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Hitit Bilgisayar Hizmetleri AS (HTTBT) fair value: what the stock is really worth

As of Sep 22, 2026: fair value of Hitit Bilgisayar Hizmetleri AS TRY 30.49, price TRY 31.16, upside -2.2%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Technology · TR · ISIN TREHTTB00036

HB Thin data Sep 13, 2026

Hitit Bilgisayar Hizmetleri AS

HTTBT · IS

NeutralThe stock looks roughly fairly valued with average quality.

·Fair value 30.49 TRY · Fairly valued (−2%)
!Quality 52/100
!Expensive Growth (revenue 5y +79.4 %/yr)
✓Highly profitable · 22.5% net margin (TTM)
!negative free cash flow
✓Ranks above peers (7/11)
!Moderate moat 64/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

53.65 TRY 5.05 TRY Fair Value 30.49 TRY Mar 2022 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

55‑month range 5.05 TRY – 53.65 TRY · fair‑value band 23.29 TRY – 37.68 TRY · the 31.16 TRY price screens above the 30.49 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Hitit Bilgisayar Hizmetleri A.S. develops and sells airline and travel technology solutions under the Crane brand in Turkey and internationally.

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Hitit Bilgisayar Hizmetleri A.S. develops and sells airline and travel technology solutions under the Crane brand in Turkey and internationally. The company offers passenger service system (PSS), a suite of solutions comprising reservation and passenger services, internet booking engine, reservations and passenger service, mobile application, allotment manager, departure control system, weight and balance, baggage reconciliation itinerary, and loyalty layer; operations planning solutions consisting of crew tracking, schedule and capacity planning, strategic planning and operations control; and accounting solutions, such as revenue accounting, cost accounting, and business performance index. It also provides Crane TM, a travel marketplace platform that enables airlines to set up a travel marketplace for its tour operator and online travel agency (OTA) partners to create and sell leisure and business travel packages; travel solutions, including Crane OTA, multilingual and multi-currency online travel platform and Crane APP, an agent portal for airlines; and cargo solutions, such as reservation and cargo services, and domestic cargo services. In addition, the company offers technical infrastructure and hosting, consultancy and training, and after-sales support and maintenance services. It serves airlines, travel companies, and airports. The company was incorporated in 1994 and is headquartered in Istanbul, Turkey.

Stock analysis

Hitit Bilgisayar Hizmetleri AS (HTTBT) currently trades at 31.16 TRY, while our model-based Fair Value estimate is 30.49 TRY, implying the stock looks roughly 2.2% fairly valued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of 65.51 TRY per share, and 6 of the 14 models we run sit above the 31.16 TRY price.

Bear case: the Asset-Based group reads lowest at 6.63 TRY, and 8 of the 14 models stay below the price. Evidence for this calculation is low.

Scenario range: 23.29 TRY (bear) to 37.68 TRY (bull), the price of 31.16 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 52/100 (solid quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Hitit Bilgisayar Hizmetleri AS reported revenue of 1.7B TRY in FY2025 versus 128M TRY in FY2021, a compound +89.5%/yr. Reported net income was 389M TRY in FY2025, compounding +102.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap 11.5B TRY (≈ $236M) · P/E ratio 22.9 · P/S ratio 5.39 · EPS (TTM) 1.36 TRY · Net margin 23.5% · Return on equity 14.8% · Return on assets (EBIT) 9.3% · Operating margin 15.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).

What moves the price

The share trades about 42% below its 52-week high, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −16% fair-value upside, at −2%, HTTBT screens cheaper than that median.

Fair Value models

Bear 23.29 TRY Fair Value 30.49 TRY Bull 37.68 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 (0.9911 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.
Highest evidence
EPV 11.98 TRY 13.69 TRY 15.19 TRY 70
ROIC Compounder 14.54 TRY 19.85 TRY 24.73 TRY 68
Growth-Adj P/E 45.86 TRY 65.51 TRY 85.17 TRY 65
All 14 models by family
Earnings-Based
Graham-Dodd 8.81 TRY 61.47 TRY 86.27 TRY 61
Lynch FV 31.76 TRY 45.37 TRY 58.98 TRY 59
PEG = 1.0 31.76 TRY 45.37 TRY 58.98 TRY 55
EPV 11.98 TRY 13.69 TRY 15.19 TRY 70
Multiples
P/E Multiple 27.22 TRY 36.30 TRY 45.37 TRY 63
P/S Multiple 16.53 TRY 22.04 TRY 27.55 TRY 58
P/B Multiple 16.53 TRY 22.04 TRY 27.55 TRY 55
EV/EBIT 23.29 TRY 30.49 TRY 37.68 TRY 63
EV/EBITDA 33.43 TRY 44.01 TRY 54.58 TRY 64
EV/Revenue 12.61 TRY 17.29 TRY 21.97 TRY 51
Asset-Based
NCAV (Graham) 4.95 TRY 6.63 TRY 9.89 TRY 51
Economic Profit
Residual Income 9.43 TRY 11.72 TRY 28.71 TRY 61
ROIC Compounder 14.54 TRY 19.85 TRY 24.73 TRY 68
Growth Earnings
Growth-Adj P/E 45.86 TRY 65.51 TRY 85.17 TRY 65

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Quality Score breakdown

Overall quality 52/100

Of which business quality 54 · Market factors (momentum, volatility) 31

Profitability 56
Margins and returns on capital today
Quality Growth 70
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 40
Share count: buybacks or dilution?

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Revenue & earnings trend

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
+47.3%
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.
+74.5%
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.
+79.4%
Revenue growth 6 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.
+61.3%
What shareholders gained per year (last 5 years), in TRY ⓘ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. Basis: EBIT basis. Measured in TRY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+40.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+40.3%
Dividend (yield on the price)0.0%
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.26% → 22%

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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.Software - Application · 698 stocks

Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 52 · Below median
Fair Value upside −16% · Below median
Profitability
Return on equity (TTM) 15% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 23% · Top 25%
Operating margin (TTM) 15% · Top 25%
Growth and dividend
Revenue growth 43% · Top 25%

Valuation Multiplesvs Software - Application median · lower = cheaper

P/E (TTM) 22.9× · Cheaper than median
P/B 3.87× · Pricier than median
P/S (TTM) 6.37× · Priciest 25%
EV/EBITDA 22.6× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)30 · sector 24
FUTURE (revenue growth)100 · sector 37
PAST (return on equity)59 · sector 13
HEALTH (low debt)0 · sector 98
DIVIDEND (yield)0 · sector 28

Context: sector, industry, market

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

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10 more Software - Application stocks, each showing price versus our Fair Value estimate.

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SAP SE SAP €186.56 €156.00 −16%
Shopify Inc SHOP C$178.41 C$112.02 −37%
Uber Technologies, Inc UBER $70.84 $102.51 +45%
Salesforce, Inc CRM $236.42 $344.41 +46%
ServiceNow, Inc NOW $141.90 $156.09 +10%
Cadence Design Systems, Inc CDNS $273.96 $224.24 −18%
Snowflake Inc SNOW $322.98 $74.65 −77%
Datadog, Inc DDOG $230.27 $32.92 −86%
Adobe Inc ADBE $249.52 $471.62 +89%
Automatic Data Processing, Inc ADP $276.53 $177.51 −36%

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Hitit Bilgisayar Hizmetleri AS · Fair Value
30.49 TRY −2%Fair Value
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Cite: Fair Value Calculator (2026). "Hitit Bilgisayar Hizmetleri AS Fair Value". https://www.fairvalue-calculator.com/stock/HTTBT

Frequently asked questions

Is Hitit Bilgisayar Hizmetleri AS (HTTBT) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 30.49 TRY versus a price of 31.16 TRY, about −2% upside (fairly valued).
What is the fair value of HTTBT?
Our model-based fair value for Hitit Bilgisayar Hizmetleri AS is 30.49 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 31.16 TRY.
What is the quality score of HTTBT?
Hitit Bilgisayar Hizmetleri AS has a Quality Score of 52/100. 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 Hitit Bilgisayar Hizmetleri AS (HTTBT)?
Our model-based price target is the fair value of 30.49 TRY (as of Sep 13, 2026) from 14 valuation models. Cautious scenario 23.29 TRY, optimistic scenario 37.68 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Hitit Bilgisayar Hizmetleri AS stock forecast for 2026?
Our models put fair value at 30.49 TRY, about −2% upside versus a price of 31.16 TRY (fairly valued). Cautious scenario 23.29 TRY, optimistic scenario 37.68 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Hitit Bilgisayar Hizmetleri AS (HTTBT)?
Hitit Bilgisayar Hizmetleri AS reported trailing-twelve-month revenue of about 1.8B TRY (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of Hitit Bilgisayar Hizmetleri AS (HTTBT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hitit Bilgisayar Hizmetleri AS it is 30.49 TRY per share (as of Sep 13, 2026), against a price of 31.16 TRY. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Hitit Bilgisayar Hizmetleri AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, HTTBT trades above its calculated fair value: price 31.16 TRY, fair value 30.49 TRY, a gap of about −2% (fairly valued). 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 HTTBT?
No. The price is what the market pays today (31.16 TRY); the fair value is what the company's own numbers justify (30.49 TRY). For Hitit Bilgisayar Hizmetleri AS the two are 0.6700 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Hitit Bilgisayar Hizmetleri AS worth?
The market values Hitit Bilgisayar Hizmetleri AS at about 11.5B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 31.16 TRY; our models calculate a fair value of 30.49 TRY per share.
What do the bullish and bearish scenarios say about HTTBT?
Our models span a range for Hitit Bilgisayar Hizmetleri AS: cautious scenario 23.29 TRY, base 30.49 TRY, optimistic 37.68 TRY per share (as of Sep 13, 2026, price 31.16 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HTTBT?
Hitit Bilgisayar Hizmetleri AS trades at a price-to-earnings ratio of 22.9 (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 30.49 TRY is built from several models across several years. Other multiples: P/B 3.9, P/S 6.4, EV/EBITDA 22.6.
How solid is the balance sheet of Hitit Bilgisayar Hizmetleri AS (HTTBT)?
Balance-sheet figures for Hitit Bilgisayar Hizmetleri AS (as of Sep 13, 2026): return on equity 14.8%. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is HTTBT from its 52-week high?
Hitit Bilgisayar Hizmetleri AS trades at 31.16 TRY, about 42% below its 52-week high of 53.95 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 30.49 TRY is for.
Which stocks are comparable to Hitit Bilgisayar Hizmetleri AS?
From the same area (Technology) we also value SAP SE, Shopify Inc, Uber Technologies, Inc, Salesforce, 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 Hitit Bilgisayar Hizmetleri AS stock attractive at the current price?
The data as of Sep 13, 2026: price 31.16 TRY, calculated fair value 30.49 TRY (−2%), Quality Score 52/100, from 14 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 HTTBT calculated?
We run Hitit Bilgisayar Hizmetleri AS through 14 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 30.49 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. Hitit Bilgisayar Hizmetleri AS 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 Hitit Bilgisayar Hizmetleri AS (HTTBT)?
The closing price on Sep 22, 2026 was 31.16 TRY. Our model-based fair value is 30.49 TRY, about −2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hitit Bilgisayar Hizmetleri AS right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Hitit Bilgisayar Hizmetleri AS

How large is the market capitalisation of Hitit Bilgisayar Hizmetleri AS (HTTBT)?
The market capitalisation of Hitit Bilgisayar Hizmetleri AS is 11.5B TRY (≈ $236M). 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 Hitit Bilgisayar Hizmetleri AS (HTTBT)?
The price-to-sales ratio of Hitit Bilgisayar Hizmetleri AS is 5.39 (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 Hitit Bilgisayar Hizmetleri AS (HTTBT)?
Earnings per share at Hitit Bilgisayar Hizmetleri AS are 1.36 TRY (price ÷ EPS = P/E 22.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Hitit Bilgisayar Hizmetleri AS (HTTBT)?
The net margin of Hitit Bilgisayar Hizmetleri AS is 23.5% (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 Hitit Bilgisayar Hizmetleri AS (HTTBT)?
The return on equity (ROE) of Hitit Bilgisayar Hizmetleri AS is 14.8% (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 Hitit Bilgisayar Hizmetleri AS (HTTBT)?
On an EBIT basis the return on assets of Hitit Bilgisayar Hizmetleri AS is 9.3% (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 Hitit Bilgisayar Hizmetleri AS (HTTBT)?
The operating margin of Hitit Bilgisayar Hizmetleri AS is 15.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hitit Bilgisayar Hizmetleri AS (HTTBT)?
Revenue at Hitit Bilgisayar Hizmetleri AS is growing +43.4% versus a year earlier (3y avg +74.5%). 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 Hitit Bilgisayar Hizmetleri AS (HTTBT)?
Earnings per share at Hitit Bilgisayar Hizmetleri AS are growing +26.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hitit Bilgisayar Hizmetleri AS (HTTBT) generate?
The free cash flow of Hitit Bilgisayar Hizmetleri AS is −77.8M TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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