D-MARKET Electronic Services & Trading (HEPS) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of D-MARKET Electronic Services & Trading stock $3.81, price $2.74, upside +39.0%, quality 35 out of 100. Rating: undervalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $0.6080 – $13.97 · fair‑value band $2.42 – $4.45 · the $2.74 price screens below the $3.81 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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D-Market Elektronik Hizmetler ve Ticaret A.S. operates e-commerce platforms in Turkey. The company operates a retail website that provides electronics and non-electronics products, such as books, sports, toys, kids and baby products, cosmetics, furniture, etc.
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It also operates HepsiJet that provides last-mile delivery services; HepsiLojistik, which offers fulfillment services; HepsiMat, an offline network of pick-up and drop-off point; HepsiAd that provides advertising service; and Hepsipay and Hepsifinans, which offers e-wallet, e-money, payment facilitation services, and consumer lending.
The company was incorporated in 2000 and is headquartered in Istanbul, Turkey. D-Market Elektronik Hizmetler ve Ticaret A.S. is a subsidiary of Joint Stock Company Kaspi.kz.
Stock analysis
D-MARKET Electronic Services & Trading (HEPS) currently trades at $2.74, while our model-based Fair Value estimate is $3.81, implying the stock looks roughly 28% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $4.48 per share, and 7 of the 9 models we run sit above the $2.74 price.
Bear case: the Multiples group reads lowest at $1.97, and 2 of the 9 models stay below the price. Data coverage for this calculation is low.
Scenario range: $2.42 (bear) to $4.45 (bull), the price of $2.74 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 35/100 (below-average quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
D-MARKET Electronic Services & Trading ADR reported revenue of 84.7B TRY in FY2025 versus 24.8B TRY in FY2021, a compound +35.9%/yr. Reported net income was −5.7B TRY in FY2025.
Key figures
Market cap $1.2B Small · EPS (TTM) $−0.4800 · Net margin −6.7% · Return on equity −636% · Return on assets (EBIT) −20.1% (5-year average) · Revenue (TTM) 62.6B TRY · Revenue growth (YoY) +36.2% · Free cash flow 2.2B TRY.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 26% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 21% fair-value upside, at 39%, HEPS screens cheaper than that median.
Fair Value models
Bear$2.42Fair Value $3.81Bull$4.45
Price $2.74 · Upside +39.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
Best data coverage
FCF DCF$3.61$4.72$7.8977
Growth DCF$3.42$4.98$7.4076
5Y EBITDA Exit$2.46$3.39$5.1972
All 9 models by family
DCF Models
FCF DCF$3.61$4.72$7.8977
5Y Revenue Exit$2.41$3.29$5.0970
5Y EBITDA Exit$2.46$3.39$5.1972
10Y Revenue Exit$2.85$4.48$5.2366
10Y EBITDA Exit$2.91$4.57$7.1265
Multiples
EV/EBITDA$1.63$2.02$2.4167
EV/Revenue$1.48$1.91$2.3554
Growth DCF
Growth DCF$3.42$4.98$7.4076
Rev-Margin DCF$2.57$3.68$6.0369
The fair value above starts from this blend and is adjusted for dilution from new shares.
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
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+48.4%
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.
+30.3%
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.
+41.0%
Start year 2020 (pandemic)
Revenue growth 7 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.
+71.3%
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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.
−5.5% (2020) → −1.1% (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
not computed
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).
+15.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in TRY, Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about −2.9% a year for the price.
Compare D-MARKET Electronic Services & Trading ADR 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.Internet Retail · 101 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score35 · Bottom 25%
Fair Value upside+39.0% · Above median
Profitability
Return on assets−15.4% · Bottom 25%
Net margin (12 months)−8.0% · Bottom 25%
Operating margin (12 months)0.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)36.2% · Top 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Internet Retail median · lower = cheaper
P/B29.29× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)0.94× · Pricier than median
Price / free cash flow (fiscal year)26.9× · Pricier than median
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Is D-MARKET Electronic Services & Trading (HEPS) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $3.81 versus a price of $2.74, about +39% upside (undervalued).
What is the fair value of HEPS?
Our model-based fair value for D-MARKET Electronic Services & Trading is $3.81 (as of Nov 6, 2026), built from audited fundamentals. The current price: $2.74.
What is the quality score of HEPS?
D-MARKET Electronic Services & Trading has a Quality Score of 35/100. 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 D-MARKET Electronic Services & Trading (HEPS)?
Our model-based price target is the fair value of $3.81 (as of Nov 6, 2026) from 9 valuation models. Cautious scenario $2.42, optimistic scenario $4.45. It is a calculation from audited fundamentals, not an analyst target.
What is the D-MARKET Electronic Services & Trading ADR stock forecast for 2026?
Our models put fair value at $3.81, about +39% upside versus a price of $2.74 (undervalued). Cautious scenario $2.42, optimistic scenario $4.45. The calculation is refreshed regularly with new filings.
What is the revenue of D-MARKET Electronic Services & Trading (HEPS)?
D-MARKET Electronic Services & Trading reported trailing-twelve-month revenue of about 62.6B TRY (latest available figure, as of Nov 6, 2026).
What growth is priced into D-MARKET Electronic Services & Trading (HEPS)?
For today's price to be fair in a discounted-cash-flow model, D-MARKET Electronic Services & Trading would have to grow free cash flow by +15.9 % per year for five years (discount rate 13.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +41.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of HEPS use?
Our models discount D-MARKET Electronic Services & Trading at 13.7 %: a base by market capitalisation (small), damped by beta 2.23, country premium for USA. 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 D-MARKET Electronic Services & Trading that is +15.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.7 %) and the same formula as our fair value.
How much growth has D-MARKET Electronic Services & Trading (HEPS) delivered so far?
Over the past 5 years revenue at D-MARKET Electronic Services & Trading grew +41.0 % a year. The price currently implies free-cash-flow growth of +15.9 % per 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 D-MARKET Electronic Services & Trading (HEPS) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into D-MARKET Electronic Services & Trading (+15.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of D-MARKET Electronic Services & Trading (HEPS)?
The free-cash-flow yield on the price is 4.30 %: that much free cash flow D-MARKET Electronic Services & Trading produces per unit of market value. When it exceeds the discount rate of our models (13.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of D-MARKET Electronic Services & Trading (HEPS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For D-MARKET Electronic Services & Trading it is $3.81 per share (as of Nov 6, 2026), against a price of $2.74. It is the blended result of 9 valuation models in 3 families (DCF Models, Multiples, Growth DCF).
Is D-MARKET Electronic Services & Trading ADR stock overvalued or undervalued in 2026?
As of Nov 6, 2026, HEPS trades below its calculated fair value: price $2.74, fair value $3.81, a gap of about +39% (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 HEPS?
No. The price is what the market pays today ($2.74); the fair value is what the company's own numbers justify ($3.81). For D-MARKET Electronic Services & Trading the two are $1.07 per share apart. That gap is exactly why we show both numbers side by side.
How much is D-MARKET Electronic Services & Trading ADR worth?
The market values D-MARKET Electronic Services & Trading at about $1.2B (market capitalisation, as of Nov 6, 2026). Per share that is $2.74; our models calculate a fair value of $3.81 per share.
What do the bullish and bearish scenarios say about HEPS?
Our models span a range for D-MARKET Electronic Services & Trading: cautious scenario $2.42, base $3.81, optimistic $4.45 per share (as of Nov 6, 2026, price $2.74). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of D-MARKET Electronic Services & Trading (HEPS)?
Balance-sheet figures for D-MARKET Electronic Services & Trading (as of Nov 6, 2026): debt of 0.00 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is HEPS from its 52-week high?
D-MARKET Electronic Services & Trading trades at $2.74, about 17% below its 52-week high of $3.29 and 26% above the low of $2.18 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $3.81 is for.
Which stocks are comparable to D-MARKET Electronic Services & Trading ADR?
From the same area (Consumer Cyclical) we also value Amazon.com, Inc, Alibaba Group, PDD Holdings, Prosus N.V, 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 D-MARKET Electronic Services & Trading ADR stock attractive at the current price?
The data as of Nov 6, 2026: price $2.74, calculated fair value $3.81 (+39%), Quality Score 35/100, from 9 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 HEPS calculated?
We run D-MARKET Electronic Services & Trading through 9 models from 3 families: DCF Models, Multiples, Growth DCF. Every model gets the same audited fundamentals; the fair value of $3.81 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. D-MARKET Electronic Services & Trading currently trades 28% 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 D-MARKET Electronic Services & Trading (HEPS)?
The closing price on Nov 6, 2026 was $2.74. Our model-based fair value is $3.81, about +39% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with D-MARKET Electronic Services & Trading ADR right now?
The large discount to fair value meets weak quality (35/100). That raises the risk this is a value trap rather than a bargain. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($2.42 to $4.45) leaves room in how you read the outcome.
Key figures of D-MARKET Electronic Services & Trading
How large is the market capitalisation of D-MARKET Electronic Services & Trading (HEPS)?
The market capitalisation of D-MARKET Electronic Services & Trading is $1.2B. 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 are the earnings per share of D-MARKET Electronic Services & Trading (HEPS)?
Earnings per share at D-MARKET Electronic Services & Trading are $−0.4800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of D-MARKET Electronic Services & Trading (HEPS)?
The net margin of D-MARKET Electronic Services & Trading is −6.7% (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 D-MARKET Electronic Services & Trading (HEPS)?
The return on equity (ROE) of D-MARKET Electronic Services & Trading is −636% (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 D-MARKET Electronic Services & Trading (HEPS)?
On an EBIT basis the return on assets of D-MARKET Electronic Services & Trading is −20.1% (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.
How fast is revenue growing at D-MARKET Electronic Services & Trading (HEPS)?
Revenue at D-MARKET Electronic Services & Trading is growing +36.2% versus a year earlier (3y avg +30.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net cash does D-MARKET Electronic Services & Trading (HEPS) hold?
D-MARKET Electronic Services & Trading holds more cash than debt, 8.9B TRY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 6, 2026