Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi TRY 10.57, price TRY 14.41, upside -26.7%, quality 37 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 27, 2026.
How to read this chart
60‑month range 2.96 TRY – 51.39 TRY · fair‑value band 7.40 TRY – 13.74 TRY · the 14.41 TRY price screens above the 10.57 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi produces, buys, and sells solid and liquid paraffin, emulsion, and Vaseline in Turkey and internationally.
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Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi produces, buys, and sells solid and liquid paraffin, emulsion, and Vaseline in Turkey and internationally. The company also offers stearic acid, woven paraffin, liquid paraffin 15, polyethylene wax, physical therapy paraffin, liquid paraffin 32, vaccine paraffin, pathology paraffin, microcrystalline wax, ski care paraffin, polywax, merwax antifrost, and disinfectants. Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi was founded in 1977 and is headquartered in Denizli, Turkey.
Stock analysis
Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN) currently trades at 14.41 TRY, while our model-based Fair Value estimate is 10.57 TRY, implying the stock looks roughly 36.3% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 42.26 TRY per share, and 10 of the 17 models we run sit above the 14.41 TRY price.
Bear case: the Asset-Based group reads lowest at 8.58 TRY, and 7 of the 17 models stay below the price. Evidence for this calculation is low.
Scenario range: 7.40 TRY (bear) to 13.74 TRY (bull), the price of 14.41 TRY 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 37/100 (below-average quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi reported revenue of 2.9B TRY in FY2025 versus 666M TRY in FY2021, a compound +44.5%/yr. Reported net income was 142M TRY in FY2025, compounding +3.9%/yr from FY2021.
Key figures
Market cap 4.0B TRY (≈ $81.9M) · P/E ratio 18.2 · P/S ratio 0.89 · EPS (TTM) 0.7900 TRY · Dividend yield 1.5% · Net margin 4.9% · Return on equity 5.5% · Return on assets (EBIT) 13.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 65% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −54% fair-value upside, at −27%, MERCN screens cheaper than that median.
Fair Value models
Bear 7.40 TRYFair Value 10.57 TRYBull 13.74 TRY
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 (0.4290 TRY 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+72.9%
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.
+74.5%
Revenue growth 6 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.
+63.9%
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What shareholders gained per year (last 5 years), in TRY ⓘ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. 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.
+37.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+35.9%
Dividend (yield on the price)1.5%
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.12% → 16%
Compare Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi 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.Specialty Chemicals · 706 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score37 · Bottom 25%
Fair Value upside−26.6% · Below median
Profitability
Return on equity (TTM)5.5% · Below median
Return on assets6.5% · Top 25%
Net margin (TTM)5.2% · Above median
Operating margin (TTM)7.4% · Above median
Growth and dividend
Revenue growth−1.3% · Below median
Dividend yield (TTM)1.5% · Below median
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (TTM)18.2× · Cheaper than median
P/B1.64× · Cheaper than median
P/S (TTM)1.39× · Pricier than median
EV/EBITDA9.3× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 26
PAST (return on equity)22· sector 23
HEALTH (low debt)98· sector 95
DIVIDEND (yield)29· sector 29
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). "Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi Fair Value". https://www.fairvalue-calculator.com/stock/MERCN
Frequently asked questions
Is Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 10.57 TRY versus a price of 14.41 TRY, about −27% upside (overvalued).
What is the fair value of MERCN?
Our model-based fair value for Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi is 10.57 TRY (as of Sep 27, 2026), built from audited fundamentals. The current price: 14.41 TRY.
What is the quality score of MERCN?
Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi has a Quality Score of 37/100. 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 Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
Our model-based price target is the fair value of 10.57 TRY (as of Sep 27, 2026) from 17 valuation models. Cautious scenario 7.40 TRY, optimistic scenario 13.74 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi stock forecast for 2026?
Our models put fair value at 10.57 TRY, about −27% upside versus a price of 14.41 TRY (overvalued). Cautious scenario 7.40 TRY, optimistic scenario 13.74 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi reported trailing-twelve-month revenue of about 2.9B TRY (latest available figure, as of Sep 27, 2026).
Does Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi pay a dividend?
Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi currently shows a dividend yield of about 1.46% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi it is 10.57 TRY per share (as of Sep 27, 2026), against a price of 14.41 TRY. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi stock overvalued or undervalued in 2026?
As of Sep 27, 2026, MERCN trades above its calculated fair value: price 14.41 TRY, fair value 10.57 TRY, a gap of about −27% (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 MERCN?
No. The price is what the market pays today (14.41 TRY); the fair value is what the company's own numbers justify (10.57 TRY). For Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi the two are 3.84 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi worth?
The market values Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi at about 4.0B TRY (market capitalisation, as of Sep 27, 2026). Per share that is 14.41 TRY; our models calculate a fair value of 10.57 TRY per share.
What do the bullish and bearish scenarios say about MERCN?
Our models span a range for Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi: cautious scenario 7.40 TRY, base 10.57 TRY, optimistic 13.74 TRY per share (as of Sep 27, 2026, price 14.41 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MERCN?
Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi trades at a price-to-earnings ratio of 18.2 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 10.57 TRY is built from several models across several years. Other multiples: P/B 1.6, P/S 1.4, EV/EBITDA 9.3.
How solid is the balance sheet of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
Balance-sheet figures for Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (as of Sep 27, 2026): return on equity 5.5%, debt of 0.05 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is MERCN from its 52-week high?
Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi trades at 14.41 TRY, about 65% below its 52-week high of 40.93 TRY and 1% above the low of 14.20 TRY (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of 10.57 TRY is for.
Which stocks are comparable to Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, 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 Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi stock attractive at the current price?
The data as of Sep 27, 2026: price 14.41 TRY, calculated fair value 10.57 TRY (−27%), Quality Score 37/100, from 17 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 MERCN calculated?
We run Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi through 17 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 10.57 TRY, 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 13.9 % above its aggregate fair value. Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi 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 Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
The closing price on Sep 25, 2026 was 14.41 TRY. Our model-based fair value is 10.57 TRY, about −27% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi right now?
The price sits above even our optimistic bull case (13.74 TRY). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (7.40 TRY to 13.74 TRY) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi
How large is the market capitalisation of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
The market capitalisation of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi is 4.0B TRY (≈ $81.9M). 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 Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
The price-to-sales ratio of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi is 0.89 (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 Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
Earnings per share at Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi are 0.7900 TRY (price ÷ EPS = P/E 18.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
The dividend yield of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi is 1.5% (payout 26.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
The net margin of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi is 4.9% (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 Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
The return on equity (ROE) of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi is 5.5% (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 Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
On an EBIT basis the return on assets of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi is 13.8% (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.
What is the operating margin of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
The operating margin of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi is 7.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
Revenue at Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi is growing −1.3% versus a year earlier (3y avg +25.1%). 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 Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN)?
Earnings per share at Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi are growing +29.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN) generate?
The free cash flow of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi is −62.2M TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi (MERCN) carry?
The net debt of Mercan Kimya Sanayi Ve Ticaret Anonim Sirketi is 814M TRY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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