Koza Altin Islemeleri A S (KOZAY) fair value: what the stock is really worth
As of Sep 21, 2026: fair value of Koza Altin Islemeleri A S $3.77, price $10.45, upside -63.9%, quality 61 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 24, 2026.
How to read this chart
60‑month range $1.35 – $12.00 · fair‑value band $1.79 – $4.64 · the $10.45 price screens above the $3.77 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Turk Altin Isletmeleri A.S. engages in the gold mining operations in Turkey. It owns and operates seven mines in the regions of Ovacik-Bergama-Izmir, Çukuralan-Izmir, Kaymaz-Eskisehir, Mastra-Gümüshane, and Himmetdede-Kayseri. The company was formerly known as Koza Altin Isletmeleri A.S. and changed its name to Turk Altin Isletmeleri A.S. in November 2025.
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Turk Altin Isletmeleri A.S. engages in the gold mining operations in Turkey. It owns and operates seven mines in the regions of Ovacik-Bergama-Izmir, Çukuralan-Izmir, Kaymaz-Eskisehir, Mastra-Gümüshane, and Himmetdede-Kayseri. The company was formerly known as Koza Altin Isletmeleri A.S. and changed its name to Turk Altin Isletmeleri A.S. in November 2025. Turk Altin Isletmeleri A.S. was incorporated in 1989 and is headquartered in Ankara, Turkey.
Stock analysis
Koza Altin Islemeleri A S (KOZAY) currently trades at $10.45, while our model-based Fair Value estimate is $3.77, implying the stock looks roughly 177.2% overvalued today.
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Valuation
How firm this estimate is: it rests on 24 models at a data quality of 95/100, which puts the evidence level at medium.
Scenario range: $1.79 (bear) to $4.64 (bull), the price of $10.45 sits above 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 61/100 (solid quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Koza Altin Islemeleri A S reported revenue of 16.9B TRY in FY2025 versus 4.0B TRY in FY2021, a compound +43.4%/yr. Reported net income was 4.1B TRY in FY2025, compounding +8.1%/yr from FY2021.
Key figures
Market cap $3.3B · P/E ratio 30.7 · P/S ratio 7.45 · EPS (TTM) $0.3400 · Net margin 24.2% · Return on equity 12.4% · Return on assets (EBIT) 7.4% · Revenue (TTM) 12.0B TRY.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 69% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at −64%, KOZAY screens richer than that median.
Fair Value models
Bear $1.79Fair Value $3.77Bull $4.64
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 ($0.2487 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.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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+93.9%
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.
+43.5%
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.
+39.1%
Start year 2020 (pandemic). Over 10 years: +35.2% a year
Revenue growth 19 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.
+27.1%
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What shareholders gained per year (last 5 years), in TRY (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+8.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.18% vs 26%, slowing
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.53% → 23%
2025 sits 580% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+47.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in TRY, Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about +23.4% a year for the price.
Compare Koza Altin Islemeleri A S with another stock
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.Gold · 238 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside−64% · Bottom 25%
Profitability
Return on equity (TTM)12% · Above median
Return on assets9% · Above median
Net margin (TTM)25% · Above median
Operating margin (TTM)0% · Below median
Growth and dividend
Revenue growth61% · Above median
Valuation Multiplesvs Gold median · lower = cheaper
P/E (TTM)30.7× · Priciest 25%
P/B3.82× · Pricier than median
P/S (TTM)13.63× · Priciest 25%
P/FCF3.0× · Cheapest 25%
EV/EBITDA19.7× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 100
PAST (return on equity)49· sector 17
HEALTH (low debt)100· sector 98
DIVIDEND (yield)0· sector 20
VALUE 0: the price sits above our fair-value range.
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). "Koza Altin Islemeleri A S Fair Value". https://www.fairvalue-calculator.com/stock/KOZAY
Frequently asked questions
Is Koza Altin Islemeleri A S (KOZAY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $3.77 versus a price of $10.45, about −64% upside (overvalued).
What is the fair value of KOZAY?
Our model-based fair value for Koza Altin Islemeleri A S is $3.77 (as of Sep 24, 2026), built from audited fundamentals. The current price: $10.45.
What is the quality score of KOZAY?
Koza Altin Islemeleri A S has a Quality Score of 61/100. 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 Koza Altin Islemeleri A S (KOZAY)?
Our model-based price target is the fair value of $3.77 (as of Sep 24, 2026) from 23 valuation models. Cautious scenario $1.79, optimistic scenario $4.64. It is a calculation from audited fundamentals, not an analyst target.
What is the Koza Altin Islemeleri A S stock forecast for 2026?
Our models put fair value at $3.77, about −64% upside versus a price of $10.45 (overvalued). Cautious scenario $1.79, optimistic scenario $4.64. The calculation is refreshed regularly with new filings.
What is the revenue of Koza Altin Islemeleri A S (KOZAY)?
Koza Altin Islemeleri A S reported trailing-twelve-month revenue of about 12.0B TRY (latest available figure, as of Sep 24, 2026).
What growth is priced into Koza Altin Islemeleri A S (KOZAY)?
For today's price to be fair in a discounted-cash-flow model, Koza Altin Islemeleri A S would have to grow free cash flow by +47.1 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +39.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of KOZAY use?
Our models discount Koza Altin Islemeleri A S at 9.8 %: a base by market capitalisation (mid), damped by beta 1.04, country premium for USA. 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 Koza Altin Islemeleri A S that is +47.1 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Koza Altin Islemeleri A S (KOZAY) delivered so far?
Over the past 5 years revenue at Koza Altin Islemeleri A S grew +39.1 % a year. The price currently implies +47.1 % 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 Koza Altin Islemeleri A S (KOZAY) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Koza Altin Islemeleri A S (+47.1 % 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 Koza Altin Islemeleri A S (KOZAY)?
The free-cash-flow yield on the price is 0.68 %: that much free cash flow Koza Altin Islemeleri A S produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Koza Altin Islemeleri A S (KOZAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Koza Altin Islemeleri A S it is $3.77 per share (as of Sep 24, 2026), against a price of $10.45. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Koza Altin Islemeleri A S stock overvalued or undervalued in 2026?
As of Sep 24, 2026, KOZAY trades above its calculated fair value: price $10.45, fair value $3.77, a gap of about −64% (overvalued). 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 KOZAY?
No. The price is what the market pays today ($10.45); the fair value is what the company's own numbers justify ($3.77). For Koza Altin Islemeleri A S the two are $6.68 per share apart. That gap is exactly why we show both numbers side by side.
How much is Koza Altin Islemeleri A S worth?
The market values Koza Altin Islemeleri A S at about $3.3B (market capitalisation, as of Sep 24, 2026). Per share that is $10.45; our models calculate a fair value of $3.77 per share.
What do the bullish and bearish scenarios say about KOZAY?
Our models span a range for Koza Altin Islemeleri A S: cautious scenario $1.79, base $3.77, optimistic $4.64 per share (as of Sep 24, 2026, price $10.45). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KOZAY?
Koza Altin Islemeleri A S trades at a price-to-earnings ratio of 30.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $3.77 is built from several models across several years. Other multiples: P/B 3.8, P/S 13.6, EV/EBITDA 19.7.
How solid is the balance sheet of Koza Altin Islemeleri A S (KOZAY)?
Balance-sheet figures for Koza Altin Islemeleri A S (as of Sep 24, 2026): return on equity 12.4%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is KOZAY from its 52-week high?
Koza Altin Islemeleri A S trades at $10.45, at its 52-week high of $10.45 and 69% above the low of $6.20 (as of Sep 21, 2026). Distance from the high says nothing about value: that is what the fair value of $3.77 is for.
Which stocks are comparable to Koza Altin Islemeleri A S?
From the same area (Basic Materials) we also value Zijin Mining Group, Newmont Corporation, Agnico Eagle Mines Limited, Barrick Mining Corporation, 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 Koza Altin Islemeleri A S stock attractive at the current price?
The data as of Sep 24, 2026: price $10.45, calculated fair value $3.77 (−64%), Quality Score 61/100, from 23 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 KOZAY calculated?
We run Koza Altin Islemeleri A S through 23 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 $3.77, 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 14.1 % above its aggregate fair value. Koza Altin Islemeleri A S itself currently trades above fair value. 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 Koza Altin Islemeleri A S (KOZAY)?
The closing price on Sep 21, 2026 was $10.45. Our model-based fair value is $3.77, about −64% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Koza Altin Islemeleri A S right now?
The price sits above even our optimistic bull case ($4.64). The favourable scenario is already priced in. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($1.79 to $4.64) leaves room in how you read the outcome.
Where does the earnings growth of Koza Altin Islemeleri A S (KOZAY) come from?
Earnings per share at Koza Altin Islemeleri A S grew +22.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +33.8 %, EBIT margin −9.5 %, tax rate −0.4 %, residual (interest, one-offs) +1.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Koza Altin Islemeleri A S
How large is the market capitalisation of Koza Altin Islemeleri A S (KOZAY)?
The market capitalisation of Koza Altin Islemeleri A S is $3.3B. 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 Koza Altin Islemeleri A S (KOZAY)?
The price-to-sales ratio of Koza Altin Islemeleri A S is 7.45 (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 Koza Altin Islemeleri A S (KOZAY)?
Earnings per share at Koza Altin Islemeleri A S are $0.3400 (price ÷ EPS = P/E 30.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Koza Altin Islemeleri A S (KOZAY)?
The net margin of Koza Altin Islemeleri A S is 24.2% (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 Koza Altin Islemeleri A S (KOZAY)?
The return on equity (ROE) of Koza Altin Islemeleri A S is 12.4% (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 Koza Altin Islemeleri A S (KOZAY)?
On an EBIT basis the return on assets of Koza Altin Islemeleri A S is 7.4% (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.
How fast is revenue growing at Koza Altin Islemeleri A S (KOZAY)?
Revenue at Koza Altin Islemeleri A S is growing +60.8% versus a year earlier (3y avg +43.5%). 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 Koza Altin Islemeleri A S (KOZAY)?
Earnings per share at Koza Altin Islemeleri A S are growing +143% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Koza Altin Islemeleri A S (KOZAY) hold?
Koza Altin Islemeleri A S holds more cash than debt, 4.8B TRY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Sep 24, 2026