Ihlas Holding AS (IHLAS) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Ihlas Holding AS TRY 0.58, price TRY 0.95, upside -39.0%, quality 26 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Ihlas Holding A.S., through its subsidiaries, engages in the construction and real estate, media, manufacturing and trading, and healthcare and education businesses in Turkey and internationally. It operates through the Building, Marketing, Media, and Other segments.
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Ihlas Holding A.S., through its subsidiaries, engages in the construction and real estate, media, manufacturing and trading, and healthcare and education businesses in Turkey and internationally. It operates through the Building, Marketing, Media, and Other segments. The Building segment is involved in the purchase and sale of real estate; construction projects; installation and contracting works; tourism and health investment; and other construction related activities. Its Marketing segment engages in the manufacture of electrical household appliances; production, assembly, purchase, sale, import, and export of various motorized and non-motorized vehicles; and trade, sale, and marketing of durable consumer goods. The Media segment is involved in the publication, sale, distribution, and marketing of newspapers and various publications; news agency services; television and radio broadcasting; photography; and advertising agency activities. Ihlas Holding A.S. was founded in 1970 and is headquartered in Istanbul, Turkey.
Stock analysis
Ihlas Holding AS (IHLAS) currently trades at 0.9500 TRY, while our model-based Fair Value estimate is 0.5800 TRY, implying the stock looks roughly 63.8% overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 80/100, which puts the evidence level at low.
Scenario range: 0.4300 TRY (bear) to 0.8700 TRY (bull), the price of 0.9500 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 Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Ihlas Holding AS reported revenue of 17.2B TRL in FY2025 versus 2.8B TRL in FY2021, a compound +57.0%/yr. Reported net income was −3.2B TRL in FY2025.
Key figures
Market cap 3.1B TRY (≈ $63.3M) · P/S ratio 0.17 · EPS (TTM) −1.29 TRY · Net margin −18.8% · Return on equity −21.1% · Return on assets (EBIT) −5.9% · Operating margin −23.4% · Revenue (TTM) 17.7B TRY.
What moves the price
The share trades about 73% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 15% fair-value upside, at −39%, IHLAS screens richer than that median.
Fair Value models
Bear 0.4300 TRYFair Value 0.5800 TRYBull 0.8700 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.36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+26.7%
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.
+71.6%
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.
+72.8%
Start year 2020 (pandemic). Over 10 years: +45.3% a year
Revenue growth 25 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.
−30.0%
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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.
9.7% (2020) → −25.2% (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
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.Conglomerates · 382 stocks
Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score26 · Bottom 25%
Fair Value upside−39% · Below median
Profitability
Return on assets−10% · Bottom 25%
Net margin (TTM)−17% · Bottom 25%
Operating margin (TTM)−23% · Bottom 25%
Growth and dividend
Revenue growth15% · Above median
Balance sheet
Debt / equity0.05× · Below median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 33
FUTURE (revenue growth)76· sector 15
PAST (return on equity)0· sector 18
HEALTH (low debt)98· sector 89
DIVIDEND (yield)0· sector 40
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.
Cite: Fair Value Calculator (2026). "Ihlas Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/IHLAS
Frequently asked questions
Is Ihlas Holding AS (IHLAS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.5800 TRY versus a price of 0.9500 TRY, about −39% upside (overvalued).
What is the fair value of IHLAS?
Our model-based fair value for Ihlas Holding AS is 0.5800 TRY (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.9500 TRY.
What is the quality score of IHLAS?
Ihlas Holding AS 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 Ihlas Holding AS (IHLAS)?
Our model-based price target is the fair value of 0.5800 TRY (as of Sep 24, 2026) from 1 valuation models. Cautious scenario 0.4300 TRY, optimistic scenario 0.8700 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Ihlas Holding AS stock forecast for 2026?
Our models put fair value at 0.5800 TRY, about −39% upside versus a price of 0.9500 TRY (overvalued). Cautious scenario 0.4300 TRY, optimistic scenario 0.8700 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Ihlas Holding AS (IHLAS)?
Ihlas Holding AS reported trailing-twelve-month revenue of about 17.7B TRY (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Ihlas Holding AS (IHLAS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ihlas Holding AS it is 0.5800 TRY per share (as of Sep 24, 2026), against a price of 0.9500 TRY. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Ihlas Holding AS stock overvalued or undervalued in 2026?
As of Sep 24, 2026, IHLAS trades above its calculated fair value: price 0.9500 TRY, fair value 0.5800 TRY, a gap of about −39% (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 IHLAS?
No. The price is what the market pays today (0.9500 TRY); the fair value is what the company's own numbers justify (0.5800 TRY). For Ihlas Holding AS the two are 0.3700 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Ihlas Holding AS worth?
The market values Ihlas Holding AS at about 3.1B TRY (market capitalisation, as of Sep 24, 2026). Per share that is 0.9500 TRY; our models calculate a fair value of 0.5800 TRY per share.
What do the bullish and bearish scenarios say about IHLAS?
Our models span a range for Ihlas Holding AS: cautious scenario 0.4300 TRY, base 0.5800 TRY, optimistic 0.8700 TRY per share (as of Sep 24, 2026, price 0.9500 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Ihlas Holding AS (IHLAS)?
Balance-sheet figures for Ihlas Holding AS (as of Sep 24, 2026): return on equity −21.1%, debt of 0.05 per unit of equity. They feed the Quality Score of 26/100, which measures business quality independently of the share price.
How far is IHLAS from its 52-week high?
Ihlas Holding AS trades at 0.9500 TRY, about 73% below its 52-week high of 3.50 TRY (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.5800 TRY is for.
Which stocks are comparable to Ihlas Holding AS?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Poste Italiane S.p.A, 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 Holding AS stock attractive at the current price?
The data as of Sep 24, 2026: price 0.9500 TRY, calculated fair value 0.5800 TRY (−39%), Quality Score 26/100, from 1 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 IHLAS calculated?
We run Ihlas Holding AS through 1 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 0.5800 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 14.1 % above its aggregate fair value. Ihlas Holding 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 Ihlas Holding AS (IHLAS)?
The closing price on Sep 22, 2026 was 0.9500 TRY. Our model-based fair value is 0.5800 TRY, about −39% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ihlas Holding AS right now?
The price sits above even our optimistic bull case (0.8700 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. A fairly wide model range (0.4300 TRY to 0.8700 TRY) leaves room in how you read the outcome.
Key figures of Ihlas Holding AS
How large is the market capitalisation of Ihlas Holding AS (IHLAS)?
The market capitalisation of Ihlas Holding AS is 3.1B TRY (≈ $63.3M). 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 Holding AS (IHLAS)?
The price-to-sales ratio of Ihlas Holding AS is 0.17 (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 Ihlas Holding AS (IHLAS)?
Earnings per share at Ihlas Holding AS are −1.29 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ihlas Holding AS (IHLAS)?
The net margin of Ihlas Holding AS is −18.8% (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 Holding AS (IHLAS)?
The return on equity (ROE) of Ihlas Holding AS is −21.1% (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 Holding AS (IHLAS)?
On an EBIT basis the return on assets of Ihlas Holding AS is −5.9% (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 Holding AS (IHLAS)?
The operating margin of Ihlas Holding AS is −23.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ihlas Holding AS (IHLAS)?
Revenue at Ihlas Holding AS is growing +15.1% versus a year earlier (3y avg +71.6%). 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 Holding AS (IHLAS)?
Earnings per share at Ihlas Holding AS are growing +75.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ihlas Holding AS (IHLAS) generate?
The free cash flow of Ihlas Holding AS is −571M 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 Holding AS (IHLAS) carry?
The net debt of Ihlas Holding AS is 1.7B TRY (fiscal year 2025). 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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