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LKMNH Fair Value & Analysis

Healthcare · TR · Market cap 2.9B TRY

L LKMNH LKMNH · IS
Price13.45 TRY
Fair Value15.31 TRY
Upside+13.8%
Quality28/100
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Expensive Growth
Thin margins · 3.2% net margin
Low debt · negative free cash flow
Ranks above peers (8/13)
Narrow moat 42/100
Evidence: Medium Range 11.48 TRY – 19.14 TRY Share as image

Fair value as of: Aug 13, 2026

From 16 valuation models · updated today

Share price −5.6% over the past month.

Below-average quality, screening 14% undervalued on our models.

What matters now

  • Our model range runs from 11.48 TRY (bear) to 19.14 TRY (bull), base 15.31 TRY. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 28/100 (below-average quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

20.99 TRY 1.30 TRY Fair Value 15.31 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 1.30 TRY – 20.99 TRY · fair‑value band 11.48 TRY – 19.14 TRY · the 13.45 TRY price screens below the 15.31 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

LKMNH (LKMNH) currently trades at 13.45 TRY, while our model-based Fair Value estimate is 15.31 TRY, implying the stock looks roughly 13.8% undervalued today. The Quality Score stands at 28/100 (below-average quality), in the Healthcare 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, LKMNH generated revenue of 4.4B TRY at a net margin of 3.2%. Revenue grew 37.8% year over year. It earns a return on equity of 5.2%. Net debt stands at 2.2B TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 11.48 TRY (bear case) to 19.14 TRY (bull case); at 13.45 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 37% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -12% fair-value upside, at 14%, LKMNH 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 8.69 TRY 9.06 TRY 9.26 TRY 76
ROIC Compounder 17.32 TRY 24.58 TRY 30.88 TRY 72
Gordon GGM 4.85 TRY 9.66 TRY 14.63 TRY 70
All 16 models by family
Earnings-Based
Graham-Dodd 4.73 TRY 33.01 TRY 46.32 TRY 54
Lynch FV 17.05 TRY 24.36 TRY 31.67 TRY 50
PEG = 1.0 17.05 TRY 24.36 TRY 31.67 TRY 46
EPV 13.92 TRY 16.29 TRY 18.33 TRY 59
Dividend Discount
Gordon GGM 4.85 TRY 9.66 TRY 14.63 TRY 70
DDM Multi-Stage 4.85 TRY 8.35 TRY 10.20 TRY 61
Multiples
P/E Multiple 11.48 TRY 15.31 TRY 19.14 TRY 63
P/S Multiple 8.87 TRY 11.83 TRY 14.79 TRY 58
P/B Multiple 8.87 TRY 11.83 TRY 14.79 TRY 55
EV/EBIT 22.30 TRY 30.09 TRY 37.89 TRY 53
EV/EBITDA 42.85 TRY 57.49 TRY 72.14 TRY 54
EV/Revenue 15.60 TRY 22.76 TRY 29.91 TRY 43
Asset-Based
NCAV (Graham) 5.48 TRY 7.34 TRY 10.95 TRY 50
Economic Profit
Residual Income 8.69 TRY 9.06 TRY 9.26 TRY 76
ROIC Compounder 17.32 TRY 24.58 TRY 30.88 TRY 72
Growth Earnings
Growth-Adj P/E 22.64 TRY 32.34 TRY 42.04 TRY 68

Widest divergence: Growth Earnings (32.34 TRY) versus Asset-Based (7.34 TRY). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 4.4B TRY
Revenue growth (YoY) +37.8%
Net margin 3.2%
Return on equity 5.2%
Free cash flow −706M TRY FY2025
P/E ratio 20.7
More key figures
Operating margin 19.2%
EPS (TTM) 0.6500 TRY
EPS growth (YoY) -76.7%
Net debt 2.2B TRY FY2025

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

Quality Score breakdown

Overall quality 28/100

Of which business quality 30 · Market factors (momentum, volatility) 35

Profitability 33
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 27
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 6
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

Lokman Hekim Engürüsag Saglik, Turizm, Egitim Hizmetleri ve Insaat Taahhüt A.S., together with its subsidiaries, operates hospitals, medical centers, laboratories, and medical units in Turkey. The company offers health care; e-health; imaging and diagnostic; and logistics and support services.

Full company description

Lokman Hekim Engürüsag Saglik, Turizm, Egitim Hizmetleri ve Insaat Taahhüt A.S., together with its subsidiaries, operates hospitals, medical centers, laboratories, and medical units in Turkey. The company offers health care; e-health; imaging and diagnostic; and logistics and support services. It is also involved in the insurance and brokerage; construction and tourism; production of milk; raising of livestock; sale of feeds; and hospital rental businesses. Lokman Hekim Engürüsag Saglik, Turizm, Egitim Hizmetleri ve Insaat Taahhüt A.S. was incorporated in 1996 and is based in Ankara, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

LKMNH reported revenue of 4.2B TRY in FY2025 versus 453M TRY in FY2021, a compound +74.8%/yr. Reported net income was 150M TRY in FY2025, compounding +21.0%/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)
4.2B TRY
Latest YoY
+10.0%
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.
+71.1%
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.
+68.0%
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.
+31.2%
Revenue +74.8%/yr
FY21 453M TRY
FY22 845M TRY
FY23 2.7B TRY
FY24 3.9B TRY
FY25 4.2B TRY
Net income +21.0%/yr
FY21 70.2M TRY
FY22 118M TRY
FY23 465M TRY
FY24 314M TRY
FY25 150M TRY

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

Peer Group

Medical Care Facilities · 263 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 28 · Bottom 25%
Fair Value upside +14% · Above median
Return on equity (TTM) 5% · Below median
Return on assets 6% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 19% · Top 25%
Revenue growth 38% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.17× · Lower than median

Valuation Multiples vs Medical Care Facilities median · lower = cheaper

P/E (TTM) 20.7× · Pricier than median
P/B 1.23× · Cheaper than median
P/S (TTM) 0.67× · Cheaper than median
EV/EBITDA 3.7× · 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 52 · sector 23
FUTURE 100 · sector 24
PAST 21 · sector 30
HEALTH 92 · sector 90
DIVIDEND 0 · sector 38

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 Medical Care Facilities stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
HCA Healthcare, Inc HCA $378.85 $554.93 +46%
Fresenius SE FRE €41.73 €32.15 -23%
Dr. Sulaiman Al Habib Medical Services Group 4013 235.00 SAR 112.37 SAR -52%
IHH Healthcare Berhad, an investment holding company, Q0F 2.58 SGD 1.44 SGD -44%
Tenet Healthcare Corporation THC $194.91 $338.05 +73%
Rede D'Or São Luiz S.A RDOR3 R$36.01 R$47.31 +31%
DaVita Inc DVA $231.61 $255.97 +11%
Apollo Hospitals Enterprise Limited APOLLOHOSP ₹8,955 ₹2,955 -67%
Aier Eye Hospital Group 300015 ¥8.68 ¥7.67 -12%
Max Healthcare Institute Limited MAXHEALTH ₹1,103 ₹284.87 -74%

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Frequently asked questions

Is LKMNH overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 15.31 TRY versus a price of 13.45 TRY, about +14% (undervalued).
What is the fair value of LKMNH?
Our model-based fair value for LKMNH is 15.31 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 13.45 TRY.
What is the quality score of LKMNH?
LKMNH has a Quality Score of 28/100. 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 LKMNH?
LKMNH reported trailing-twelve-month revenue of about 4.4B TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of LKMNH?
The net profit margin of LKMNH is about 3.2%, meaning it keeps roughly 3.2% 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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