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Karel Elektronik Sanayi Ve Ticaret A.S. (KAREL) Fair Value & Analysis

Technology · TR · Market cap 7.7B TRY

KE Karel Elektronik Sanayi Ve Ticaret A.S. KAREL · IS
Price9.60 TRY
Fair Value17.57 TRY
Upside+83.0%
Quality32/100
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Mixed Growth
Loss-making · -3.3% net margin
Low debt · generates free cash flow
Mixed vs. peers (4/10)
Narrow moat 8/100
Evidence: Medium Range 11.67 TRY – 23.48 TRY Share as image

Fair value as of: Aug 13, 2026

From 13 valuation models · updated today

Share price −10.3% over the past month.

Below-average quality, screening 83% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (32/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (11.67 TRY). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (11.67 TRY to 23.48 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

17.66 TRY 2.20 TRY Fair Value 17.57 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 2.20 TRY – 17.66 TRY · fair‑value band 11.67 TRY – 23.48 TRY · the 9.60 TRY price screens below the 17.57 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Karel Elektronik Sanayi Ve Ticaret A.S. (KAREL) currently trades at 9.60 TRY, while our model-based Fair Value estimate is 17.57 TRY, implying the stock looks roughly 83.0% undervalued today. The Quality Score stands at 32/100 (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: medium), always confirm before acting.

Over the trailing twelve months, Karel Elektronik Sanayi Ve Ticaret A.S. generated revenue of 19.9B TRY at a net margin of -3.3%. Revenue grew 25.6% year over year. It earns a return on equity of -27.8%. Net debt stands at 4.9B TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 11.67 TRY (bear case) to 23.48 TRY (bull case); at 9.60 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 31% below its 52-week high and 19% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -61% fair-value upside, at 83%, KAREL 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 55.88 TRY 105.63 TRY 185.76 TRY 80
Rev-Margin DCF 20.96 TRY 28.08 TRY 43.64 TRY 74
ROIC Compounder 3.76 TRY 5.34 TRY 7.34 TRY 72
All 13 models by family
DCF Models
FCF DCF 59.45 TRY 91.09 TRY 189.74 TRY 38
5Y Revenue Exit 19.55 TRY 24.52 TRY 34.22 TRY 39
5Y EBITDA Exit 30.66 TRY 47.00 TRY 78.78 TRY 41
10Y Revenue Exit 31.76 TRY 48.64 TRY 53.16 TRY 36
10Y EBITDA Exit 39.80 TRY 72.03 TRY 123.30 TRY 37
Earnings-Based
EPV 3.05 TRY 3.41 TRY 3.71 TRY 59
Multiples
EV/EBIT 4.50 TRY 5.73 TRY 6.95 TRY 53
EV/EBITDA 18.54 TRY 24.44 TRY 30.35 TRY 54
EV/Revenue 3.30 TRY 4.37 TRY 5.43 TRY 43
Asset-Based
NCAV (Graham) 0.7900 TRY 1.05 TRY 1.57 TRY 50
Growth DCF
Growth DCF 55.88 TRY 105.63 TRY 185.76 TRY 80
Rev-Margin DCF 20.96 TRY 28.08 TRY 43.64 TRY 74
Economic Profit
ROIC Compounder 3.76 TRY 5.34 TRY 7.34 TRY 72

Widest divergence: DCF Models (48.64 TRY) versus Asset-Based (1.05 TRY). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 19.9B TRY
Revenue growth (YoY) +25.6%
Net margin -3.3%
Return on equity -27.8%
Free cash flow 3.0B TRY FY2025
Operating margin -0.2%
More key figures
EPS (TTM) -1.60 TRY
EPS growth (YoY) +963%
Net debt 4.9B TRY FY2025

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

Quality Score breakdown

Overall quality 32/100

Of which business quality 36 · Market factors (momentum, volatility) 38

Profitability 23
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 6
Balance sheet, leverage, solvency risk
Investment 23
Disciplined investing over empire-building
Low Volatility 39
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 34
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

Karel Elektronik Sanayi Ve Ticaret A.S. designs, develops, produces, and sells communication systems in Türkiye. It offers communication products, such as PBX phone systems for small, medium, and large-scale businesses; IP based call center systems for public and private institutions; and IP, analog, wall, hotel, and feature phones, as well as direct …

Full company description

Karel Elektronik Sanayi Ve Ticaret A.S. designs, develops, produces, and sells communication systems in Türkiye. It offers communication products, such as PBX phone systems for small, medium, and large-scale businesses; IP based call center systems for public and private institutions; and IP, analog, wall, hotel, and feature phones, as well as direct station select modules, and operator phone headsets. The company also provides convergence and integration products, including conference products, GSM terminals, wireless (DECT) systems, auto-attendant and voicemail modules, call traffic control systems, VoIP and network products, call recording systems, nurse call systems, and other products, as well as vehicle tracking systems. In addition, it offers visual communication and security systems comprising security cameras, intruder alarm, and intercoms; cloud solutions with Internet applications that facilitate the business processes and provide economy and productivity for corporate users; and electronics manufacturing services, as well as undertakes telecommunication projects for fixed and mobile operators, and state institutions and organizations. Further, the company offers defense industry solutions, such as military tactical switches; alarm and announcement system for small boats and navy ships, phone and intercom PABX system, military gateway, and communications switching systems; electronic mirror; military computers; and inertial navigation systems. It provides its communication solutions for shopping malls, public institutions, medical institutions, educational institutions, production facilities, retail business, finance institutions, and transportation institutions. The company also exports its products and technologies to approximately 30 countries. Karel Elektronik Sanayi Ve Ticaret A.S. was incorporated in 1986 and is headquartered in Istanbul, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Karel Elektronik Sanayi Ve Ticaret A.S. reported revenue of 18.0B TRY in FY2025 versus 1.6B TRY in FY2021, a compound +82.1%/yr. Reported net income was −1.5B TRY in FY2025.

Growth Quality 61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
18.0B TRY
Latest YoY
−0.5%
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.
+73.6%
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.
+77.6%
Avg. growth/yr (20Y) 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.
+34.3%
Revenue +82.1%/yr
FY21 1.6B TRY
FY22 3.4B TRY
FY23 13.7B TRY
FY24 18.1B TRY
FY25 18.0B TRY
Net income
FY21 66.4M TRY
FY22 46.0M TRY
FY23 339M TRY
FY24 −2.0B TRY
FY25 −1.5B TRY

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Cite: Fair Value Calculator (2026). "Karel Elektronik Sanayi Ve Ticaret A.S. Fair Value". https://www.fairvalue-calculator.com/stock/KAREL

Peer Group

Communication Equipment · 292 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 32 · Bottom 25%
Fair Value upside +83% · Top 25%
Return on assets 1% · Below median
Net margin (TTM) -3% · Below median
Operating margin (TTM) -0% · Below median
Revenue growth 26% · Top 25%
Debt / equity 0.17× · Higher than median

Valuation Multiples vs Communication Equipment median · lower = cheaper

P/B 0.13× · Cheaper than 75% of peers
P/FCF 0.1× · Cheaper 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 100 · sector 0
FUTURE 100 · sector 31
PAST 0 · sector 15
HEALTH 91 · sector 98
DIVIDEND 0 · sector 26

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 Communication Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Cisco Systems, Inc CSCO $119.25 $43.05 -64%
Zhongji Innolight Co 300308 ¥1,094 ¥171.09 -84%
Foxconn Industrial Internet Co 601138 ¥56.50 ¥28.65 -49%
Eoptolink Technology Inc 300502 ¥482.88 ¥155.05 -68%
Nokia Oyj NOK $11.25 $2.67 -76%
Motorola Solutions, Inc MSI $413.31 $190.43 -54%
Suzhou TFC Optical Communication Co 300394 ¥244.13 ¥32.04 -87%
Telefonaktiebolaget LM Ericsson (publ), ERIC $11.72 $15.96 +36%
Accton Technology Corporation 2345 2,090 TWD 846.28 TWD -60%
ZTE Corporation 000063 ¥40.00 ¥15.75 -61%

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Frequently asked questions

Is Karel Elektronik Sanayi Ve Ticaret A.S. (KAREL) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 17.57 TRY versus a price of 9.60 TRY, about +83% (undervalued).
What is the fair value of KAREL?
Our model-based fair value for Karel Elektronik Sanayi Ve Ticaret A.S. is 17.57 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 9.60 TRY.
What is the quality score of KAREL?
Karel Elektronik Sanayi Ve Ticaret A.S. has a Quality Score of 32/100. 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 Karel Elektronik Sanayi Ve Ticaret A.S. (KAREL)?
Karel Elektronik Sanayi Ve Ticaret A.S. reported trailing-twelve-month revenue of about 19.9B TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of KAREL?
The net profit margin of Karel Elektronik Sanayi Ve Ticaret A.S. is about -3.3%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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