ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of ICU Girisim Sermayesi Yatirim Ortakligi A.S. TRY 0.88, price TRY 2.11, upside -58.5%, quality 26 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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.
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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.
Stock analysis
ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS) currently trades at 2.11 TRY, while our model-based Fair Value estimate is 0.8755 TRY, implying the stock looks roughly 141.0% overvalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the evidence level at low.
Scenario range: 0.6545 TRY (bear) to 1.10 TRY (bull), the price of 2.11 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 26/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap 1.9B TRY (≈ $38.5M) · P/S ratio 7.24 · EPS (TTM) −0.5200 TRY · Net margin 33.5% · Return on equity 18.5% · Return on assets (EBIT) −14.4% · Operating margin 54.8% · Revenue (TTM) 259M TRY.
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 70% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −25% fair-value upside, at −59%, ICUGS screens richer than that median.
Fair Value models
Bear 0.6545 TRYFair Value 0.8755 TRYBull 1.10 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.52/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
Compare ICU Girisim Sermayesi Yatirim Ortakligi A.S. 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.Asset Management · 656 stocks
Beats the industry median on 6/8 measures
Overall it ranks above its industry peers.
Valuation
Quality Score25 · Bottom 25%
Fair Value upside−78% · Bottom 25%
Profitability
Return on equity (TTM)19% · Top 25%
Return on assets17% · Top 25%
Net margin (TTM)33% · Above median
Operating margin (TTM)55% · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/B0.09× · Cheapest 25%
P/S (TTM)0.15× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 49
FUTURE (revenue growth)0· sector 22
PAST (return on equity)74· sector 21
HEALTH (low debt)0· sector 95
DIVIDEND (yield)0· sector 78
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.
Is ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 0.8755 TRY versus a price of 2.11 TRY, about −59% upside (overvalued).
What is the fair value of ICUGS?
Our model-based fair value for ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 0.8755 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 2.11 TRY.
What is the quality score of ICUGS?
ICU Girisim Sermayesi Yatirim Ortakligi A.S. has a Quality Score of 26/100. 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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
Our model-based price target is the fair value of 0.8755 TRY (as of Sep 13, 2026) from 2 valuation models. Cautious scenario 0.6545 TRY, optimistic scenario 1.10 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the ICU Girisim Sermayesi Yatirim Ortakligi A.S. stock forecast for 2026?
Our models put fair value at 0.8755 TRY, about −59% upside versus a price of 2.11 TRY (overvalued). Cautious scenario 0.6545 TRY, optimistic scenario 1.10 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
ICU Girisim Sermayesi Yatirim Ortakligi A.S. reported trailing-twelve-month revenue of about 259M TRY (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ICU Girisim Sermayesi Yatirim Ortakligi A.S. it is 0.8755 TRY per share (as of Sep 13, 2026), against a price of 2.11 TRY. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is ICU Girisim Sermayesi Yatirim Ortakligi A.S. stock overvalued or undervalued in 2026?
As of Sep 13, 2026, ICUGS trades above its calculated fair value: price 2.11 TRY, fair value 0.8755 TRY, a gap of about −59% (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 ICUGS?
No. The price is what the market pays today (2.11 TRY); the fair value is what the company's own numbers justify (0.8755 TRY). For ICU Girisim Sermayesi Yatirim Ortakligi A.S. the two are 1.23 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is ICU Girisim Sermayesi Yatirim Ortakligi A.S. worth?
The market values ICU Girisim Sermayesi Yatirim Ortakligi A.S. at about 1.9B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 2.11 TRY; our models calculate a fair value of 0.8755 TRY per share.
What do the bullish and bearish scenarios say about ICUGS?
Our models span a range for ICU Girisim Sermayesi Yatirim Ortakligi A.S.: cautious scenario 0.6545 TRY, base 0.8755 TRY, optimistic 1.10 TRY per share (as of Sep 13, 2026, price 2.11 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
Balance-sheet figures for ICU Girisim Sermayesi Yatirim Ortakligi A.S. (as of Sep 13, 2026): return on equity 18.5%. They feed the Quality Score of 26/100, which measures business quality independently of the share price.
How far is ICUGS from its 52-week high?
ICU Girisim Sermayesi Yatirim Ortakligi A.S. trades at 2.11 TRY, about 70% below its 52-week high of 6.93 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 0.8755 TRY is for.
Which stocks are comparable to ICU Girisim Sermayesi Yatirim Ortakligi A.S.?
From the same area (Financial Services) we also value Blackstone Inc, Investor AB, Brookfield Corporation, KKR & Co, 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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. stock attractive at the current price?
The data as of Sep 13, 2026: price 2.11 TRY, calculated fair value 0.8755 TRY (−59%), Quality Score 26/100, from 2 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 ICUGS calculated?
We run ICU Girisim Sermayesi Yatirim Ortakligi A.S. through 2 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 0.8755 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 16.1 % above its aggregate fair value. ICU Girisim Sermayesi Yatirim Ortakligi A.S. 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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
The closing price on Sep 22, 2026 was 2.11 TRY. Our model-based fair value is 0.8755 TRY, about −59% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ICU Girisim Sermayesi Yatirim Ortakligi A.S. right now?
The price sits above even our optimistic bull case (1.10 TRY). The favourable scenario is already priced in. Weak quality (26/100) 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. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of ICU Girisim Sermayesi Yatirim Ortakligi A.S.
How large is the market capitalisation of ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
The market capitalisation of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 1.9B TRY (≈ $38.5M). 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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
The price-to-sales ratio of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 7.24 (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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
Earnings per share at ICU Girisim Sermayesi Yatirim Ortakligi A.S. are −0.5200 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
The net margin of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 33.5% (last twelve months). 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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
The return on equity (ROE) of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 18.5% (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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
On an EBIT basis the return on assets of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is −14.4% (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 ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
The operating margin of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 54.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast are earnings growing at ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS)?
Earnings per share at ICU Girisim Sermayesi Yatirim Ortakligi A.S. are growing +248% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS) generate?
The free cash flow of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is −1.2M TRY (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does ICU Girisim Sermayesi Yatirim Ortakligi A.S. (ICUGS) carry?
The net debt of ICU Girisim Sermayesi Yatirim Ortakligi A.S. is 33.4M TRY (fiscal year 2026). 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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