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Kristal Kola ve Mesrubat Sanayi Ticaret A.S. (KRSTL) Fair Value & Analysis

Consumer Defensive · TR · Market cap 1.9B TRY

KK Kristal Kola ve Mesrubat Sanayi Ticaret A.S. KRSTL · IS
Price9.67 TRY
Fair Value27.54 TRY
Upside+184.8%
Quality48/100
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Expensive Growth
Thin margins · 9.3% net margin
Low debt · negative free cash flow
Ranks above peers (10/12)
Moderate moat 52/100
Evidence: Medium Range 20.65 TRY – 34.42 TRY Share as image

Fair value as of: Aug 13, 2026

From 14 valuation models · updated today

Share price −4.6% over the past month.

Below-average quality, screening 185% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (20.65 TRY). The market is more pessimistic than our downside scenario.
  • Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

17.76 TRY 1.25 TRY Fair Value 27.54 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 1.25 TRY – 17.76 TRY · fair‑value band 20.65 TRY – 34.42 TRY · the 9.67 TRY price screens below the 27.54 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Kristal Kola ve Mesrubat Sanayi Ticaret A.S. (KRSTL) currently trades at 9.67 TRY, while our model-based Fair Value estimate is 27.54 TRY, implying the stock looks roughly 184.8% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Consumer Defensive 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, Kristal Kola ve Mesrubat Sanayi Ticaret A.S. generated revenue of 3.6B TRY at a net margin of 9.3%. Revenue grew 18.7% year over year. It earns a return on equity of 17.6%. Net debt stands at 48.0M TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 20.65 TRY (bear case) to 34.42 TRY (bull case); at 9.67 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 27% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -14% fair-value upside, at 185%, KRSTL 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
ROIC Compounder 18.16 TRY 26.31 TRY 30.93 TRY 72
Growth-Adj P/E 42.02 TRY 60.03 TRY 78.04 TRY 68
P/E Multiple 20.65 TRY 27.54 TRY 34.42 TRY 63
All 14 models by family
Earnings-Based
Graham-Dodd 8.92 TRY 62.19 TRY 87.27 TRY 54
Lynch FV 32.13 TRY 45.90 TRY 59.67 TRY 50
PEG = 1.0 32.13 TRY 45.90 TRY 59.67 TRY 46
EPV 14.29 TRY 16.21 TRY 17.81 TRY 59
Multiples
P/E Multiple 20.65 TRY 27.54 TRY 34.42 TRY 63
P/S Multiple 16.72 TRY 22.29 TRY 27.87 TRY 58
P/B Multiple 16.72 TRY 22.29 TRY 27.87 TRY 55
EV/EBIT 25.16 TRY 33.49 TRY 41.82 TRY 53
EV/EBITDA 23.92 TRY 31.83 TRY 39.74 TRY 54
EV/Revenue 17.84 TRY 25.41 TRY 32.98 TRY 43
Asset-Based
NCAV (Graham) 4.53 TRY 6.08 TRY 9.07 TRY 50
Economic Profit
Residual Income 8.41 TRY 10.17 TRY 21.45 TRY 61
ROIC Compounder 18.16 TRY 26.31 TRY 30.93 TRY 72
Growth Earnings
Growth-Adj P/E 42.02 TRY 60.03 TRY 78.04 TRY 68

Widest divergence: Growth Earnings (60.03 TRY) versus Asset-Based (6.08 TRY). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) 3.6B TRY
Revenue growth (YoY) +18.7%
Net margin 9.3%
Return on equity 17.6%
Free cash flow −149M TRY FY2025
P/E ratio 6.6
More key figures
Operating margin 9.9%
EPS (TTM) 1.46 TRY
EPS growth (YoY) +65.1%
Net debt 48.0M TRY FY2025

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

Quality Score breakdown

Overall quality 48/100

Of which business quality 51 · Market factors (momentum, volatility) 30

Profitability 59
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 45
Earnings quality: real cash, not paper profit
Fin. Strength 61
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 43
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 26
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

Kristal Kola ve Mesrubat Sanayi Ticaret A.S. engages in the production and sale of pet bottles used in the cola and soft drinks in Turkey and internationally. The company offers sodad beverages, carbonated drinks, spring waters, non-carbonated beverages, mineral waters, energy drinks, and Balsa soda.

Full company description

Kristal Kola ve Mesrubat Sanayi Ticaret A.S. engages in the production and sale of pet bottles used in the cola and soft drinks in Turkey and internationally. The company offers sodad beverages, carbonated drinks, spring waters, non-carbonated beverages, mineral waters, energy drinks, and Balsa soda. It distributes and markets its products through a distributor company under the Kristal, CHAT COLA, HOT LINE, Balsa, and Rival brand names. Kristal Kola ve Mesrubat Sanayi Ticaret A.S. was founded in 1994 and is based in Istanbul, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Kristal Kola ve Mesrubat Sanayi Ticaret A.S. reported revenue of 3.2B TRY in FY2025 versus 256M TRY in FY2021, a compound +88.5%/yr. Reported net income was 252M TRY in FY2025, compounding +120.9%/yr from FY2021.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
3.2B TRY
Latest YoY
+1.7%
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.
+63.1%
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.
+75.8%
Avg. growth/yr (17Y) 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.
+31.9%
Revenue +88.5%/yr
FY21 256M TRY
FY22 744M TRY
FY23 2.4B TRY
FY24 3.2B TRY
FY25 3.2B TRY
Net income +120.9%/yr
FY21 10.6M TRY
FY22 51.2M TRY
FY23 −21.8M TRY
FY24 180M TRY
FY25 252M TRY

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Cite: Fair Value Calculator (2026). "Kristal Kola ve Mesrubat Sanayi Ticaret A.S. Fair Value". https://www.fairvalue-calculator.com/stock/KRSTL

Peer Group

Beverages - Non-Alcoholic · 93 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 48 · Below median
Fair Value upside +185% · Top 25%
Return on equity (TTM) 18% · Above median
Return on assets 8% · Above median
Net margin (TTM) 9% · Above median
Operating margin (TTM) 10% · Below median
Revenue growth 19% · Above median

Valuation Multiples vs Beverages - Non-Alcoholic median · lower = cheaper

P/E (TTM) 6.6× · Cheaper than 75% of peers
P/B 1.07× · Cheaper than median
P/S (TTM) 0.52× · Cheaper than median
EV/EBITDA 3.8× · 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 28
FUTURE 94 · sector 46
PAST 70 · sector 49
HEALTH 100 · sector 96
DIVIDEND 0 · sector 46

Values & ESG

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

Alcohol

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

Similar stocks

10 more Beverages - Non-Alcoholic stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
The Coca-Cola Company KO $87.05 $36.57 -58%
PepsiCo, Inc PEP $139.02 $106.91 -23%
Nongfu Spring Co 9633 HK$41.44 HK$30.72 -26%
Coca-Cola Europacific Partners PLC CCEP €92.10 €85.41 -7%
Keurig Dr Pepper Inc KDP $31.25 $30.99 -1%
Coca-Cola FEMSA, S.A. KOF $102.04 $106.45 +4%
Coca-Cola HBC AG EEE €57.90 €52.82 -9%
Varun Beverages Limited VBL ₹438.45 ₹187.49 -57%
Eastroc Beverage (Group) Co 605499 ¥124.43 ¥107.57 -14%
Hebei Yangyuan ZhiHui Beverage Co 603156 ¥50.88 ¥17.77 -65%

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Frequently asked questions

Is Kristal Kola ve Mesrubat Sanayi Ticaret A.S. (KRSTL) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 27.54 TRY versus a price of 9.67 TRY, about +185% (undervalued).
What is the fair value of KRSTL?
Our model-based fair value for Kristal Kola ve Mesrubat Sanayi Ticaret A.S. is 27.54 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 9.67 TRY.
What is the quality score of KRSTL?
Kristal Kola ve Mesrubat Sanayi Ticaret A.S. has a Quality Score of 48/100. 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 Kristal Kola ve Mesrubat Sanayi Ticaret A.S. (KRSTL)?
Kristal Kola ve Mesrubat Sanayi Ticaret A.S. reported trailing-twelve-month revenue of about 3.6B TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of KRSTL?
The net profit margin of Kristal Kola ve Mesrubat Sanayi Ticaret A.S. is about 9.3%, meaning it keeps roughly 9.3% 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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