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INDES Fair Value & Analysis

Technology · TR · Market cap 7.6B TRY

I INDES INDES · IS
Price10.14 TRY
Fair Value13.85 TRY
Upside+36.6%
Quality36/100
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Healthy Growth
Thin margins · 0.7% net margin
Low debt · generates free cash flow
2.19% dividend yield
Ranks above peers (10/15)
Narrow moat 30/100
Evidence: High Range 10.39 TRY – 17.31 TRY Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated today

Share price −4.8% over the past month.

Below-average quality, screening 37% undervalued on our models.

What matters 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 (10.39 TRY). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

12.41 TRY 1.46 TRY Fair Value 13.85 TRY Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 1.46 TRY – 12.41 TRY · fair‑value band 10.39 TRY – 17.31 TRY · the 10.14 TRY price screens below the 13.85 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

INDES (INDES) currently trades at 10.14 TRY, while our model-based Fair Value estimate is 13.85 TRY, implying the stock looks roughly 36.6% undervalued today. The Quality Score stands at 36/100 (below-average quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, INDES generated revenue of 97.4B TRY at a net margin of 0.7%. Revenue grew 24.3% year over year. It earns a return on equity of 9.9%. Net debt stands at 157M TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 10.39 TRY (bear case) to 17.31 TRY (bull case); at 10.14 TRY, the current price sits below 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 20% below its 52-week high and 49% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -18% fair-value upside, at 37%, INDES screens cheaper 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.

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
Highest evidence
Growth DCF 20.14 TRY 32.44 TRY 52.25 TRY 80
Residual Income 7.33 TRY 7.82 TRY 8.50 TRY 76
ROIC Compounder 41.62 TRY 51.62 TRY 62.83 TRY 72
All 24 models by family
DCF Models
FCF DCF 21.03 TRY 28.85 TRY 53.24 TRY 38
5Y Revenue Exit 38.78 TRY 68.22 TRY 130.32 TRY 39
5Y EBITDA Exit 40.48 TRY 71.67 TRY 133.02 TRY 41
5Y P/E Exit 18.34 TRY 31.89 TRY 50.17 TRY 38
10Y Revenue Exit 32.36 TRY 76.46 TRY 108.63 TRY 36
10Y EBITDA Exit 35.13 TRY 80.05 TRY 161.54 TRY 37
10Y P/E Exit 19.33 TRY 33.47 TRY 56.29 TRY 35
Earnings-Based
Graham-Dodd 4.71 TRY 32.83 TRY 46.08 TRY 54
Lynch FV 16.27 TRY 23.25 TRY 30.22 TRY 50
PEG = 1.0 16.27 TRY 23.25 TRY 30.22 TRY 46
EPV 38.47 TRY 43.51 TRY 47.86 TRY 59
Dividend Discount
Gordon GGM 4.33 TRY 8.62 TRY 13.05 TRY 70
DDM Multi-Stage 4.33 TRY 7.45 TRY 9.10 TRY 61
Multiples
P/E Multiple 10.39 TRY 13.85 TRY 17.31 TRY 63
P/S Multiple 8.83 TRY 11.77 TRY 14.71 TRY 58
P/B Multiple 8.83 TRY 11.77 TRY 14.71 TRY 55
EV/EBIT 59.23 TRY 76.79 TRY 94.36 TRY 53
EV/EBITDA 46.90 TRY 60.36 TRY 73.82 TRY 54
EV/Revenue 42.05 TRY 57.27 TRY 72.50 TRY 43
Asset-Based
NCAV (Graham) 4.46 TRY 5.97 TRY 8.91 TRY 50
Growth DCF
Growth DCF 20.14 TRY 32.44 TRY 52.25 TRY 80
Economic Profit
Residual Income 7.33 TRY 7.82 TRY 8.50 TRY 76
ROIC Compounder 41.62 TRY 51.62 TRY 62.83 TRY 72
Growth Earnings
Growth-Adj P/E 21.13 TRY 30.18 TRY 39.24 TRY 68

Widest divergence: DCF Models (68.22 TRY) versus Asset-Based (5.97 TRY). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 97.4B TRY
Revenue growth (YoY) +24.3%
Net margin 0.7%
Return on equity 9.9%
Free cash flow 684M TRY FY2025
P/E ratio 10.6
More key figures
Operating margin 2.9%
EPS (TTM) 0.9600 TRY
Dividend yield 2.2%
EPS growth (YoY) +166%
Net debt 157M TRY FY2019

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 36/100

Of which business quality 39 · Market factors (momentum, volatility) 64

Profitability 40
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 32
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 58
Price trend over the last 3–12 months (market factor)
52W Momentum 62
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
91.6B TRY
Latest YoY
+5.0%
Avg. growth/yr (3Y) ⓘ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.
+54.1%
Avg. growth/yr (5Y) ⓘ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.
+54.9%
Avg. growth/yr (22Y) ⓘ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.
+26.9%
Revenue +62.6%/yr
FY21 13.1B TRY
FY22 25.0B TRY
FY23 71.1B TRY
FY24 87.3B TRY
FY25 91.6B TRY
Net income +6.5%/yr
FY21 403M TRY
FY22 552M TRY
FY23 734M TRY
FY24 429M TRY
FY25 519M TRY

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INDES · Fair Value
13.85 TRY +37%Fair Value
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Cite: Fair Value Calculator (2026). "INDES Fair Value". https://www.fairvalue-calculator.com/stock/INDES

Peer Group

Electronics & Computer Distribution · 155 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.

Quality Score 36 · Bottom 25%
Fair Value upside +37% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 1% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 24% · Above median
Dividend yield (TTM) 2.2% · Above median
Debt / equity 0.28× · Higher than 75% of peers

Valuation Multiples vs Electronics & Computer Distribution median · lower = cheaper

P/E (TTM) 10.6× · Cheaper than 75% of peers
P/B 1.14× · Cheaper than median
P/S (TTM) 0.08× · Cheaper than 75% of peers
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 0.9× · Cheaper than 75% of peers
PEG 3.93× · Pricier than 75% of peers

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 82 · sector 13
FUTURE 100 · sector 65
PAST 40 · sector 36
HEALTH 86 · sector 98
DIVIDEND 44 · sector 43

Values & ESG

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

None of the checked exposures detected

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

Similar stocks

10 more Electronics & Computer Distribution stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
TD SYNNEX Corporation SNX $251.52 $207.02 -18%
Unisplendour Corporation 000938 ¥38.59 ¥11.79 -69%
Rexel S.A RXL €38.59 €33.31 -14%
Arrow Electronics, Inc ARW $204.10 $115.40 -43%
Avnet, Inc AVT $87.13 $58.57 -33%
WPG Holdings 3702 106.50 TWD 102.31 TWD -4%
Synnex Technology International Corporation 2347 85.30 TWD 86.30 TWD +1%
Nanjing Sunlord Electronics Corporation 300975 ¥37.37 ¥8.60 -77%
Insight Enterprises, Inc NSIT $114.65 $104.19 -9%
Shenzhen Huaqiang Industry Co 000062 ¥23.26 ¥7.52 -68%

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Frequently asked questions

Is INDES overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 13.85 TRY versus a price of 10.14 TRY, about +37% (undervalued).
What is the fair value of INDES?
Our model-based fair value for INDES is 13.85 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 10.14 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 revenue of INDES?
INDES reported trailing-twelve-month revenue of about 97.4B TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of INDES?
The net profit margin of INDES is about 0.7%, meaning it keeps roughly 0.7% of revenue as net income. Based on the latest reported figures.
Does INDES pay a dividend?
INDES currently shows a dividend yield of about 2.19% relative to its recent price (as of Aug 13, 2026).

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.

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