D-MARKET Electronic Services & Trading (HEPS) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of D-MARKET Electronic Services & Trading $5.64, price $2.52, upside +123.8%, quality 48 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 23, 2026.
How to read this chart
60‑month range $0.6080 – $14.26 · fair‑value band $3.58 – $6.58 · the $2.52 price screens below the $5.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 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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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. 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 ADR (HEPS) currently trades at $2.52, while our model-based Fair Value estimate is $5.64, implying the stock looks roughly 55.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $5.64 per share, and 7 of the 10 models we run sit above the $2.52 price.
Bear case: the Multiples group reads lowest at $2.23, and 3 of the 10 models stay below the price. Evidence for this calculation is low.
Scenario range: $3.58 (bear) to $6.58 (bull), the price of $2.52 sits below 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 48/100 (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 $1.0B · EPS (TTM) $−0.3600 · Net margin −6.7% · Return on equity −273% · Return on assets (EBIT) −20.1% · Revenue (TTM) $62.6B · Revenue growth (YoY) +60.8% · Free cash flow $2.2B.
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 23% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 8% fair-value upside, at 124%, HEPS screens cheaper than that median.
Fair Value models
Bear $3.58Fair Value $5.64Bull $6.58
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.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
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 · 107 stocks
Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside+120% · Top 25%
Profitability
Return on assets−2% · Bottom 25%
Net margin (TTM)−7% · Bottom 25%
Operating margin (TTM)0% · Below median
Growth and dividend
Revenue growth61% · Top 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Internet Retail median · lower = cheaper
P/B0.50× · 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.
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.
Is D-MARKET Electronic Services & Trading (HEPS) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $5.64 versus a price of $2.52, about +124% upside (undervalued).
What is the fair value of HEPS?
Our model-based fair value for D-MARKET Electronic Services & Trading ADR is $5.64 (as of Sep 23, 2026), built from audited fundamentals. The current price: $2.52.
What is the quality score of HEPS?
D-MARKET Electronic Services & Trading ADR has a Quality Score of 48/100. 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 $5.64 (as of Sep 23, 2026) from 10 valuation models. Cautious scenario $3.58, optimistic scenario $6.58. 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 $5.64, about +124% upside versus a price of $2.52 (undervalued). Cautious scenario $3.58, optimistic scenario $6.58. The calculation is refreshed regularly with new filings.
What is the revenue of D-MARKET Electronic Services & Trading (HEPS)?
D-MARKET Electronic Services & Trading ADR reported trailing-twelve-month revenue of about $62.6B (latest available figure, as of Sep 23, 2026).
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 ADR it is $5.64 per share (as of Sep 23, 2026), against a price of $2.52. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is D-MARKET Electronic Services & Trading ADR stock overvalued or undervalued in 2026?
As of Sep 23, 2026, HEPS trades below its calculated fair value: price $2.52, fair value $5.64, a gap of about +124% (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 ($2.52); the fair value is what the company's own numbers justify ($5.64). For D-MARKET Electronic Services & Trading ADR the two are $3.12 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 ADR at about $1.0B (market capitalisation, as of Sep 23, 2026). Per share that is $2.52; our models calculate a fair value of $5.64 per share.
What do the bullish and bearish scenarios say about HEPS?
Our models span a range for D-MARKET Electronic Services & Trading ADR: cautious scenario $3.58, base $5.64, optimistic $6.58 per share (as of Sep 23, 2026, price $2.52). 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 ADR (as of Sep 23, 2026): return on equity −272.8%, debt of 0.00 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is HEPS from its 52-week high?
D-MARKET Electronic Services & Trading ADR trades at $2.52, about 23% below its 52-week high of $3.29 and 16% above the low of $2.18 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $5.64 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, MercadoLibre, Inc, DoorDash, Inc, 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 Sep 23, 2026: price $2.52, calculated fair value $5.64 (+124%), Quality Score 48/100, 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 HEPS calculated?
We run D-MARKET Electronic Services & Trading ADR 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 $5.64, 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 14.1 % above its aggregate fair value. D-MARKET Electronic Services & Trading ADR currently trades 124 % 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 Sep 23, 2026 was $2.52. Our model-based fair value is $5.64, about +124% 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 price is below even our cautious bear case ($3.58). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($3.58 to $6.58) leaves room in how you read the outcome.
Key figures of D-MARKET Electronic Services & Trading ADR
How large is the market capitalisation of D-MARKET Electronic Services & Trading (HEPS)?
The market capitalisation of D-MARKET Electronic Services & Trading ADR is $1.0B. 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 ADR are $−0.3600. 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 ADR 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 ADR is −273% (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 ADR 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 ADR is growing +60.8% 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 free cash flow does D-MARKET Electronic Services & Trading (HEPS) generate?
The free cash flow of D-MARKET Electronic Services & Trading ADR is $2.2B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does D-MARKET Electronic Services & Trading (HEPS) hold?
D-MARKET Electronic Services & Trading ADR holds more cash than debt, $8.9B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Sep 23, 2026