Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi TRY 19.89, price TRY 35.48, upside -43.9%, quality 31 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi engages in the shipbuilding business in Turkey.
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Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi engages in the shipbuilding business in Turkey. The company offers ship repair and maintenance services, including sand blasting and painting; rudder, shaft, and propeller repair; cargo and ballast tank treatment; bow thruster maintenance; main and auxiliary engine maintenance; boiler, heat exchanger, and pump maintenance and repair; turbocharger and governor overhauling; electrical and mechanical works; navigational equipment; fire and safety system services; BWTS installation; scrubber system installation; steel and piping works; and laid up services. It also provides ship conversion services, such as lengthening projects, new machinery, equipment or factory installations, and heavy steel construction works. The company was incorporated in 2008 and is headquartered in Istanbul, Turkey. Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi operates as a subsidiary of Pekar Grup Insaat A.S.
Stock analysis
Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN) currently trades at 35.48 TRY, while our model-based Fair Value estimate is 19.89 TRY, implying the stock looks roughly 78.4% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 21.01 TRY per share, and 0 of the 4 models we run sit above the 35.48 TRY price.
Bear case: the Dividend Discount group reads lowest at 6.41 TRY, and 4 of the 4 models stay below the price. Evidence for this calculation is medium.
Scenario range: 14.76 TRY (bear) to 25.02 TRY (bull), the price of 35.48 TRY sits above 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 31/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi reported revenue of 4.7B TRY in FY2025 versus 458M TRY in FY2021, a compound +79.2%/yr. Reported net income was −191M TRY in FY2025.
Key figures
Market cap 12.8B TRY (≈ $263M) · P/S ratio 2.80 · EPS (TTM) −1.58 TRY · Dividend yield 0.7% · Net margin −4.0% · Return on equity −6.1% · Return on assets (EBIT) 9.1% · Operating margin −20.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 48% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −29% fair-value upside, at −44%, HATSN screens richer than that median.
Fair Value models
Bear 14.76 TRYFair Value 19.89 TRYBull 25.02 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.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.32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−4.7%
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.
+28.0%
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.
+65.2%
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Profit margin (trend) ⓘ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.
6.9% (2020) → −0.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi 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.Aerospace & Defense · 228 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score31 · Bottom 25%
Fair Value upside−67% · Below median
Profitability
Return on assets−2% · Bottom 25%
Net margin (TTM)−8% · Bottom 25%
Operating margin (TTM)−20% · Bottom 25%
Growth and dividend
Revenue growth−18% · Bottom 25%
Dividend yield (TTM)0.7% · Below median
Balance sheet
Debt / equity0.06× · Below median
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
P/B0.05× · Cheapest 25%
P/S (TTM)0.06× · Cheapest 25%
EV/EBITDA1.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 46
PAST (return on equity)0· sector 36
HEALTH (low debt)97· sector 93
DIVIDEND (yield)0· sector 17
VALUE 0: the price sits above our fair-value range.
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). "Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi Fair Value". https://www.fairvalue-calculator.com/stock/HATSN
Frequently asked questions
Is Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 19.89 TRY versus a price of 35.48 TRY, about −44% upside (overvalued).
What is the fair value of HATSN?
Our model-based fair value for Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi is 19.89 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 35.48 TRY.
What is the quality score of HATSN?
Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi has a Quality Score of 31/100. 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 Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
Our model-based price target is the fair value of 19.89 TRY (as of Sep 13, 2026) from 4 valuation models. Cautious scenario 14.76 TRY, optimistic scenario 25.02 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi stock forecast for 2026?
Our models put fair value at 19.89 TRY, about −44% upside versus a price of 35.48 TRY (overvalued). Cautious scenario 14.76 TRY, optimistic scenario 25.02 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi reported trailing-twelve-month revenue of about 4.6B TRY (latest available figure, as of Sep 13, 2026).
Does Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi pay a dividend?
Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi currently shows a dividend yield of about 0.69% relative to its recent price (as of Sep 13, 2026).
What is the intrinsic value of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi it is 19.89 TRY per share (as of Sep 13, 2026), against a price of 35.48 TRY. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi stock overvalued or undervalued in 2026?
As of Sep 13, 2026, HATSN trades above its calculated fair value: price 35.48 TRY, fair value 19.89 TRY, a gap of about −44% (overvalued). 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 HATSN?
No. The price is what the market pays today (35.48 TRY); the fair value is what the company's own numbers justify (19.89 TRY). For Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi the two are 15.59 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi worth?
The market values Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi at about 12.8B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 35.48 TRY; our models calculate a fair value of 19.89 TRY per share.
What do the bullish and bearish scenarios say about HATSN?
Our models span a range for Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi: cautious scenario 14.76 TRY, base 19.89 TRY, optimistic 25.02 TRY per share (as of Sep 13, 2026, price 35.48 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
Balance-sheet figures for Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (as of Sep 13, 2026): return on equity −6.1%, debt of 0.06 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is HATSN from its 52-week high?
Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi trades at 35.48 TRY, about 48% below its 52-week high of 67.70 TRY and 3% above the low of 34.40 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 19.89 TRY is for.
Which stocks are comparable to Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, 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 Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi stock attractive at the current price?
The data as of Sep 13, 2026: price 35.48 TRY, calculated fair value 19.89 TRY (−44%), Quality Score 31/100, from 4 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 HATSN calculated?
We run Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi through 4 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 19.89 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. Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi itself currently trades above fair value. 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 Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
The closing price on Sep 22, 2026 was 35.48 TRY. Our model-based fair value is 19.89 TRY, about −44% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi right now?
The price sits above even our optimistic bull case (25.02 TRY). The favourable scenario is already priced in. Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi
How large is the market capitalisation of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
The market capitalisation of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi is 12.8B TRY (≈ $263M). 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 Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
The price-to-sales ratio of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi is 2.80 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
Earnings per share at Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi are −1.58 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
The dividend yield of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi is 0.7%. 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 Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
The net margin of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi is −4.0% (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 Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
The return on equity (ROE) of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi is −6.1% (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 Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
On an EBIT basis the return on assets of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi is 9.1% (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 Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
The operating margin of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi is −20.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
Revenue at Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi is growing −17.7% versus a year earlier (3y avg +28.0%). 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 Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN)?
Earnings per share at Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi are growing −95.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN) generate?
The free cash flow of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi is −453M TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi (HATSN) carry?
The net debt of Hat-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi ve Ticaret Anonim Sirketi is 141M TRY (fiscal year 2025). 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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