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Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. (KATMR) Fair Value & Analysis

Industrials · TR · Market cap 4.7B TRY

KA Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. KATMR · IS
Price2.20 TRY
Fair Value3.11 TRY
Upside+41.4%
Quality34/100
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Expensive Growth
Highly profitable · 31.2% net margin
Low debt · negative free cash flow
Ranks above peers (8/12)
Wide moat 69/100
Evidence: High Range 2.13 TRY – 4.08 TRY Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated today

Share price −9.5% over the past month.

Below-average quality, screening 41% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (34/100). That raises the risk this is a value trap rather than a bargain.
  • A fairly wide model range (2.13 TRY to 4.08 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

3.94 TRY 0.7190 TRY Fair Value 3.11 TRY May 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 0.7190 TRY – 3.94 TRY · fair‑value band 2.13 TRY – 4.08 TRY · the 2.20 TRY price screens below the 3.11 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. (KATMR) currently trades at 2.20 TRY, while our model-based Fair Value estimate is 3.11 TRY, implying the stock looks roughly 41.4% undervalued today. The Quality Score stands at 34/100 (below-average quality), in the Industrials 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, Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. generated revenue of 2.2B TRY at a net margin of 31.2%. Revenue declined 8.1% year over year. It earns a return on equity of 8.4%. Net debt stands at 1.7B TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 2.13 TRY (bear case) to 4.08 TRY (bull case); at 2.20 TRY, the current price sits within 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 48% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 12% fair-value upside, at 41%, KATMR 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
Residual Income 3.26 TRY 3.45 TRY 3.76 TRY 76
ROIC Compounder 1.90 TRY 2.20 TRY 2.45 TRY 72
Growth-Adj P/E 9.15 TRY 13.07 TRY 17.00 TRY 68
All 15 models by family
DCF Models
Owner Earnings 4.75 TRY 10.49 TRY 22.10 TRY 31
Earnings-Based
Graham-Dodd 2.09 TRY 14.58 TRY 20.46 TRY 54
Lynch FV 6.88 TRY 9.82 TRY 12.77 TRY 50
PEG = 1.0 6.88 TRY 9.82 TRY 12.77 TRY 46
EPV 1.90 TRY 2.20 TRY 2.45 TRY 59
Multiples
P/E Multiple 4.84 TRY 6.46 TRY 8.07 TRY 63
P/S Multiple 1.57 TRY 2.09 TRY 2.61 TRY 58
P/B Multiple 3.92 TRY 5.23 TRY 6.53 TRY 55
EV/EBIT 2.95 TRY 3.92 TRY 4.90 TRY 53
EV/EBITDA 2.75 TRY 3.66 TRY 4.57 TRY 54
EV/Revenue 1.34 TRY 1.91 TRY 2.47 TRY 43
Asset-Based
NCAV (Graham) 2.01 TRY 2.69 TRY 4.02 TRY 50
Economic Profit
Residual Income 3.26 TRY 3.45 TRY 3.76 TRY 76
ROIC Compounder 1.90 TRY 2.20 TRY 2.45 TRY 72
Growth Earnings
Growth-Adj P/E 9.15 TRY 13.07 TRY 17.00 TRY 68

Widest divergence: Growth Earnings (13.07 TRY) versus Economic Profit (2.20 TRY). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 2.2B TRY
Revenue growth (YoY) -8.1%
Net margin 31.2%
Return on equity 8.4%
Free cash flow −1.4B TRY FY2025
P/E ratio 13.8
More key figures
Operating margin 37.8%
EPS (TTM) 0.1600 TRY
EPS growth (YoY) -48.3%
Net debt 1.7B TRY FY2025

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

Quality Score breakdown

Overall quality 34/100

Of which business quality 31 · Market factors (momentum, volatility) 24

Profitability 39
Margins and returns on capital today
Quality Growth 75
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 30
Disciplined investing over empire-building
Low Volatility 65
Calm price path (market factor)
Momentum 11
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 0
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

Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. manufactures and sells various vehicles in Turkey. The company offers hydraulic ladder fire trucks, aerial ladder platforms, fire fighting with portable ladder fire trucks, narrow field fire trucks, forestry fire trucks, remote controlled foam tower, and rapid intervention vehicles; and garbage trucks and …

Full company description

Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. manufactures and sells various vehicles in Turkey. The company offers hydraulic ladder fire trucks, aerial ladder platforms, fire fighting with portable ladder fire trucks, narrow field fire trucks, forestry fire trucks, remote controlled foam tower, and rapid intervention vehicles; and garbage trucks and semi-trailers, skip loaders, mini tipper garbage vehicles, refuse container washing and disinfecting vehicles, waste compactor, combined canal suction and jetting vehicles, septic tank trucks and septic tank truck trailers, road sweepers, and hook, hydro lifts. It also provides water tankers and water tanker trailers, bulk trailers, fuel tankers and trailers, tippers and tipper trailers, and low bed and cargo trailers; recovery trucks; articulated, telescopic, and sliding platforms; ambulances; mobile medical clinic trucks; chlorination vehicle; mobile workshops; cargo body with cranes; snow ploughs and salt spreader; and aircraft refuellers and fuel hydrant dispensers. In addition, the company offers mine resistant ambush protected, armoured border security vehicles, personnel carriers, ambulances, armored command and patrol vehicles, backhoe loaders, ADR fuel tankers, water tankers, tippers, and telescopic forklifts, as well as tactical urban warfare vehicle, criminal investigation vehicles, riot control vehicles, remote controlled armoured tracked excavator, remote controlled weapon platform with tracking system, remote controlled armoured articulated wheel loaders, remote controlled armoured bulldozers, tank and troop carrier and rescuer lowbed tailer, and cargo body. Further, it provides cranes, silo trailers, and truck mixers; and after sale services. The company also exports its products. Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. was incorporated in 1985 and is based in Izmir, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. reported revenue of 2.2B TRY in FY2025 versus 401M TRY in FY2021, a compound +53.9%/yr. Reported net income was 662M TRY in FY2025.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.2B TRY
Latest YoY
+28.2%
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.
+38.9%
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.
+44.8%
Avg. growth/yr (16Y) 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.
+24.6%
Revenue +53.9%/yr
FY21 401M TRY
FY22 838M TRY
FY23 2.2B TRY
FY24 1.8B TRY
FY25 2.2B TRY
Net income
FY21 −41.7M TRY
FY22 82.6M TRY
FY23 −245M TRY
FY24 586M TRY
FY25 662M TRY

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Cite: Fair Value Calculator (2026). "Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. Fair Value". https://www.fairvalue-calculator.com/stock/KATMR

Peer Group

Farm & Heavy Construction Machinery · 150 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 34 · Bottom 25%
Fair Value upside +41% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 3% · Below median
Net margin (TTM) 31% · Top 25%
Operating margin (TTM) 38% · Top 25%
Revenue growth -8% · Bottom 25%
Debt / equity 0.04× · Lower than median

Valuation Multiples vs Farm & Heavy Construction Machinery median · lower = cheaper

P/E (TTM) 13.8× · Cheaper than median
P/B 0.55× · Cheaper than 75% of peers
P/S (TTM) 2.16× · Pricier than 75% of peers
EV/EBITDA 8.1× · Cheaper than median

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 89 · sector 22
FUTURE 0 · sector 31
PAST 34 · sector 33
HEALTH 98 · sector 93
DIVIDEND 0 · sector 39

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 Farm & Heavy Construction Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Caterpillar Inc CAT $952.41 $307.83 -68%
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AB Volvo (publ), VOLVA kr 336.60 kr 288.08 -14%
PACCAR Inc PCAR $126.20 $94.80 -25%
Epiroc AB EPIA kr 251.90 kr 144.14 -43%
Exor N.V EXO €69.40 €219.41 +216%
Sany Heavy Industry Co 600031 ¥18.65 ¥20.84 +12%
XCMG Construction Machinery Co 000425 ¥8.39 ¥11.79 +41%
Sinotruk (Hong Kong) Limited 3808 HK$41.00 HK$53.51 +31%
Yutong Bus Co 600066 ¥32.29 ¥42.00 +30%

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Frequently asked questions

Is Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. (KATMR) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 3.11 TRY versus a price of 2.20 TRY, about +41% (undervalued).
What is the fair value of KATMR?
Our model-based fair value for Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. is 3.11 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 2.20 TRY.
What is the quality score of KATMR?
Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. has a Quality Score of 34/100. 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 Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. (KATMR)?
Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. reported trailing-twelve-month revenue of about 2.2B TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of KATMR?
The net profit margin of Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. is about 31.2%, meaning it keeps roughly 31.2% of revenue as net income. 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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