As of Sep 25, 2026: fair value of INDES TRY 19.39, price TRY 10.61, upside +82.8%, quality 36 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range 1.46 TRY – 12.41 TRY · fair‑value band 14.54 TRY – 24.23 TRY · the 10.61 TRY price screens below the 19.39 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Indeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret Anonim Sirketi distributes IT products in Turkey. The company's products portfolio includes computers/tablets, smartphones, printers, consumer electronics, software, peripherals, wearable technologies, data storage and smart home products, OEM products, and accessories.
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Indeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret Anonim Sirketi distributes IT products in Turkey. The company's products portfolio includes computers/tablets, smartphones, printers, consumer electronics, software, peripherals, wearable technologies, data storage and smart home products, OEM products, and accessories. It also purchases and sells spare parts and home electronics, as well as provides logistics and leasing; and elevator maintenance and rental services. The company was incorporated in 1989 and is headquartered in Istanbul, Turkey.
Stock analysis
INDES (INDES) currently trades at 10.61 TRY, while our model-based Fair Value estimate is 19.39 TRY, implying the stock looks roughly 45.3% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 119.62 TRY per share, and 20 of the 24 models we run sit above the 10.61 TRY price.
Bear case: the Dividend Discount group reads lowest at 5.45 TRY, and 4 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 14.54 TRY (bear) to 24.23 TRY (bull), the price of 10.61 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 36/100 (below-average quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
INDES reported revenue of 91.6B TRY in FY2025 versus 13.1B TRY in FY2021, a compound +62.6%/yr. Reported net income was 519M TRY in FY2025, compounding +6.5%/yr from FY2021.
Key figures
Market cap 8.0B TRY (≈ $163M) · P/E ratio 11.1 · P/S ratio 0.06 · EPS (TTM) 0.9600 TRY · Dividend yield 2.0% · Net margin 0.6% · Return on equity 9.9% · Return on assets (EBIT) 10.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 54% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −12% fair-value upside, at 83%, INDES screens cheaper than that median.
Fair Value models
Bear 14.54 TRYFair Value 19.39 TRYBull 24.23 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 (0.5496 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.0%
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.
+54.1%
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.
+54.9%
Start year 2020 (pandemic). Over 10 years: +39.1% a year
Revenue growth 22 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.
+26.9%
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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.
+3.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.6%
Dividend (yield on the price)2.0%
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.3% → 3%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about −8.7% a year for the price.
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.Electronics & Computer Distribution · 154 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score36 · Bottom 25%
Fair Value upside+82.8% · Top 25%
Profitability
Return on equity (TTM)9.9% · Above median
Return on assets5.7% · Top 25%
Net margin (TTM)0.7% · Below median
Operating margin (TTM)2.9% · Below median
Growth and dividend
Revenue growth24.3% · Above median
Dividend yield (TTM)2.0% · Below median
Balance sheet
Debt / equity0.28× · Highest 25%
Valuation Multiplesvs Electronics & Computer Distribution median · lower = cheaper
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). "INDES Fair Value". https://www.fairvalue-calculator.com/stock/INDES
Frequently asked questions
Is INDES overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 19.39 TRY versus a price of 10.61 TRY, about +83% upside (undervalued).
What is the fair value of INDES?
Our model-based fair value for INDES is 19.39 TRY (as of Sep 27, 2026), built from audited fundamentals. The current price: 10.61 TRY.
What is the quality score of INDES?
INDES has a Quality Score of 36/100. 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 INDES?
Our model-based price target is the fair value of 19.39 TRY (as of Sep 27, 2026) from 24 valuation models. Cautious scenario 14.54 TRY, optimistic scenario 24.23 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the INDES stock forecast for 2026?
Our models put fair value at 19.39 TRY, about +83% upside versus a price of 10.61 TRY (undervalued). Cautious scenario 14.54 TRY, optimistic scenario 24.23 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of INDES?
INDES reported trailing-twelve-month revenue of about 97.4B TRY (latest available figure, as of Sep 27, 2026).
Does INDES pay a dividend?
INDES currently shows a dividend yield of about 2.05% relative to its recent price (as of Sep 27, 2026).
What growth is priced into INDES?
For today's price to be fair in a discounted-cash-flow model, INDES would have to grow free cash flow by +9.0 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +55.0 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of INDES use?
Our models discount INDES at 15.7 %: a base by market capitalisation (micro), damped by beta 0.33, country premium for Turkey. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For INDES that is +9.0 % per year a year over ten years, using the same discount rate (15.7 %) and the same formula as our fair value.
How much growth has INDES delivered so far?
Over the past 5 years revenue at INDES grew +55.0 % a year. The price currently implies +9.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of INDES growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into INDES (+9.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of INDES?
The free-cash-flow yield on the price is 8.59 %: that much free cash flow INDES produces per unit of market value. When it exceeds the discount rate of our models (15.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of INDES?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For INDES it is 19.39 TRY per share (as of Sep 27, 2026), against a price of 10.61 TRY. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is INDES stock overvalued or undervalued in 2026?
As of Sep 27, 2026, INDES trades below its calculated fair value: price 10.61 TRY, fair value 19.39 TRY, a gap of about +83% (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 INDES?
No. The price is what the market pays today (10.61 TRY); the fair value is what the company's own numbers justify (19.39 TRY). For INDES the two are 8.78 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is INDES worth?
The market values INDES at about 8.0B TRY (market capitalisation, as of Sep 27, 2026). Per share that is 10.61 TRY; our models calculate a fair value of 19.39 TRY per share.
What do the bullish and bearish scenarios say about INDES?
Our models span a range for INDES: cautious scenario 14.54 TRY, base 19.39 TRY, optimistic 24.23 TRY per share (as of Sep 27, 2026, price 10.61 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INDES?
INDES trades at a price-to-earnings ratio of 11.1 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 19.39 TRY is built from several models across several years. Other multiples: PEG 3.9, P/B 1.2, P/S 0.1, EV/EBITDA 1.0.
What is the PEG ratio of INDES?
The PEG ratio of INDES is 3.93 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of INDES?
Balance-sheet figures for INDES (as of Sep 27, 2026): return on equity 9.9%, debt of 0.28 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is INDES from its 52-week high?
INDES trades at 10.61 TRY, about 14% below its 52-week high of 12.41 TRY and 54% above the low of 6.89 TRY (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of 19.39 TRY is for.
Which stocks are comparable to INDES?
From the same area (Technology) we also value TD SYNNEX Corporation, Unisplendour Corporation, Rexel S.A, Arrow Electronics, 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 INDES stock attractive at the current price?
The data as of Sep 27, 2026: price 10.61 TRY, calculated fair value 19.39 TRY (+83%), Quality Score 36/100, from 24 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 INDES calculated?
We run INDES through 24 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 19.39 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 13.9 % above its aggregate fair value. INDES currently trades 83 % 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 is the share price of INDES?
The closing price on Sep 25, 2026 was 10.61 TRY. Our model-based fair value is 19.39 TRY, about +83% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with INDES right now?
The large discount to fair value meets weak quality (36/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (14.54 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 INDES
How large is the market capitalisation of INDES?
The market capitalisation of INDES is 8.0B TRY (≈ $163M). 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 INDES?
The price-to-sales ratio of INDES is 0.06 (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 INDES?
Earnings per share at INDES are 0.9600 TRY (price ÷ EPS = P/E 11.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of INDES?
The dividend yield of INDES is 2.0% (payout 22.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of INDES?
The net margin of INDES is 0.6% (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 INDES?
The return on equity (ROE) of INDES is 9.9% (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 INDES?
On an EBIT basis the return on assets of INDES is 10.9% (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 INDES?
The operating margin of INDES is 2.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at INDES?
Revenue at INDES is growing +24.3% versus a year earlier (3y avg +54.1%). 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 INDES?
Earnings per share at INDES are growing +166% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does INDES carry?
The net debt of INDES is 157M TRY (fiscal year 2019, ≈ 0.2 yrs of FCF). 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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