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Global Menkul Degerler Anonim Sirketi (GLBMD) Fair Value & Analysis

Financial Services · TR · Market cap 1.4B TRY

GM Global Menkul Degerler Anonim Sirketi GLBMD · IS
Price11.70 TRY
Fair Value15.08 TRY
Upside+28.9%
Quality33/100
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Expensive Growth
Loss-making · -0.4% net margin
negative free cash flow
Trails peers (2/8)
Narrow moat 6/100
Evidence: Low Range 10.76 TRY – 19.39 TRY Share as image

Fair value as of: Aug 8, 2026

From 6 valuation models · updated yesterday

Share price −11.2% over the past month.

Below-average quality, screening 29% undervalued on our models.

What matters now

  • A fairly wide model range (10.76 TRY to 19.39 TRY) leaves room in how you read the outcome.
  • 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.
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Price vs Fair Value (5 years)

16.98 TRY 1.82 TRY Fair Value 15.08 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 1.82 TRY – 16.98 TRY · fair‑value band 10.76 TRY – 19.39 TRY · the 11.70 TRY price screens below the 15.08 TRY fair value. Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

Global Menkul Degerler Anonim Sirketi (GLBMD) currently trades at 11.70 TRY, while our model-based Fair Value estimate is 15.08 TRY, implying the stock looks roughly 28.9% undervalued today. The Quality Score stands at 33/100 (below-average quality), in the Financial Services 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: low), always confirm before acting.

Over the trailing twelve months, Global Menkul Degerler Anonim Sirketi generated revenue of 27.7B TRY at a net margin of -0.4%. Revenue grew 3.4% year over year. It earns a return on equity of -17.8%. Net debt stands at 257M TRY. Fundamentals as of Aug 8, 2026

Our scenario range runs from 10.76 TRY (bear case) to 19.39 TRY (bull case); at 11.70 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 28% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 11% fair-value upside, at 29%, GLBMD 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
ROIC Compounder 14.06 TRY 16.14 TRY 18.27 TRY 67
EPV 13.52 TRY 14.92 TRY 16.09 TRY 59
EV/EBITDA 19.56 TRY 25.00 TRY 30.44 TRY 54
All 6 models by family
Earnings-Based
EPV 13.52 TRY 14.92 TRY 16.09 TRY 59
Multiples
EV/EBIT 22.65 TRY 29.12 TRY 35.59 TRY 53
EV/EBITDA 19.56 TRY 25.00 TRY 30.44 TRY 54
EV/Revenue 16.32 TRY 21.93 TRY 27.54 TRY 43
Asset-Based
NCAV (Graham) 2.41 TRY 3.23 TRY 4.82 TRY 50
Economic Profit
ROIC Compounder 14.06 TRY 16.14 TRY 18.27 TRY 67

Widest divergence: Multiples (25.00 TRY) versus Asset-Based (3.23 TRY). Highest evidence: ROIC Compounder (67).

Key figures & financial health

Revenue (TTM) 27.7B TRY
Revenue growth (YoY) +3.4%
Net margin -0.4%
Return on equity -17.8%
Free cash flow −542M TRY FY2025
Operating margin 0.2%
More key figures
EPS (TTM) -0.8600 TRY
EPS growth (YoY) +59.4%
Net debt 257M TRY FY2025

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

Quality Score breakdown

Overall quality 33/100

Of which business quality 39 · Market factors (momentum, volatility) 37

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 72
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 9
Distance to the 52-week high (market factor)
Net Issuance 40
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

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Global Menkul Degerler Anonim Sirketi 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.

Growth Quality 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
27.5B TRY
Latest YoY
−0.2%
Avg. growth/yr (3Y)
+31.7%
Avg. growth/yr (5Y)
+20.6%
Avg. growth/yr (16Y)
+10.4%
Revenue +35.1%/yr
FY21 8.3B TRY
FY22 12.1B TRY
FY23 27.5B TRY
FY24 27.6B TRY
FY25 27.5B TRY
Net income
FY21 2.8M TRY
FY22 54.0M TRY
FY23 199M TRY
FY24 17.5M TRY
FY25 −71.3M TRY

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Cite: Fair Value Calculator (2026). "Global Menkul Degerler Anonim Sirketi Fair Value". https://www.fairvalue-calculator.com/stock/GLBMD

Peer Group

Capital Markets · 426 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 33 · Bottom 25%
Fair Value upside +29% · Above median
Return on assets -3% · Bottom 25%
Net margin (TTM) -0% · Bottom 25%
Operating margin (TTM) 0% · Bottom 25%
Revenue growth 3% · Below median

Valuation Multiples vs Capital Markets median · lower = cheaper

P/B 0.05× · Cheaper 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.

VALUE 72 · sector 11
FUTURE 17 · sector 94
PAST 0 · sector 31
HEALTH 0 · sector 93
DIVIDEND 0 · sector 37

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 Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 8, 2026).

Stock Price Fair Value vs Fair Value
Huatai Securities Co HTSC $0.2700 $0.0400 -85%
Mirae Asset Securities Co 006800 38,750 KRW 31,645 KRW -18%
Meritz Financial Group 138040 117,000 KRW 87,706 KRW -25%
Korea Investment Holdings 071050 239,000 KRW 318,825 KRW +33%
NH Investment & Securities Co 005940 31,000 KRW 37,133 KRW +20%
Samsung Securities Co 016360 107,700 KRW 126,487 KRW +17%
Motilal Oswal Financial Services Limited MOTILALOFS ₹967.00 ₹299.65 -69%
Kiwoom Securities Co 039490 322,000 KRW 358,091 KRW +11%
SSI Securities Corporation SSI 24,250 VND 28,021 VND +16%
Bolsas y Mercados Argentinos S.A BYMA 313.75 ARS 120.22 ARS -62%

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Frequently asked questions

Is Global Menkul Degerler Anonim Sirketi (GLBMD) overvalued or undervalued?
As of Aug 8, 2026, our model estimates a fair value of 15.08 TRY versus a price of 11.70 TRY, about +29% (undervalued).
What is the fair value of GLBMD?
Our model-based fair value for Global Menkul Degerler Anonim Sirketi is 15.08 TRY (as of Aug 8, 2026), built from audited fundamentals. The current price is 11.70 TRY.
What is the quality score of GLBMD?
Global Menkul Degerler Anonim Sirketi has a Quality Score of 33/100. 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 Global Menkul Degerler Anonim Sirketi (GLBMD)?
Global Menkul Degerler Anonim Sirketi reported trailing-twelve-month revenue of about 27.7B TRY (latest available figure, as of Aug 8, 2026).
What is the net profit margin of GLBMD?
The net profit margin of Global Menkul Degerler Anonim Sirketi is about -0.4%, meaning it is currently running at a net loss. 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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