ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS) Fair Value & Analysis

Financial Services · TR · Market cap 1.9B TRY

Below-average quality, and screening another 87% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (1.03 TRY). The favourable scenario is already priced in.
• Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
• 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 (0.5185 TRY to 1.03 TRY) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 8, 2026.

How to read this chart

60‑month range 0.2920 TRY – 6.89 TRY · fair‑value band 0.5185 TRY – 1.03 TRY · the 5.43 TRY price screens above the 0.6885 TRY fair value. Dashed = 300-day average. As of Aug 8, 2026.

Full chart & analysis →

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Analysis

ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS) currently trades at 5.43 TRY, while our model-based Fair Value estimate is 0.6885 TRY, implying the stock looks roughly 87.3% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, ICU Girisim Sermayesi Yatirim Ortakligi A.S. generated revenue of 259M TRY at a net margin of 33.5%. It earns a return on equity of 18.5%. Net debt stands at 33.4M TRY. Fundamentals as of Aug 8, 2026

Our scenario range runs from 0.5185 TRY (bear case) to 1.03 TRY (bull case); at 5.43 TRY, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 115% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at -87%, ICUGS screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Key figures & financial health

Quality Score breakdown

About the company

ICU Girisim Sermayesi Yatirim Ortakligi A.S. is a venture capital investment trust specializing in seed/startup, early, mid venture, middle market, buyouts, PIPEs investments in small and medium enterprises.

Full company description

ICU Girisim Sermayesi Yatirim Ortakligi A.S. is a venture capital investment trust specializing in seed/startup, early, mid venture, middle market, buyouts, PIPEs investments in small and medium enterprises. The fund seeks to invest in healthcare including all areas except hospital services (medical equipment, pharma, distribution, logistics, consumables, IT, laboratories, insurance, and payment systems); telecom, technology including IT, software, hardware, media, internet; infrastructure including energy, waste management, logistics, clean technology; and business services including finance, hospitality, and education. It prefers to invest in Turkey. The fund typically invests between $1 million and $10 million in companies with sales between $5 million and $20 million and EBITDA between $0.75 million and $3 million. It prefers to take a majority stake. However, the fund can also selectively invest with a minority stake. It seeks to hold financial and board level control in its portfolio companies. The fund seeks to exit its investments in five years either through a block sale or an IPO.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

ICU Girisim Sermayesi Yatirim Ortakligi A.S. reported revenue of 0 TRY in FY2026 versus 0 TRY in FY2022. Reported net income was −198M TRY in FY2026.

ICUGS screens 87% overvalued. Compare with Fondul Proprietatea SA →

Peer Group

Asset Management · 973 stocks

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.

Valuation Multiples vs Asset Management median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.