Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. TRY 223, price TRY 145, upside +53.8%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Gulermak Aglr Sanayi Insaat ve Taahhut A.S. provides civil infrastructure and industrial construction services in Turkey, Poland, Romania, Sweden, Switzerland, the Philippines, North Macedonia, the United Arab Emirates, and India.
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Gulermak Aglr Sanayi Insaat ve Taahhut A.S. provides civil infrastructure and industrial construction services in Turkey, Poland, Romania, Sweden, Switzerland, the Philippines, North Macedonia, the United Arab Emirates, and India. The company offers engineering, procurement, and construction services for the transportation sector, including railways, metro and light rail systems, trams, highways, tunnels, roads, and bridges; industrial sector, such as cement and sugar factories, glass factories, dams, and irrigation systems; energy sector comprising hydroelectric, thermal, and natural gas combined cycle power plants; and environmental sector consisting of water and wastewater treatment plants and pipelines, as well as sea, lake, and river dredging services. It is also involved in the provision of steel construction structures. The company serves official public and private institutions. The company was founded in 1958 and is headquartered in Ankara, Turkey. Gulermak Aglr Sanayi Insaat ve Taahhut A.S. operates as a subsidiary of Gulermak Emlak Yapi Insaat Yatirim Anonim Sirketi.
Stock analysis
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK) currently trades at 145.30 TRY, while our model-based Fair Value estimate is 223.46 TRY, implying the stock looks roughly 35.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 351.75 TRY per share, and 22 of the 24 models we run sit above the 145.30 TRY price.
Bear case: the Asset-Based group reads lowest at 36.86 TRY, and 2 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 118.26 TRY (bear) to 319.96 TRY (bull), the price of 145.30 TRY sits inside 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 46/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. reported revenue of 45.5B TRY in FY2025 versus 21.0B TRY in FY2022, a compound +29.4%/yr. Reported net income was 4.3B TRY in FY2025, compounding +190.3%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap 53.1B TRY (≈ $1.1B) · P/E ratio 14.1 · P/S ratio 1.32 · EPS (TTM) 10.34 TRY · Net margin 9.4% · Return on equity 21.4% · Return on assets (EBIT) 7.9% · Operating margin 10.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −30% fair-value upside, at 54%, GLRMK screens cheaper than that median.
Fair Value models
Bear 118.26 TRYFair Value 223.46 TRYBull 319.96 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 (7.54 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.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+0.8%
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.
+29.4%
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
≈ +70.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+70.8%
Dividend (yield on the price)0.0%
Profit margin 2022 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.5% → 11%
⚠ Approximate: the rate leans on 2025, which sits 177% above its own trend.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+29.7%
Yearly growth needed for the next five years to justify today's price.
Compare Gulermak Aglr Sanayi Insaat ve Taahhut A.S. 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 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside+60% · Top 25%
Profitability
Return on equity (TTM)21% · Top 25%
Return on assets5% · Above median
Net margin (TTM)7% · Top 25%
Operating margin (TTM)10% · Top 25%
Growth and dividend
Revenue growth8% · Above median
Balance sheet
Debt / equity0.46× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Gulermak Aglr Sanayi Insaat ve Taahhut A.S. Fair Value". https://www.fairvalue-calculator.com/stock/GLRMK
Frequently asked questions
Is Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK) overvalued or undervalued?
As of Sep 21, 2026, our model estimates a fair value of 223.46 TRY versus a price of 145.30 TRY, about +54% upside (undervalued).
What is the fair value of GLRMK?
Our model-based fair value for Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 223.46 TRY (as of Sep 21, 2026), built from audited fundamentals. The current price: 145.30 TRY.
What is the quality score of GLRMK?
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. has a Quality Score of 46/100. 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Our model-based price target is the fair value of 223.46 TRY (as of Sep 21, 2026) from 24 valuation models. Cautious scenario 118.26 TRY, optimistic scenario 319.96 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Gulermak Aglr Sanayi Insaat ve Taahhut A.S. stock forecast for 2026?
Our models put fair value at 223.46 TRY, about +54% upside versus a price of 145.30 TRY (undervalued). Cautious scenario 118.26 TRY, optimistic scenario 319.96 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. reported trailing-twelve-month revenue of about 46.2B TRY (latest available figure, as of Sep 21, 2026).
What growth is priced into Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
For today's price to be fair in a discounted-cash-flow model, Gulermak Aglr Sanayi Insaat ve Taahhut A.S. would have to grow free cash flow by +29.7 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +29.4 % per year. As of Sep 21, 2026.
What discount rate (WACC) does the fair value of GLRMK use?
Our models discount Gulermak Aglr Sanayi Insaat ve Taahhut A.S. at 15.7 %: a base by market capitalisation (small), country premium for Turkey. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Gulermak Aglr Sanayi Insaat ve Taahhut A.S. that is +29.7 % per year a year over ten years, using the same discount rate (15.7 %) and the same formula as our fair value.
How much growth has Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK) delivered so far?
Over the past 3 years revenue at Gulermak Aglr Sanayi Insaat ve Taahhut A.S. grew +29.4 % a year. The price currently implies +29.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (+29.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The free-cash-flow yield on the price is 3.47 %: that much free cash flow Gulermak Aglr Sanayi Insaat ve Taahhut A.S. produces per unit of market value. When it exceeds the discount rate of our models (15.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gulermak Aglr Sanayi Insaat ve Taahhut A.S. it is 223.46 TRY per share (as of Sep 21, 2026), against a price of 145.30 TRY. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Gulermak Aglr Sanayi Insaat ve Taahhut A.S. stock overvalued or undervalued in 2026?
As of Sep 21, 2026, GLRMK trades below its calculated fair value: price 145.30 TRY, fair value 223.46 TRY, a gap of about +54% (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 GLRMK?
No. The price is what the market pays today (145.30 TRY); the fair value is what the company's own numbers justify (223.46 TRY). For Gulermak Aglr Sanayi Insaat ve Taahhut A.S. the two are 78.16 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Gulermak Aglr Sanayi Insaat ve Taahhut A.S. worth?
The market values Gulermak Aglr Sanayi Insaat ve Taahhut A.S. at about 53.1B TRY (market capitalisation, as of Sep 21, 2026). Per share that is 145.30 TRY; our models calculate a fair value of 223.46 TRY per share.
What do the bullish and bearish scenarios say about GLRMK?
Our models span a range for Gulermak Aglr Sanayi Insaat ve Taahhut A.S.: cautious scenario 118.26 TRY, base 223.46 TRY, optimistic 319.96 TRY per share (as of Sep 21, 2026, price 145.30 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GLRMK?
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. trades at a price-to-earnings ratio of 14.1 (as of Sep 21, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 223.46 TRY is built from several models across several years. Other multiples: P/B 3.0, P/S 1.1, EV/EBITDA 8.3.
How solid is the balance sheet of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Balance-sheet figures for Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (as of Sep 21, 2026): return on equity 21.4%, debt of 0.46 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is GLRMK from its 52-week high?
Gulermak Aglr Sanayi Insaat ve Taahhut A.S. trades at 145.30 TRY, about 44% below its 52-week high of 261.00 TRY (as of Sep 21, 2026). Distance from the high says nothing about value: that is what the fair value of 223.46 TRY is for.
Which stocks are comparable to Gulermak Aglr Sanayi Insaat ve Taahhut A.S.?
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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. stock attractive at the current price?
The data as of Sep 21, 2026: price 145.30 TRY, calculated fair value 223.46 TRY (+54%), Quality Score 46/100, from 24 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 GLRMK calculated?
We run Gulermak Aglr Sanayi Insaat ve Taahhut A.S. through 24 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 223.46 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. Gulermak Aglr Sanayi Insaat ve Taahhut A.S. currently trades 54 % 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The closing price on Sep 22, 2026 was 145.30 TRY. Our model-based fair value is 223.46 TRY, about +54% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gulermak Aglr Sanayi Insaat ve Taahhut A.S. right now?
The model range is unusually wide (118.26 TRY to 319.96 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Gulermak Aglr Sanayi Insaat ve Taahhut A.S.
How large is the market capitalisation of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The market capitalisation of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 53.1B TRY (≈ $1.1B). 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The price-to-sales ratio of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 1.32 (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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Earnings per share at Gulermak Aglr Sanayi Insaat ve Taahhut A.S. are 10.34 TRY (price ÷ EPS = P/E 14.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The net margin of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 9.4% (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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The return on equity (ROE) of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 21.4% (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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
On an EBIT basis the return on assets of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 7.9% (avg 4y). 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
The operating margin of Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is 10.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Revenue at Gulermak Aglr Sanayi Insaat ve Taahhut A.S. is growing +8.0% versus a year earlier (3y avg +29.4%). 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 Gulermak Aglr Sanayi Insaat ve Taahhut A.S. (GLRMK)?
Earnings per share at Gulermak Aglr Sanayi Insaat ve Taahhut A.S. are growing −62.4% versus a year earlier. How much earnings per share grew versus a year earlier.
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