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Koç Holding (KCHOL) Fair Value & Analysis

Industrials · TR · Market cap 522B TRY

KH Koç Holding KCHOL · IS
Price205.80 TRY
Fair Value182.26 TRY
Upside-11.4%
Quality29/100
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Expensive Growth
Thin margins · 1.9% net margin
Moderate debt · negative free cash flow
Mixed vs. peers (7/14)
Narrow moat 27/100
Evidence: Medium Range 136.69 TRY – 227.82 TRY Share as image

Fair value as of: Aug 13, 2026

From 6 valuation models · updated today

Share price +7.5% over the past month.

Below-average quality, and screening another 11% overvalued on our models.

What matters now

  • Our model range runs from 136.69 TRY (bear) to 227.82 TRY (bull), base 182.26 TRY. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 29/100 (below-average quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

242.91 TRY 15.43 TRY Fair Value 182.26 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 15.43 TRY – 242.91 TRY · fair‑value band 136.69 TRY – 227.82 TRY · the 205.80 TRY price screens above the 182.26 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Koç Holding (KCHOL) currently trades at 205.80 TRY, while our model-based Fair Value estimate is 182.26 TRY, implying the stock looks roughly 11.4% overvalued today. The Quality Score stands at 29/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Koç Holding generated revenue of 2.9T TRY at a net margin of 1.9%. Revenue grew 12.8% year over year. It earns a return on equity of 6.1%. Net debt stands at 1.1T TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 136.69 TRY (bear case) to 227.82 TRY (bull case); at 205.80 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 7% below its 52-week high and 46% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -14% fair-value upside, at -11%, KCHOL 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 197.97 TRY 194.14 TRY 170.01 TRY 76
P/E Multiple 136.69 TRY 182.26 TRY 227.82 TRY 63
P/B Multiple 110.66 TRY 147.54 TRY 184.43 TRY 55
All 6 models by family
Earnings-Based
Graham-Dodd 59.02 TRY 411.57 TRY 577.58 TRY 54
Lynch FV 141.01 TRY 201.44 TRY 261.87 TRY 50
Multiples
P/E Multiple 136.69 TRY 182.26 TRY 227.82 TRY 63
P/B Multiple 110.66 TRY 147.54 TRY 184.43 TRY 55
Asset-Based
NCAV (Graham) 133.60 TRY 179.02 TRY 267.20 TRY 50
Economic Profit
Residual Income 197.97 TRY 194.14 TRY 170.01 TRY 76

Widest divergence: Earnings-Based (201.44 TRY) versus Multiples (147.54 TRY). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 2.9T TRY
Revenue growth (YoY) +12.8%
Net margin 1.9%
Return on equity 6.1%
Free cash flow −205B TRY FY2025
P/E ratio 22.5
More key figures
Operating margin 6.4%
EPS (TTM) 9.16 TRY
EPS growth (YoY) +166%
Net debt 1.1T TRY FY2025

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

Quality Score breakdown

Overall quality 29/100

Of which business quality 27 · Market factors (momentum, volatility) 61

Profitability 22
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 2
Earnings quality: real cash, not paper profit
Fin. Strength 7
Balance sheet, leverage, solvency risk
Investment 30
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 67
Distance to the 52-week high (market factor)
Net Issuance 82
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

Koç Holding A.S., through its subsidiaries, engages in the energy, automotive, consumer durables, finance, and other businesses in Turkey and internationally.

Full company description

Koç Holding A.S., through its subsidiaries, engages in the energy, automotive, consumer durables, finance, and other businesses in Turkey and internationally. The company's energy business produces and trades in petroleum products; operates petroleum refineries; cylinder gas, auto gas, and distributes fuel and liquefied petroleum gases, as well as water products; ships petroleum; generates electricity through hydroelectric, natural gas, coal, wind, thermal, solar power and other renewable plants; air, sea, road, and railway transportation; mooring and tug services; and technology and venture investments. Its automotive business provides light commercial vehicles, passenger cars, tractors, buses, and trucks, as well as automotive retailing, car rental and trading, and insurance services. The company's consumer durables business offers white goods, televisions, and air conditioners; and distributes information and communication technologies, as well as treasury services. Its finance business provides various banking and financial products and services that include private banking, leasing, factoring, investment, asset and portfolio management, corporate and commercial loans, and credit cards; and consumer finance, custody, special purpose, brokerage, and financial consulting services. The company's other business offers fast moving consumer goods, purchasing and supply chain management services, technology integrated solutions and services, home improvement retailing, electric vehicle charging station solutions, food, retail, tourism, ship construction, healthcare, trading, technology, marina operation, digital marketing, duty free store management, payment services, and information technologies, as well as operates hotels, restaurants, pubs, cafeterias, patisseries, banquet units, bakeries, stadiums, residences, and production facilities; and manufactures and exports electric motors. Koç Holding A.S. was founded in 1926 and is headquartered in Istanbul, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Koç Holding reported revenue of 2.8T TRL in FY2025 versus 347B TRL in FY2021, a compound +67.9%/yr. Reported net income was 22.0B TRL in FY2025, compounding +9.7%/yr from FY2021.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.8T TRY
Latest YoY
−9.1%
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.
+45.1%
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.
+71.9%
Avg. growth/yr (25Y) 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.
−25.6%
Revenue +67.9%/yr
FY21 347B TRL
FY22 902B TRL
FY23 2.3T TRL
FY24 3.0T TRL
FY25 2.8T TRL
Net income +9.7%/yr
FY21 15.2B TRL
FY22 69.8B TRL
FY23 108B TRL
FY24 1.7B TRL
FY25 22.0B TRL

KCHOL screens 11% overvalued. Compare with CITIC Limited →

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Cite: Fair Value Calculator (2026). "Koç Holding Fair Value". https://www.fairvalue-calculator.com/stock/KCHOL

Peer Group

Conglomerates · 375 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 29 · Bottom 25%
Fair Value upside −11% · Below median
Return on equity (TTM) 6% · Above median
Return on assets 2% · Below median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 6% · Above median
Revenue growth 13% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.87× · Higher than 75% of peers

Valuation Multiples vs Conglomerates median · lower = cheaper

P/E (TTM) 22.5× · Pricier than median
P/B 0.77× · Cheaper than median
P/S (TTM) 0.18× · Cheaper than 75% of peers
EV/EBITDA 3.7× · Cheaper than median
PEG 0.52× · 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 18 · sector 23
FUTURE 64 · sector 17
PAST 24 · sector 20
HEALTH 57 · sector 89
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.

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Frequently asked questions

Is Koç Holding (KCHOL) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 182.26 TRY versus a price of 205.80 TRY, about −11% (overvalued).
What is the fair value of KCHOL?
Our model-based fair value for Koç Holding is 182.26 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 205.80 TRY.
What is the quality score of KCHOL?
Koç Holding has a Quality Score of 29/100. 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 Koç Holding (KCHOL)?
Koç Holding reported trailing-twelve-month revenue of about 2.9T TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of KCHOL?
The net profit margin of Koç Holding is about 1.9%, meaning it keeps roughly 1.9% 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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