Ihlas Gazetecilik AS (IHGZT) fair value: what the stock is really worth
We calculate from audited financials what Ihlas Gazetecilik AS is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Ihlas Gazetecilik A.S. publishes, sells, distributes, and markets newspapers, books, encyclopedias, brochures, journals, and magazines in Turkey and internationally. It also offers pre and post, web and sheet offset printing services; and packaging facilities. The company was founded in 1970 and is headquartered in Istanbul, Turkey.
Stock analysis
Ihlas Gazetecilik AS (IHGZT) currently trades at 1.25 TRY, while our model-based Fair Value estimate is 3.27 TRY, implying the stock looks roughly 61.8% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 12.86 TRY per share, and 10 of the 11 models we run sit above the 1.25 TRY price.
Bear case: the Asset-Based group reads lowest at 3.44 TRY, and 1 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: 3.27 TRY (bear) to 3.84 TRY (bull), the price of 1.25 TRY 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 43/100 (below-average quality), in the Communication Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Ihlas Gazetecilik AS reported revenue of 2.5B TRY in FY2025 versus 198M TRY in FY2021, a compound +88.3%/yr. Reported net income was 231M TRY in FY2025, compounding +18.5%/yr from FY2021.
Key figures
Market cap 1.0B TRY (≈ $20.6M) · P/E ratio 4.2 · P/S ratio 0.39 · EPS (TTM) 0.3000 TRY · Net margin 9.3% · Return on equity 6.3% · Return on assets (EBIT) −2.7% · Operating margin −2.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 45% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 9% fair-value upside, at 162%, IHGZT screens cheaper than that median.
Fair Value models
Bear 3.27 TRYFair Value 3.27 TRYBull 3.84 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 8 months old). Earnings retained since then (0.2112 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.
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.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+6.5%
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.
+73.8%
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.
+77.7%
Revenue growth 18 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.
+21.4%
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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. 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.
+21.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.9%
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.−14% → −1%
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.Publishing · 108 stocks
Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score43 · Bottom 25%
Profitability
Return on equity (TTM)6% · Above median
Return on assets−1% · Bottom 25%
Net margin (TTM)10% · Above median
Operating margin (TTM)−2% · Below median
Growth and dividend
Revenue growth−4% · Below median
Valuation Multiplesvs Publishing median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Ihlas Gazetecilik AS Fair Value". https://www.fairvalue-calculator.com/stock/IHGZT
Frequently asked questions
Is Ihlas Gazetecilik AS (IHGZT) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 3.27 TRY versus a price of 1.25 TRY, about +162% upside (undervalued).
What is the fair value of IHGZT?
Our model-based fair value for Ihlas Gazetecilik AS is 3.27 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 1.25 TRY.
What is the quality score of IHGZT?
Ihlas Gazetecilik AS has a Quality Score of 43/100. 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 Ihlas Gazetecilik AS (IHGZT)?
Our model-based price target is the fair value of 3.27 TRY (as of Sep 13, 2026) from 11 valuation models. Cautious scenario 3.27 TRY, optimistic scenario 3.84 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Ihlas Gazetecilik AS stock forecast for 2026?
Our models put fair value at 3.27 TRY, about +162% upside versus a price of 1.25 TRY (undervalued). Cautious scenario 3.27 TRY, optimistic scenario 3.84 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Ihlas Gazetecilik AS (IHGZT)?
Ihlas Gazetecilik AS reported trailing-twelve-month revenue of about 2.5B TRY (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of Ihlas Gazetecilik AS (IHGZT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ihlas Gazetecilik AS it is 3.27 TRY per share (as of Sep 13, 2026), against a price of 1.25 TRY. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Ihlas Gazetecilik AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, IHGZT trades below its calculated fair value: price 1.25 TRY, fair value 3.27 TRY, a gap of about +162% (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 IHGZT?
No. The price is what the market pays today (1.25 TRY); the fair value is what the company's own numbers justify (3.27 TRY). For Ihlas Gazetecilik AS the two are 2.02 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Ihlas Gazetecilik AS worth?
The market values Ihlas Gazetecilik AS at about 1.0B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 1.25 TRY; our models calculate a fair value of 3.27 TRY per share.
What do the bullish and bearish scenarios say about IHGZT?
Our models span a range for Ihlas Gazetecilik AS: cautious scenario 3.27 TRY, base 3.27 TRY, optimistic 3.84 TRY per share (as of Sep 13, 2026, price 1.25 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IHGZT?
Ihlas Gazetecilik AS trades at a price-to-earnings ratio of 4.2 (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 3.27 TRY is built from several models across several years. Other multiples: P/B 0.2, P/S 0.4.
How solid is the balance sheet of Ihlas Gazetecilik AS (IHGZT)?
Balance-sheet figures for Ihlas Gazetecilik AS (as of Sep 13, 2026): return on equity 6.3%. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is IHGZT from its 52-week high?
Ihlas Gazetecilik AS trades at 1.25 TRY, about 45% below its 52-week high of 2.29 TRY and 7% above the low of 1.17 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 3.27 TRY is for.
Which stocks are comparable to Ihlas Gazetecilik AS?
From the same area (Communication Services) we also value The New York Times Company, Pearson plc, Jiangsu Phoenix Publishing & Media Corporation, China Science Publishing & Media Ltd, 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 Ihlas Gazetecilik AS stock attractive at the current price?
The data as of Sep 13, 2026: price 1.25 TRY, calculated fair value 3.27 TRY (+162%), Quality Score 43/100, from 11 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 IHGZT calculated?
We run Ihlas Gazetecilik AS through 11 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 3.27 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 15.8 % above its aggregate fair value. Ihlas Gazetecilik AS currently trades 162 % 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 should I pay attention to with Ihlas Gazetecilik AS right now?
The large discount to fair value meets weak quality (43/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (3.27 TRY). 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.
Key figures of Ihlas Gazetecilik AS
How large is the market capitalisation of Ihlas Gazetecilik AS (IHGZT)?
The market capitalisation of Ihlas Gazetecilik AS is 1.0B TRY (≈ $20.6M). 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 Ihlas Gazetecilik AS (IHGZT)?
The price-to-sales ratio of Ihlas Gazetecilik AS is 0.39 (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 Ihlas Gazetecilik AS (IHGZT)?
Earnings per share at Ihlas Gazetecilik AS are 0.3000 TRY (price ÷ EPS = P/E 4.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ihlas Gazetecilik AS (IHGZT)?
The net margin of Ihlas Gazetecilik AS is 9.3% (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 Ihlas Gazetecilik AS (IHGZT)?
The return on equity (ROE) of Ihlas Gazetecilik AS is 6.3% (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 Ihlas Gazetecilik AS (IHGZT)?
On an EBIT basis the return on assets of Ihlas Gazetecilik AS is −2.7% (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 Ihlas Gazetecilik AS (IHGZT)?
The operating margin of Ihlas Gazetecilik AS is −2.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ihlas Gazetecilik AS (IHGZT)?
Revenue at Ihlas Gazetecilik AS is growing −3.5% versus a year earlier (3y avg +73.8%). 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 Ihlas Gazetecilik AS (IHGZT)?
Earnings per share at Ihlas Gazetecilik AS are growing −18.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ihlas Gazetecilik AS (IHGZT) generate?
The free cash flow of Ihlas Gazetecilik AS is −52.1M TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Ihlas Gazetecilik AS (IHGZT) carry?
The net debt of Ihlas Gazetecilik AS is 21.3M TRY (fiscal year 2020). 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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