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Mavi Giyim Sanayi ve Ticaret A.S. (MAVI) Fair Value & Analysis

Consumer Cyclical · TR · Market cap 30.6B TRY

MG Mavi Giyim Sanayi ve Ticaret A.S. MAVI · IS
Price39.00 TRY
Fair Value64.39 TRY
Upside+65.1%
Quality46/100
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Mixed Growth
Thin margins · 3.9% net margin
Low debt · generates free cash flow
Ranks above peers (10/14)
Moderate moat 49/100
Evidence: High Range 48.29 TRY – 80.49 TRY Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated today

Share price −1.7% over the past month.

Below-average quality, screening 65% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (48.29 TRY). The market is more pessimistic than our downside scenario.
  • Solid quality (46/100) 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)

63.23 TRY 2.43 TRY Fair Value 64.39 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 2.43 TRY – 63.23 TRY · fair‑value band 48.29 TRY – 80.49 TRY · the 39.00 TRY price screens below the 64.39 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Mavi Giyim Sanayi ve Ticaret A.S. (MAVI) currently trades at 39.00 TRY, while our model-based Fair Value estimate is 64.39 TRY, implying the stock looks roughly 65.1% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Consumer Cyclical 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, Mavi Giyim Sanayi ve Ticaret A.S. generated revenue of 47.5B TRY at a net margin of 3.9%. Revenue grew 23.7% year over year. It earns a return on equity of 11.1%. The balance sheet holds a net cash position of 2.5B TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 48.29 TRY (bear case) to 80.49 TRY (bull case); at 39.00 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 20% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -45% fair-value upside, at 65%, MAVI 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
Growth DCF 137.30 TRY 261.82 TRY 465.87 TRY 80
Residual Income 19.31 TRY 24.85 TRY 70.44 TRY 76
Rev-Margin DCF 96.70 TRY 156.36 TRY 281.86 TRY 74
All 26 models by family
DCF Models
FCF DCF 145.28 TRY 222.38 TRY 467.89 TRY 38
Owner Earnings 73.32 TRY 153.01 TRY 320.29 TRY 31
5Y Revenue Exit 89.05 TRY 137.93 TRY 239.54 TRY 39
5Y EBITDA Exit 126.68 TRY 214.01 TRY 385.20 TRY 41
5Y P/E Exit 84.13 TRY 154.89 TRY 247.97 TRY 38
10Y Revenue Exit 104.46 TRY 197.13 TRY 250.04 TRY 36
10Y EBITDA Exit 134.23 TRY 278.15 TRY 526.65 TRY 37
10Y P/E Exit 103.19 TRY 186.52 TRY 315.69 TRY 35
Earnings-Based
Graham-Dodd 19.90 TRY 138.80 TRY 194.78 TRY 54
Lynch FV 71.71 TRY 102.44 TRY 133.17 TRY 50
PEG = 1.0 71.71 TRY 102.44 TRY 133.17 TRY 46
EPV 68.72 TRY 78.36 TRY 86.80 TRY 59
Dividend Discount
Gordon GGM 13.01 TRY 27.05 TRY 42.91 TRY 70
DDM Multi-Stage 13.01 TRY 22.81 TRY 28.39 TRY 61
Multiples
P/E Multiple 48.29 TRY 64.39 TRY 80.49 TRY 63
P/S Multiple 37.32 TRY 49.76 TRY 62.20 TRY 58
P/B Multiple 37.32 TRY 49.76 TRY 62.20 TRY 55
EV/EBIT 108.60 TRY 141.18 TRY 173.76 TRY 53
EV/EBITDA 115.49 TRY 150.37 TRY 185.24 TRY 54
EV/Revenue 62.02 TRY 83.95 TRY 105.87 TRY 43
Asset-Based
NCAV (Graham) 8.86 TRY 11.87 TRY 17.72 TRY 50
Growth DCF
Growth DCF 137.30 TRY 261.82 TRY 465.87 TRY 80
Rev-Margin DCF 96.70 TRY 156.36 TRY 281.86 TRY 74
Economic Profit
Residual Income 19.31 TRY 24.85 TRY 70.44 TRY 76
ROIC Compounder 78.03 TRY 103.04 TRY 133.65 TRY 72
Growth Earnings
Growth-Adj P/E 95.19 TRY 135.98 TRY 176.78 TRY 68

Widest divergence: DCF Models (186.52 TRY) versus Asset-Based (11.87 TRY). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 47.5B TRY
Revenue growth (YoY) +23.7%
Net margin 3.9%
Return on equity 11.1%
Free cash flow 6.3B TRY FY2026
P/E ratio 16.5
More key figures
Operating margin 13.2%
EPS (TTM) 2.36 TRY
EPS growth (YoY) -74.2%
Net cash 2.5B TRY FY2024

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

Quality Score breakdown

Overall quality 46/100

Of which business quality 52 · Market factors (momentum, volatility) 45

Profitability 70
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 27
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 31
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

Mavi Giyim Sanayi ve Ticaret A.S. engages in the wholesale and retail sale of ready-to-wear denim apparel in Turkey and internationally.

Full company description

Mavi Giyim Sanayi ve Ticaret A.S. engages in the wholesale and retail sale of ready-to-wear denim apparel in Turkey and internationally. The company offers knit and woven shirts, t-shirts, sweaters, jackets, skirts, dresses, accessories, and denim bottoms for men, women, and children through the wholesale, retail, and e-commerce business under the Mavi brand. Mavi Giyim Sanayi ve Ticaret A.S. was incorporated in 1991 and is headquartered in Istanbul, Turkey.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Mavi Giyim Sanayi ve Ticaret A.S. reported revenue of 47.7B TRY in FY2026 versus 4.6B TRY in FY2022, a compound +79.3%/yr. Reported net income was 2.3B TRY in FY2026, compounding +54.7%/yr from FY2022.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
47.7B TRY
Latest YoY
−5.2%
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.
+65.2%
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.
+81.8%
Avg. growth/yr (11Y) ⓘ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.
+43.5%
Revenue +79.3%/yr
FY22 4.6B TRY
FY23 10.6B TRY
FY24 26.3B TRY
FY25 50.3B TRY
FY26 47.7B TRY
Net income +54.7%/yr
FY22 400M TRY
FY23 1.4B TRY
FY24 1.8B TRY
FY25 3.6B TRY
FY26 2.3B TRY

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Mavi Giyim Sanayi ve Ticaret A.S. · Fair Value
64.39 TRY +65%Fair Value
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Cite: Fair Value Calculator (2026). "Mavi Giyim Sanayi ve Ticaret A.S. Fair Value". https://www.fairvalue-calculator.com/stock/MAVI

Peer Group

Apparel Retail · 106 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 46 · Bottom 25%
Fair Value upside +65% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 12% · Top 25%
Net margin (TTM) 4% · Above median
Operating margin (TTM) 13% · Top 25%
Revenue growth 24% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Apparel Retail median · lower = cheaper

P/E (TTM) 16.5× · Cheaper than median
P/B 2.20× · Pricier than median
P/S (TTM) 0.64× · Pricier than median
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 3.4× · 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 32
FUTURE 100 · sector 18
PAST 44 · sector 36
HEALTH 100 · sector 100
DIVIDEND 0 · sector 41

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 Apparel Retail stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Industria de Diseño Textil, S.A 1ITX €58.44 €23.29 -60%
The TJX Companies, Inc TJX $154.46 $84.95 -45%
Fast Retailing Co 6288 HK$40.00 HK$15.37 -62%
Ross Stores, Inc ROST $233.46 $118.41 -49%
Burlington Stores, Inc BURL $327.72 $147.08 -55%
Trent Limited TRENT ₹2,903 ₹709.49 -76%
lululemon athletica inc., LULU $116.33 $299.63 +158%
Aritzia Inc ATZ C$160.05 C$87.26 -45%
The Gap, Inc GAP $20.35 $37.12 +82%
Urban Outfitters, Inc URBN $72.95 $92.88 +27%

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Frequently asked questions

Is Mavi Giyim Sanayi ve Ticaret A.S. (MAVI) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 64.39 TRY versus a price of 39.00 TRY, about +65% (undervalued).
What is the fair value of MAVI?
Our model-based fair value for Mavi Giyim Sanayi ve Ticaret A.S. is 64.39 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 39.00 TRY.
What is the quality score of MAVI?
Mavi Giyim Sanayi ve Ticaret A.S. has a Quality Score of 46/100. 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 Mavi Giyim Sanayi ve Ticaret A.S. (MAVI)?
Mavi Giyim Sanayi ve Ticaret A.S. reported trailing-twelve-month revenue of about 47.5B TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of MAVI?
The net profit margin of Mavi Giyim Sanayi ve Ticaret A.S. is about 3.9%, meaning it keeps roughly 3.9% 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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