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Global Yatirim Holding (GLYHO) Fair Value & Analysis

Industrials · TR · Market cap 33.8B TRY

GY Global Yatirim Holding GLYHO · IS
Price17.34 TRY
Fair Value23.22 TRY
Upside+33.9%
Quality53/100
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Expensive Growth
Solidly profitable · 18.6% net margin
High debt · generates free cash flow
Mixed vs. peers (7/14)
Wide moat 80/100
Evidence: Medium Range 17.75 TRY – 60.07 TRY Share as image

Fair value as of: Aug 8, 2026

From 23 valuation models · updated yesterday

Share price −1.8% over the past month.

A solid business, screening 34% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (17.75 TRY). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (17.75 TRY to 60.07 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

18.73 TRY 0.5900 TRY Fair Value 23.22 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 0.5900 TRY – 18.73 TRY · fair‑value band 17.75 TRY – 60.07 TRY · the 17.34 TRY price screens below the 23.22 TRY fair value. Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

Global Yatirim Holding (GLYHO) currently trades at 17.34 TRY, while our model-based Fair Value estimate is 23.22 TRY, implying the stock looks roughly 33.9% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Industrials 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: medium), always confirm before acting.

Over the trailing twelve months, Global Yatirim Holding generated revenue of 28.2B TRY at a net margin of 18.6%. Revenue declined 1.1% year over year. It earns a return on equity of 34.4%. Net debt stands at 52.0B TRY. Fundamentals as of Aug 8, 2026

Our scenario range runs from 17.75 TRY (bear case) to 60.07 TRY (bull case); at 17.34 TRY, the current price sits below 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 8% below its 52-week high and 114% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -14% fair-value upside, at 34%, GLYHO 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
Residual Income 20.93 TRY 31.38 TRY 389.64 TRY 76
Rev-Margin DCF 3.34 TRY 28.15 TRY 79.68 TRY 74
ROIC Compounder 5.99 TRY 15.88 TRY 27.70 TRY 72
All 23 models by family
DCF Models
5Y Revenue Exit 0.7200 TRY 21.98 TRY 66.91 TRY 39
5Y EBITDA Exit 16.10 TRY 53.10 TRY 125.95 TRY 41
5Y P/E Exit 9.77 TRY 56.81 TRY 122.37 TRY 38
10Y Revenue Exit 27.18 TRY 51.05 TRY 36
10Y EBITDA Exit 7.75 TRY 60.31 TRY 157.31 TRY 37
10Y P/E Exit 3.13 TRY 46.68 TRY 121.63 TRY 35
Earnings-Based
Graham-Dodd 17.75 TRY 123.76 TRY 173.67 TRY 54
Lynch FV 63.94 TRY 91.34 TRY 118.74 TRY 50
PEG = 1.0 63.94 TRY 91.34 TRY 118.74 TRY 46
EPV 5.99 TRY 10.57 TRY 14.58 TRY 59
Dividend Discount
Gordon GGM 5.35 TRY 11.12 TRY 17.64 TRY 70
DDM Multi-Stage 5.35 TRY 9.37 TRY 11.67 TRY 61
Multiples
P/E Multiple 39.14 TRY 52.19 TRY 65.24 TRY 63
P/S Multiple 27.15 TRY 36.20 TRY 45.25 TRY 58
P/B Multiple 16.39 TRY 21.86 TRY 27.32 TRY 55
EV/EBIT 21.79 TRY 36.22 TRY 50.65 TRY 53
EV/EBITDA 26.02 TRY 41.86 TRY 57.71 TRY 54
EV/Revenue 3.84 TRY 14.70 TRY 25.56 TRY 43
Asset-Based
NCAV (Graham) 3.64 TRY 4.88 TRY 7.29 TRY 50
Growth DCF
Rev-Margin DCF 3.34 TRY 28.15 TRY 79.68 TRY 74
Economic Profit
Residual Income 20.93 TRY 31.38 TRY 389.64 TRY 76
ROIC Compounder 5.99 TRY 15.88 TRY 27.70 TRY 72
Growth Earnings
Growth-Adj P/E 82.39 TRY 117.70 TRY 153.00 TRY 68

Widest divergence: Growth Earnings (117.70 TRY) versus Asset-Based (4.88 TRY). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 28.2B TRY
Revenue growth (YoY) -1.1%
Net margin 18.6%
Return on equity 34.4%
Free cash flow 725M TRY FY2025
P/E ratio 6.4
More key figures
Operating margin 28.2%
EPS (TTM) 2.71 TRY
EPS growth (YoY) +23.5%
Net debt 52.0B TRY FY2025

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

Quality Score breakdown

Overall quality 53/100

Of which business quality 42 · Market factors (momentum, volatility) 77

Profitability 50
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 76
Price trend over the last 3–12 months (market factor)
52W Momentum 93
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 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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Global Yatirim Holding 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.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
28.2B TRY
Latest YoY
+3.3%
Avg. growth/yr (3Y)
+48.0%
Avg. growth/yr (5Y)
+76.9%
Avg. growth/yr (25Y)
−25.5%
Revenue +81.8%/yr
FY21 2.6B TRL
FY22 8.7B TRL
FY23 18.9B TRL
FY24 27.3B TRL
FY25 28.2B TRL
Net income
FY21 −111M TRL
FY22 1.2B TRL
FY23 2.9B TRL
FY24 4.3B TRL
FY25 5.1B TRL

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Cite: Fair Value Calculator (2026). "Global Yatirim Holding Fair Value". https://www.fairvalue-calculator.com/stock/GLYHO

Peer Group

Conglomerates · 370 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 56 · Above median
Fair Value upside +34% · Above median
Return on equity (TTM) 34% · Top 25%
Return on assets 5% · Top 25%
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) 28% · Top 25%
Revenue growth -1% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 3.70× · Higher than 75% of peers

Valuation Multiples vs Conglomerates median · lower = cheaper

P/E (TTM) 6.4× · Cheaper than 75% of peers
P/B 2.38× · Pricier than 75% of peers
P/S (TTM) 1.20× · Pricier than median
P/FCF 1.0× · Pricier than median
EV/EBITDA 8.0× · Pricier than median

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 79 · sector 22
FUTURE 0 · sector 16
PAST 100 · sector 20
HEALTH 0 · sector 89
DIVIDEND 0 · sector 40

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.

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Frequently asked questions

Is Global Yatirim Holding (GLYHO) overvalued or undervalued?
As of Aug 8, 2026, our model estimates a fair value of 23.22 TRY versus a price of 17.34 TRY, about +34% (undervalued).
What is the fair value of GLYHO?
Our model-based fair value for Global Yatirim Holding is 23.22 TRY (as of Aug 8, 2026), built from audited fundamentals. The current price is 17.34 TRY.
What is the quality score of GLYHO?
Global Yatirim Holding has a Quality Score of 53/100. 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 Yatirim Holding (GLYHO)?
Global Yatirim Holding reported trailing-twelve-month revenue of about 28.2B TRY (latest available figure, as of Aug 8, 2026).
What is the net profit margin of GLYHO?
The net profit margin of Global Yatirim Holding is about 18.6%, meaning it keeps roughly 18.6% of revenue as net income. 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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