Merit Turizm Yatirim ve Isletme AS (MERIT) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Merit Turizm Yatirim ve Isletme AS stock TRY 12.72, price TRY 11.56, upside +10.0%, quality 57 out of 100. Rating: fairly valued. 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. As of Oct 29, 2026.
How to read this chart
60‑month range 1.06 TRY – 23.68 TRY · fair‑value band 9.54 TRY – 19.19 TRY · the 11.56 TRY price screens below the 12.72 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 29, 2026.
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Merit Turizm Yatirim ve Isletme Anonim Sirketi, together with its subsidiaries, engages in the operation and management of hotels in Turkey and internationally.
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It operates hotels under the Merit Lefkosa, Merit Crystal Cove, Merit Park, Merit Royal, Liman Hotel by Merit, Merit Royal Diamond Hotel, Merit Royal Gardens, Merit Starlit, and Merit Grand Mosta brands. The company was incorporated in 1988 and is based in Istanbul, Turkey.
Merit Turizm Yatirim ve Isletme Anonim Sirketi operates as a subsidiary of Net Holding A.S.
Stock analysis
Merit Turizm Yatirim ve Isletme AS (MERIT) currently trades at 11.56 TRY, while our model-based Fair Value estimate is 12.72 TRY, implying the stock looks roughly 9.1% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 74.04 TRY per share, and 10 of the 25 models we run sit above the 11.56 TRY price.
Bear case: the Dividend Discount group reads lowest at 1.37 TRY, and 15 of the 25 models stay below the price. Data coverage for this calculation is low.
Scenario range: 9.54 TRY (bear) to 19.19 TRY (bull), the price of 11.56 TRY sits inside 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 57/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Merit Turizm Yatirim ve Isletme AS reported revenue of 325M TRY in FY2025 versus 11.4M TRY in FY2021, a compound +131.2%/yr. Reported net income was 755M TRY in FY2025, compounding +273.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 3.9B TRY (≈ $77.9M) Micro · P/E ratio 5.4 · P/S ratio 12.5 · EPS (TTM) 2.15 TRY · Dividend yield 8.7% · Return on equity 4.4% · Return on assets (EBIT) 1.1% · Operating margin 26.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (low confidence).
What moves the price
The share trades about 47% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 53% fair-value upside, at 10%, MERIT screens richer than that median.
Fair Value models
Bear9.54 TRYFair Value 12.72 TRYBull19.19 TRY
Price 11.56 TRY · Upside +10.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.9547 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.Coverage ⓘCoverage = 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.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+64.9%
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.
+76.2%
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.
+132.1%
Start year 2020 (pandemic). Over 10 years: +49.4% a year
Revenue growth 14 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.
+50.7%
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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.
≈ +55.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +46.3%
Dividend (yield on the price)8.7%
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.40% → 62%
2025 sits 213% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Revenue per share shrinking 28.0%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.96 per share, median 2.26 in 2017 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
Little optimism in the price
The price assumes less 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).
+18.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about −0.9% a year for the price.
Compare Merit Turizm Yatirim ve Isletme AS 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.Resorts & Casinos · 71 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+10.0% · Above median
Profitability
Return on equity (12 months)4.4% · Below median
Return on assets4.4% · Above median
Operating margin (12 months)26.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)8.2% · Above median
Dividend yield (12 months)8.7% · Top 25%
Valuation Multiplesvs Resorts & Casinos median · lower = cheaper
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). "Merit Turizm Yatirim ve Isletme AS Fair Value". https://www.fairvalue-calculator.com/stock/MERIT
Frequently asked questions
Is Merit Turizm Yatirim ve Isletme AS (MERIT) overvalued or undervalued?
As of Oct 29, 2026, our model estimates a fair value of 12.72 TRY versus a price of 11.56 TRY, about +10% upside (undervalued).
What is the fair value of MERIT?
Our model-based fair value for Merit Turizm Yatirim ve Isletme AS is 12.72 TRY (as of Oct 29, 2026), built from audited fundamentals. The current price: 11.56 TRY.
What is the quality score of MERIT?
Merit Turizm Yatirim ve Isletme AS has a Quality Score of 57/100. 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 Merit Turizm Yatirim ve Isletme AS (MERIT)?
Our model-based price target is the fair value of 12.72 TRY (as of Oct 29, 2026) from 25 valuation models. Cautious scenario 9.54 TRY, optimistic scenario 19.19 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Merit Turizm Yatirim ve Isletme AS stock forecast for 2026?
Our models put fair value at 12.72 TRY, about +10% upside versus a price of 11.56 TRY (undervalued). Cautious scenario 9.54 TRY, optimistic scenario 19.19 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Merit Turizm Yatirim ve Isletme AS (MERIT)?
Merit Turizm Yatirim ve Isletme AS reported trailing-twelve-month revenue of about 337M TRY (latest available figure, as of Oct 29, 2026).
Does Merit Turizm Yatirim ve Isletme AS pay a dividend?
Merit Turizm Yatirim ve Isletme AS currently shows a dividend yield of 8.65% relative to its recent price (as of Oct 29, 2026).
What growth is priced into Merit Turizm Yatirim ve Isletme AS (MERIT)?
For today's price to be fair in a discounted-cash-flow model, Merit Turizm Yatirim ve Isletme AS would have to grow free cash flow by +18.2 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +132.1 % per year. As of Oct 29, 2026.
What discount rate (WACC) does the fair value of MERIT use?
Our models discount Merit Turizm Yatirim ve Isletme AS at 15.7 %: a base by market capitalisation (micro), damped by beta 0.21, country premium for Turkey. 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 Merit Turizm Yatirim ve Isletme AS that is +18.2 % per year a year over ten years, using the same discount rate (15.7 %) and the same formula as our fair value.
How much growth has Merit Turizm Yatirim ve Isletme AS (MERIT) delivered so far?
Over the past 5 years revenue at Merit Turizm Yatirim ve Isletme AS grew +132.1 % a year. The price currently implies +18.2 % 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 Merit Turizm Yatirim ve Isletme AS (MERIT) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Merit Turizm Yatirim ve Isletme AS (+18.2 % 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 Merit Turizm Yatirim ve Isletme AS (MERIT)?
The free-cash-flow yield on the price is 6.13 %: that much free cash flow Merit Turizm Yatirim ve Isletme AS produces per unit of market value. When it exceeds the discount rate of our models (15.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Merit Turizm Yatirim ve Isletme AS (MERIT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Merit Turizm Yatirim ve Isletme AS it is 12.72 TRY per share (as of Oct 29, 2026), against a price of 11.56 TRY. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Merit Turizm Yatirim ve Isletme AS stock overvalued or undervalued in 2026?
As of Oct 29, 2026, MERIT trades below its calculated fair value: price 11.56 TRY, fair value 12.72 TRY, a gap of about +10% (undervalued). 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 MERIT?
No. The price is what the market pays today (11.56 TRY); the fair value is what the company's own numbers justify (12.72 TRY). For Merit Turizm Yatirim ve Isletme AS the two are 1.16 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Merit Turizm Yatirim ve Isletme AS worth?
The market values Merit Turizm Yatirim ve Isletme AS at about 3.9B TRY (market capitalisation, as of Oct 29, 2026). Per share that is 11.56 TRY; our models calculate a fair value of 12.72 TRY per share.
What do the bullish and bearish scenarios say about MERIT?
Our models span a range for Merit Turizm Yatirim ve Isletme AS: cautious scenario 9.54 TRY, base 12.72 TRY, optimistic 19.19 TRY per share (as of Oct 29, 2026, price 11.56 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MERIT?
Merit Turizm Yatirim ve Isletme AS trades at a price-to-earnings ratio of 5.4 (as of Oct 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 12.72 TRY is built from several models across several years. Other multiples: P/B 0.2, P/S 11.5, EV/EBITDA 21.4.
How solid is the balance sheet of Merit Turizm Yatirim ve Isletme AS (MERIT)?
Balance-sheet figures for Merit Turizm Yatirim ve Isletme AS (as of Oct 29, 2026): return on equity 4.4%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is MERIT from its 52-week high?
Merit Turizm Yatirim ve Isletme AS trades at 11.56 TRY, about 47% below its 52-week high of 21.96 TRY and at the low of 11.56 TRY (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 12.72 TRY is for.
Which stocks are comparable to Merit Turizm Yatirim ve Isletme AS?
From the same area (Consumer Cyclical) we also value Las Vegas Sands Corp, Galaxy Entertainment Group, Sands China Ltd, Wynn Resorts, Limited, 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 Merit Turizm Yatirim ve Isletme AS stock attractive at the current price?
The data as of Oct 29, 2026: price 11.56 TRY, calculated fair value 12.72 TRY (+10%), Quality Score 57/100, from 25 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 MERIT calculated?
We run Merit Turizm Yatirim ve Isletme AS through 25 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 12.72 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 13.1 % above its aggregate fair value. Merit Turizm Yatirim ve Isletme AS currently trades 9 % below its own fair value, and the market average says nothing about that. 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 Merit Turizm Yatirim ve Isletme AS (MERIT)?
The closing price on Oct 28, 2026 was 11.56 TRY. Our model-based fair value is 12.72 TRY, about +10% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Merit Turizm Yatirim ve Isletme AS right now?
A fairly wide model range (9.54 TRY to 19.19 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 Merit Turizm Yatirim ve Isletme AS
How large is the market capitalisation of Merit Turizm Yatirim ve Isletme AS (MERIT)?
The market capitalisation of Merit Turizm Yatirim ve Isletme AS is 3.9B TRY (≈ $77.9M). 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 Merit Turizm Yatirim ve Isletme AS (MERIT)?
The price-to-sales ratio of Merit Turizm Yatirim ve Isletme AS is 12.5 (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 Merit Turizm Yatirim ve Isletme AS (MERIT)?
Earnings per share at Merit Turizm Yatirim ve Isletme AS are 2.15 TRY (price ÷ EPS = P/E 5.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Merit Turizm Yatirim ve Isletme AS (MERIT)?
The dividend yield of Merit Turizm Yatirim ve Isletme AS is 8.7% (payout 46.5%). 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 return on equity of Merit Turizm Yatirim ve Isletme AS (MERIT)?
The return on equity (ROE) of Merit Turizm Yatirim ve Isletme AS is 4.4% (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 Merit Turizm Yatirim ve Isletme AS (MERIT)?
On an EBIT basis the return on assets of Merit Turizm Yatirim ve Isletme AS is 1.1% (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 Merit Turizm Yatirim ve Isletme AS (MERIT)?
The operating margin of Merit Turizm Yatirim ve Isletme AS is 26.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Merit Turizm Yatirim ve Isletme AS (MERIT)?
Revenue at Merit Turizm Yatirim ve Isletme AS is growing +8.2% versus a year earlier (3y avg +76.2%). 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 Merit Turizm Yatirim ve Isletme AS (MERIT)?
Earnings per share at Merit Turizm Yatirim ve Isletme AS are growing −49.8% versus a year earlier. How much earnings per share grew versus a year earlier.
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Thin data
Oct 29, 2026