerler AS at about 1.4B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 10.43 TRY; our models calculate a fair value of 12.17 TRY per share.
What do the bullish and bearish scenarios say about GLBMD?
Our models span a range for Global Menkul Degerler AS: cautious scenario 10.76 TRY, base 12.17 TRY, optimistic 13.23 TRY per share (as of Sep 13, 2026, price 10.43 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Global Menkul Degerler AS (GLBMD)?
Balance-sheet figures for Global Menkul Degerler AS (as of Sep 13, 2026): return on equity −17.8%. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is GLBMD from its 52-week high?
Global Menkul Degerler AS trades at 10.43 TRY, about 36% below its 52-week high of 16.18 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 12.17 TRY is for.
Which stocks are comparable to Global Menkul Degerler AS?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Global Menkul Degerler AS stock attractive at the current price?
The data as of Sep 13, 2026: price 10.43 TRY, calculated fair value 12.17 TRY (+17%), Quality Score 34/100, from 6 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 GLBMD calculated?
We run Global Menkul Degerler AS through 6 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 12.17 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. Global Menkul Degerler AS currently trades 17 % 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 Global Menkul Degerler AS (GLBMD)?
The closing price on Sep 22, 2026 was 10.43 TRY. Our model-based fair value is 12.17 TRY, about +17% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Global Menkul Degerler AS right now?
The price is below even our cautious bear case (10.76 TRY). The market is more pessimistic than our downside scenario. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Global Menkul Degerler AS

How large is the market capitalisation of Global Menkul Degerler AS (GLBMD)?
The market capitalisation of Global Menkul Degerler AS is 1.4B TRY (≈ $28.3M). 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 Global Menkul Degerler AS (GLBMD)?
The price-to-sales ratio of Global Menkul Degerler AS is 0.05 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Global Menkul Degerler AS (GLBMD)?
Earnings per share at Global Menkul Degerler AS are −0.8600 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Global Menkul Degerler AS (GLBMD)?
The net margin of Global Menkul Degerler AS is −0.3% (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 Global Menkul Degerler AS (GLBMD)?
The return on equity (ROE) of Global Menkul Degerler AS is −17.8% (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 Global Menkul Degerler AS (GLBMD)?
On an EBIT basis the return on assets of Global Menkul Degerler AS is 8.3% (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 Global Menkul Degerler AS (GLBMD)?
The operating margin of Global Menkul Degerler AS is 0.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Global Menkul Degerler AS (GLBMD)?
Revenue at Global Menkul Degerler AS is growing +3.4% versus a year earlier (3y avg +31.7%). 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 Global Menkul Degerler AS (GLBMD)?
Earnings per share at Global Menkul Degerler AS are growing +59.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Global Menkul Degerler AS (GLBMD) generate?
The free cash flow of Global Menkul Degerler AS is −542M 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 Global Menkul Degerler AS (GLBMD) carry?
The net debt of Global Menkul Degerler AS is 257M 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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