Global Yatirim Holding AS (GLYHO) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Global Yatirim Holding AS TRY 22.61, price TRY 15.95, upside +41.8%, quality 38 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 22, 2026.
How to read this chart
60‑month range 0.5900 TRY – 18.73 TRY · fair‑value band 15.30 TRY – 48.95 TRY · the 15.95 TRY price screens below the 22.61 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 22, 2026.
Global Yatirim Holding A.S., together with its subsidiaries, engages in the port operation, energy generation, natural gas, mining, real estate, brokerage and asset management, and other businesses in Turkey and internationally. The company operates cruise and commercial port facilities.
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Global Yatirim Holding A.S., together with its subsidiaries, engages in the port operation, energy generation, natural gas, mining, real estate, brokerage and asset management, and other businesses in Turkey and internationally. The company operates cruise and commercial port facilities. It also generates electricity through biomass, solar, and co/tri-generation power plants; distributes compressed and liquefied natural gas; and mining operations. In addition, the company provides asset and portfolio management, brokerage, financial advisory, corporate finance and research, and securities and derivatives trading services to corporate and individual investors. Further, it develops and operates real estate projects. Additionally, the company is involved in tourism and travel agency operations; insurance agency; natural gas and petroleum product transportation; ship management; and port, real estate, tourism, financial, and technology investment businesses. The company was formerly known as Global Menkul Degerler A.S. and changed its name to Global Yatirim Holding A.S. in January 2005. Global Yatirim Holding A.S. was incorporated in 1990 and is headquartered in Istanbul, Turkey.
Stock analysis
Global Yatirim Holding AS (GLYHO) currently trades at 15.95 TRY, while our model-based Fair Value estimate is 22.61 TRY, implying the stock looks roughly 29.5% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 91.34 TRY per share, and 7 of the 11 models we run sit above the 15.95 TRY price.
Bear case: the Asset-Based group reads lowest at 4.88 TRY, and 4 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: 15.30 TRY (bear) to 48.95 TRY (bull), the price of 15.95 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 38/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Global Yatirim Holding AS reported revenue of 28.2B TRL in FY2025 versus 2.6B TRL in FY2021, a compound +81.8%/yr. Reported net income was 5.1B TRL in FY2025.
Key figures
Market cap 33.8B TRY (≈ $693M) · P/E ratio 5.9 · P/S ratio 1.06 · EPS (TTM) 2.71 TRY · Dividend yield 3.4% · Net margin 18.0% · Return on equity 34.4% · Return on assets (EBIT) 4.4%.
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 16% below its 52-week high and 97% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −29% fair-value upside, at 42%, GLYHO screens cheaper than that median.
Fair Value models
Bear 15.30 TRYFair Value 22.61 TRYBull 48.95 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 (1.98 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+3.3%
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.
+48.0%
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.
+76.9%
Revenue growth 25 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.
−25.5%
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What shareholders gained per year (last 3 years) ⓘ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. Basis: EBIT basis.
+20.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.2%
Dividend (yield on the price)3.4%
Profit margin 2020 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.−16% → 22%
Growth Forecast
Little optimism in the price
The price assumes less growth than 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).
+57.7%
Yearly growth needed for the next five years to justify today's price.
Compare Global Yatirim Holding 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.Conglomerates · 375 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score42 · Below median
Fair Value upside+40% · Above median
Profitability
Return on equity (TTM)34% · Top 25%
Return on assets5% · Top 25%
Net margin (TTM)19% · Top 25%
Operating margin (TTM)28% · Top 25%
Growth and dividend
Revenue growth−1% · Below median
Dividend yield (TTM)3.4% · Above median
Balance sheet
Debt / equity3.70× · Highest 25%
Valuation Multiplesvs Conglomerates median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Global Yatirim Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/GLYHO
Frequently asked questions
Is Global Yatirim Holding AS (GLYHO) overvalued or undervalued?
As of Sep 22, 2026, our model estimates a fair value of 22.61 TRY versus a price of 15.95 TRY, about +42% upside (undervalued).
What is the fair value of GLYHO?
Our model-based fair value for Global Yatirim Holding AS is 22.61 TRY (as of Sep 22, 2026), built from audited fundamentals. The current price: 15.95 TRY.
What is the quality score of GLYHO?
Global Yatirim Holding AS has a Quality Score of 38/100. 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 Yatirim Holding AS (GLYHO)?
Our model-based price target is the fair value of 22.61 TRY (as of Sep 22, 2026) from 11 valuation models. Cautious scenario 15.30 TRY, optimistic scenario 48.95 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Global Yatirim Holding AS stock forecast for 2026?
Our models put fair value at 22.61 TRY, about +42% upside versus a price of 15.95 TRY (undervalued). Cautious scenario 15.30 TRY, optimistic scenario 48.95 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Global Yatirim Holding AS (GLYHO)?
Global Yatirim Holding AS reported trailing-twelve-month revenue of about 28.2B TRY (latest available figure, as of Sep 22, 2026).
Does Global Yatirim Holding AS pay a dividend?
Global Yatirim Holding AS currently shows a dividend yield of about 3.36% relative to its recent price (as of Sep 22, 2026).
What growth is priced into Global Yatirim Holding AS (GLYHO)?
For today's price to be fair in a discounted-cash-flow model, Global Yatirim Holding AS would have to grow free cash flow by +57.7 % per year for five years (discount rate 14.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +76.9 % per year. As of Sep 22, 2026.
What discount rate (WACC) does the fair value of GLYHO use?
Our models discount Global Yatirim Holding AS at 14.2 %: a base by market capitalisation (small), damped by beta 0.59, 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 Global Yatirim Holding AS that is +57.7 % per year a year over ten years, using the same discount rate (14.2 %) and the same formula as our fair value.
How much growth has Global Yatirim Holding AS (GLYHO) delivered so far?
Over the past 5 years revenue at Global Yatirim Holding AS grew +76.9 % a year. The price currently implies +57.7 % 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 Global Yatirim Holding AS (GLYHO) growing?
The median revenue growth in the sector is +8.3 % a year. That is the yardstick for the growth priced into Global Yatirim Holding AS (+57.7 % 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 Global Yatirim Holding AS (GLYHO)?
The free-cash-flow yield on the price is 2.33 %: that much free cash flow Global Yatirim Holding AS produces per unit of market value. When it exceeds the discount rate of our models (14.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Global Yatirim Holding AS (GLYHO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Global Yatirim Holding AS it is 22.61 TRY per share (as of Sep 22, 2026), against a price of 15.95 TRY. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Global Yatirim Holding AS stock overvalued or undervalued in 2026?
As of Sep 22, 2026, GLYHO trades below its calculated fair value: price 15.95 TRY, fair value 22.61 TRY, a gap of about +42% (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 GLYHO?
No. The price is what the market pays today (15.95 TRY); the fair value is what the company's own numbers justify (22.61 TRY). For Global Yatirim Holding AS the two are 6.66 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Global Yatirim Holding AS worth?
The market values Global Yatirim Holding AS at about 33.8B TRY (market capitalisation, as of Sep 22, 2026). Per share that is 15.95 TRY; our models calculate a fair value of 22.61 TRY per share.
What do the bullish and bearish scenarios say about GLYHO?
Our models span a range for Global Yatirim Holding AS: cautious scenario 15.30 TRY, base 22.61 TRY, optimistic 48.95 TRY per share (as of Sep 22, 2026, price 15.95 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GLYHO?
Global Yatirim Holding AS trades at a price-to-earnings ratio of 5.9 (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 22.61 TRY is built from several models across several years. Other multiples: P/B 2.4, P/S 1.2, EV/EBITDA 8.0.
How solid is the balance sheet of Global Yatirim Holding AS (GLYHO)?
Balance-sheet figures for Global Yatirim Holding AS (as of Sep 22, 2026): return on equity 34.4%, debt of 3.70 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is GLYHO from its 52-week high?
Global Yatirim Holding AS trades at 15.95 TRY, about 16% below its 52-week high of 18.91 TRY and 97% above the low of 8.11 TRY (as of Sep 22, 2026). Distance from the high says nothing about value: that is what the fair value of 22.61 TRY is for.
Which stocks are comparable to Global Yatirim Holding AS?
From the same area (Industrials) we also value ITOCHU Corporation, 3M Company, Honeywell International Inc, CITIC 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 Global Yatirim Holding AS stock attractive at the current price?
The data as of Sep 22, 2026: price 15.95 TRY, calculated fair value 22.61 TRY (+42%), Quality Score 38/100, from 11 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 GLYHO calculated?
We run Global Yatirim Holding AS through 11 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 22.61 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 Yatirim Holding AS currently trades 42 % 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 Yatirim Holding AS (GLYHO)?
The closing price on Sep 22, 2026 was 15.95 TRY. Our model-based fair value is 22.61 TRY, about +42% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Global Yatirim Holding AS right now?
The large discount to fair value meets weak quality (38/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (15.30 TRY to 48.95 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Global Yatirim Holding AS
How large is the market capitalisation of Global Yatirim Holding AS (GLYHO)?
The market capitalisation of Global Yatirim Holding AS is 33.8B TRY (≈ $693M). 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 Yatirim Holding AS (GLYHO)?
The price-to-sales ratio of Global Yatirim Holding AS is 1.06 (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 Global Yatirim Holding AS (GLYHO)?
Earnings per share at Global Yatirim Holding AS are 2.71 TRY (price ÷ EPS = P/E 5.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Global Yatirim Holding AS (GLYHO)?
The dividend yield of Global Yatirim Holding AS is 3.4% (payout 19.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Global Yatirim Holding AS (GLYHO)?
The net margin of Global Yatirim Holding AS is 18.0% (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 Yatirim Holding AS (GLYHO)?
The return on equity (ROE) of Global Yatirim Holding AS is 34.4% (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 Global Yatirim Holding AS (GLYHO)?
On an EBIT basis the return on assets of Global Yatirim Holding AS is 4.4% (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 Yatirim Holding AS (GLYHO)?
The operating margin of Global Yatirim Holding AS is 28.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Global Yatirim Holding AS (GLYHO)?
Revenue at Global Yatirim Holding AS is growing −1.1% versus a year earlier (3y avg +48.0%). 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 Yatirim Holding AS (GLYHO)?
Earnings per share at Global Yatirim Holding AS are growing +23.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Global Yatirim Holding AS (GLYHO) carry?
The net debt of Global Yatirim Holding AS is 52.0B TRY (fiscal year 2025, ≈ 71.7 yrs of FCF). 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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