GSD Holding AS (GSDHO) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of GSD Holding AS TRY 4.96, price TRY 4.17, upside +18.9%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch GSD Holding AS for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
GSD Holding A.S., through its subsidiaries, engages in finance, shipping, energy, and education businesses. The company offers spot loans, revolving credit, upfront interest loans, installment business loans, and foreign currency loans; domestic financing services; and factoring, financing, guarantee, collection services.
Show more
GSD Holding A.S., through its subsidiaries, engages in finance, shipping, energy, and education businesses. The company offers spot loans, revolving credit, upfront interest loans, installment business loans, and foreign currency loans; domestic financing services; and factoring, financing, guarantee, collection services. It also provides dry bulk shipping for the products, such as iron ore and other metals, coal, agricultural products, and fertilizers. In addition, the company is involved in the generation of electricity through asphaltite-fueled thermal power plant. Further, it operates and supports primary schools. The company was formerly known as GSD Dis Ticaret A.S. and changed its name to GSD Holding A.S. in November 1996. GSD Holding A.S. was founded in 1986 and is based in Istanbul, Turkey.
Stock analysis
GSD Holding AS (GSDHO) currently trades at 4.17 TRY, while our model-based Fair Value estimate is 4.96 TRY, implying the stock looks roughly 15.9% undervalued today.
Show more
Valuation
Bull case: the Asset-Based group reads highest at a median of 9.55 TRY per share, and 8 of the 10 models we run sit above the 4.17 TRY price.
Bear case: the Multiples group reads lowest at 3.09 TRY, and 2 of the 10 models stay below the price. Evidence for this calculation is low.
Scenario range: 2.32 TRY (bear) to 8.57 TRY (bull), the price of 4.17 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 47/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
GSD Holding AS reported revenue of 5.4B TRL in FY2025 versus 821M TRL in FY2021, a compound +60.1%/yr. Reported net income was 208M TRL in FY2025, compounding −24.0%/yr from FY2021.
Key figures
Market cap 4.2B TRY (≈ $86.1M) · P/E ratio 41.7 · P/S ratio 1.61 · EPS (TTM) 0.1000 TRY · Dividend yield 3.6% · Net margin 3.9% · Return on equity 2.3% · Return on assets (EBIT) 10.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at 19%, GSDHO screens cheaper than that median.
Fair Value models
Bear 2.32 TRYFair Value 4.96 TRYBull 8.57 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 (0.0729 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
+1.4%
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.
+55.4%
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.
+82.3%
Revenue growth 22 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.
−43.5%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 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 5 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.
−9.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.6%
Dividend (yield on the price)3.6%
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.17% → 40%
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).
+25.0%
Yearly growth needed for the next five years to justify today's price.
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Marine Shipping · 231 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+11% · Above median
Profitability
Return on equity (TTM)2% · Bottom 25%
Return on assets12% · Top 25%
Net margin (TTM)4% · Below median
Operating margin (TTM)56% · Top 25%
Growth and dividend
Revenue growth−12% · Bottom 25%
Dividend yield (TTM)3.6% · Above median
Balance sheet
Debt / equity0.37× · Above median
Valuation Multiplesvs Marine Shipping median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "GSD Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/GSDHO
Frequently asked questions
Is GSD Holding AS (GSDHO) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 4.96 TRY versus a price of 4.17 TRY, about +19% upside (undervalued).
What is the fair value of GSDHO?
Our model-based fair value for GSD Holding AS is 4.96 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 4.17 TRY.
What is the quality score of GSDHO?
GSD Holding AS has a Quality Score of 47/100. 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 GSD Holding AS (GSDHO)?
Our model-based price target is the fair value of 4.96 TRY (as of Sep 13, 2026) from 10 valuation models. Cautious scenario 2.32 TRY, optimistic scenario 8.57 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the GSD Holding AS stock forecast for 2026?
Our models put fair value at 4.96 TRY, about +19% upside versus a price of 4.17 TRY (undervalued). Cautious scenario 2.32 TRY, optimistic scenario 8.57 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of GSD Holding AS (GSDHO)?
GSD Holding AS reported trailing-twelve-month revenue of about 5.4B TRY (latest available figure, as of Sep 13, 2026).
Does GSD Holding AS pay a dividend?
GSD Holding AS currently shows a dividend yield of about 3.57% relative to its recent price (as of Sep 13, 2026).
What growth is priced into GSD Holding AS (GSDHO)?
For today's price to be fair in a discounted-cash-flow model, GSD Holding AS would have to grow free cash flow by +25.0 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +82.3 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of GSDHO use?
Our models discount GSD Holding AS at 15.7 %: a base by market capitalisation (micro), damped by beta 0.39, 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 GSD Holding AS that is +25.0 % 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 GSD Holding AS (GSDHO) delivered so far?
Over the past 5 years revenue at GSD Holding AS grew +82.3 % a year. The price currently implies +25.0 % 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 GSD Holding AS (GSDHO) growing?
The median revenue growth in the sector is +8.3 % a year. That is the yardstick for the growth priced into GSD Holding AS (+25.0 % 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 GSD Holding AS (GSDHO)?
The free-cash-flow yield on the price is 7.77 %: that much free cash flow GSD Holding AS 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 GSD Holding AS (GSDHO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For GSD Holding AS it is 4.96 TRY per share (as of Sep 13, 2026), against a price of 4.17 TRY. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is GSD Holding AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, GSDHO trades below its calculated fair value: price 4.17 TRY, fair value 4.96 TRY, a gap of about +19% (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 GSDHO?
No. The price is what the market pays today (4.17 TRY); the fair value is what the company's own numbers justify (4.96 TRY). For GSD Holding AS the two are 0.7900 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is GSD Holding AS worth?
The market values GSD Holding AS at about 4.2B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 4.17 TRY; our models calculate a fair value of 4.96 TRY per share.
What do the bullish and bearish scenarios say about GSDHO?
Our models span a range for GSD Holding AS: cautious scenario 2.32 TRY, base 4.96 TRY, optimistic 8.57 TRY per share (as of Sep 13, 2026, price 4.17 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GSDHO?
GSD Holding AS trades at a price-to-earnings ratio of 41.7 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 4.96 TRY is built from several models across several years. Other multiples: PEG 0.6, P/B 0.3, P/S 0.8, EV/EBITDA 1.3.
What is the PEG ratio of GSDHO?
The PEG ratio of GSD Holding AS is 0.61 (P/E divided by earnings growth, as of Sep 13, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of GSD Holding AS (GSDHO)?
Balance-sheet figures for GSD Holding AS (as of Sep 13, 2026): return on equity 2.3%, debt of 0.37 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is GSDHO from its 52-week high?
GSD Holding AS trades at 4.17 TRY, about 40% below its 52-week high of 6.92 TRY and 4% above the low of 4.00 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 4.96 TRY is for.
Which stocks are comparable to GSD Holding AS?
From the same area (Industrials) we also value Adani Ports and Special Economic Zone Limited, A.P. Møller - Mærsk A/S, 532921, COSCO SHIPPING Holdings, 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 GSD Holding AS stock attractive at the current price?
The data as of Sep 13, 2026: price 4.17 TRY, calculated fair value 4.96 TRY (+19%), Quality Score 47/100, from 10 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 GSDHO calculated?
We run GSD Holding AS through 10 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 4.96 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 16.1 % above its aggregate fair value. GSD Holding AS currently trades 19 % 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 GSD Holding AS (GSDHO)?
The closing price on Sep 22, 2026 was 4.17 TRY. Our model-based fair value is 4.96 TRY, about +19% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with GSD Holding AS right now?
The model range is unusually wide (2.32 TRY to 8.57 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of GSD Holding AS
How large is the market capitalisation of GSD Holding AS (GSDHO)?
The market capitalisation of GSD Holding AS is 4.2B TRY (≈ $86.1M). 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 GSD Holding AS (GSDHO)?
The price-to-sales ratio of GSD Holding AS is 1.61 (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 GSD Holding AS (GSDHO)?
Earnings per share at GSD Holding AS are 0.1000 TRY (price ÷ EPS = P/E 41.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of GSD Holding AS (GSDHO)?
The dividend yield of GSD Holding AS is 3.6% (payout 149%). 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 GSD Holding AS (GSDHO)?
The net margin of GSD Holding AS is 3.9% (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 GSD Holding AS (GSDHO)?
The return on equity (ROE) of GSD Holding AS is 2.3% (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 GSD Holding AS (GSDHO)?
On an EBIT basis the return on assets of GSD Holding AS is 10.3% (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 GSD Holding AS (GSDHO)?
The operating margin of GSD Holding AS is 56.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at GSD Holding AS (GSDHO)?
Revenue at GSD Holding AS is growing −11.5% versus a year earlier (3y avg +55.4%). 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 GSD Holding AS (GSDHO)?
Earnings per share at GSD Holding AS are growing −60.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does GSD Holding AS (GSDHO) carry?
The net debt of GSD Holding AS is 2.8B TRY (fiscal year 2025, ≈ 9.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch GSD Holding AS in the live analysis
One click puts GSD Holding AS on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
