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Migros Ticaret A.S., (MGROS) Fair Value & Analysis

Consumer Defensive · TR · Market cap 102B TRY

MT Migros Ticaret A.S., MGROS · IS
Price572.00 TRY
Fair Value762.58 TRY
Upside+33.3%
Quality49/100
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Healthy Growth
Thin margins · 1.6% net margin
Low debt · generates free cash flow
Mixed vs. peers (8/14)
Narrow moat 26/100
Evidence: High Range 571.94 TRY – 953.23 TRY Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated today

Share price −8.6% over the past month.

Below-average quality, screening 33% undervalued on our models.

What matters now

  • Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from 571.94 TRY (bear) to 953.23 TRY (bull), base 762.58 TRY. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 49/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

724.00 TRY 29.28 TRY Fair Value 762.58 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 29.28 TRY – 724.00 TRY · fair‑value band 571.94 TRY – 953.23 TRY · the 572.00 TRY price screens below the 762.58 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Migros Ticaret A.S., (MGROS) currently trades at 572.00 TRY, while our model-based Fair Value estimate is 762.58 TRY, implying the stock looks roughly 33.3% undervalued today. The Quality Score stands at 49/100 (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: high), always confirm before acting.

Over the trailing twelve months, Migros Ticaret A.S., generated revenue of 419B TRY at a net margin of 1.6%. Revenue grew 6.4% year over year. It earns a return on equity of 9.2%. Net debt stands at 740M TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 571.94 TRY (bear case) to 953.23 TRY (bull case); at 572.00 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 21% below its 52-week high and 40% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -31% fair-value upside, at 33%, MGROS 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 1,467 TRY 2,601 TRY 4,895 TRY 80
Residual Income 371.52 TRY 399.75 TRY 473.93 TRY 76
Rev-Margin DCF 1,016 TRY 1,775 TRY 3,201 TRY 74
All 24 models by family
DCF Models
FCF DCF 1,550 TRY 2,354 TRY 4,916 TRY 38
Owner Earnings 916.36 TRY 1,897 TRY 3,956 TRY 31
5Y Revenue Exit 1,011 TRY 1,569 TRY 2,732 TRY 39
5Y EBITDA Exit 1,675 TRY 2,913 TRY 5,342 TRY 41
5Y P/E Exit 963.31 TRY 1,782 TRY 2,866 TRY 38
10Y Revenue Exit 1,156 TRY 2,193 TRY 2,799 TRY 36
10Y EBITDA Exit 1,668 TRY 3,624 TRY 7,063 TRY 37
10Y P/E Exit 1,148 TRY 2,091 TRY 3,566 TRY 35
Earnings-Based
Graham-Dodd 246.93 TRY 1,722 TRY 2,417 TRY 54
Lynch FV 649.72 TRY 928.17 TRY 1,207 TRY 50
PEG = 1.0 649.72 TRY 928.17 TRY 1,207 TRY 46
EPV 705.32 TRY 798.31 TRY 879.67 TRY 59
Multiples
P/E Multiple 571.94 TRY 762.58 TRY 953.23 TRY 63
P/S Multiple 463.00 TRY 617.33 TRY 771.66 TRY 58
P/B Multiple 463.00 TRY 617.33 TRY 771.66 TRY 55
EV/EBIT 977.30 TRY 1,254 TRY 1,531 TRY 53
EV/EBITDA 1,662 TRY 2,167 TRY 2,671 TRY 54
EV/Revenue 739.73 TRY 993.58 TRY 1,247 TRY 43
Asset-Based
NCAV (Graham) 221.89 TRY 297.33 TRY 443.78 TRY 50
Growth DCF
Growth DCF 1,467 TRY 2,601 TRY 4,895 TRY 80
Rev-Margin DCF 1,016 TRY 1,775 TRY 3,201 TRY 74
Economic Profit
Residual Income 371.52 TRY 399.75 TRY 473.93 TRY 76
ROIC Compounder 882.88 TRY 1,286 TRY 1,577 TRY 72
Growth Earnings
Growth-Adj P/E 829.46 TRY 1,185 TRY 1,540 TRY 68

Widest divergence: DCF Models (2,091 TRY) versus Asset-Based (297.33 TRY). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 419B TRY
Revenue growth (YoY) +6.4%
Net margin 1.6%
Return on equity 9.2%
Free cash flow 14.8B TRY FY2025
P/E ratio 14.1
More key figures
Operating margin 0.1%
EPS (TTM) 40.57 TRY
EPS growth (YoY) +24.4%
Net debt 740M TRY FY2020

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

Quality Score breakdown

Overall quality 49/100

Of which business quality 53 · Market factors (momentum, volatility) 53

Profitability 55
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 31
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 52
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

Migros Ticaret A.S., together with its subsidiaries, engages in the retail sale of food and beverages, and consumer goods in Turkey. It is also involved in online food retailing; takeout food business; provision of payment and e-money, motorcycle courier, electric vehicle charging, and corporate payment services, as well as shopping mall management.

Full company description

Migros Ticaret A.S., together with its subsidiaries, engages in the retail sale of food and beverages, and consumer goods in Turkey. It is also involved in online food retailing; takeout food business; provision of payment and e-money, motorcycle courier, electric vehicle charging, and corporate payment services, as well as shopping mall management. In addition, the company engages in media, logistics, and fintech businesses; and production of packaged food production. The company was founded in 1954 and is headquartered in Istanbul, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Migros Ticaret A.S., reported revenue of 413B TRL in FY2025 versus 36.3B TRL in FY2021, a compound +83.7%/yr. Reported net income was 6.5B TRL in FY2025, compounding +106.0%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
413B TRY
Latest YoY
+7.3%
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.
+76.9%
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.
+70.3%
Avg. growth/yr (25Y) 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.
−25.3%
Revenue +83.7%/yr
FY21 36.3B TRL
FY22 74.5B TRL
FY23 262B TRL
FY24 385B TRL
FY25 413B TRL
Net income +106.0%/yr
FY21 359M TRL
FY22 2.6B TRL
FY23 12.7B TRL
FY24 8.3B TRL
FY25 6.5B TRL

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Cite: Fair Value Calculator (2026). "Migros Ticaret A.S., Fair Value". https://www.fairvalue-calculator.com/stock/MGROS

Peer Group

Grocery Stores · 84 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 49 · Bottom 25%
Fair Value upside +33% · Top 25%
Return on equity (TTM) 9% · Below median
Return on assets 3% · Below median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 0% · Bottom 25%
Revenue growth 6% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Grocery Stores median · lower = cheaper

P/E (TTM) 14.1× · Cheaper than 75% of peers
P/B 1.29× · Cheaper than median
P/S (TTM) 0.24× · Cheaper than median
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 4.9× · Cheaper than median

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 78 · sector 37
FUTURE 32 · sector 17
PAST 37 · sector 51
HEALTH 100 · sector 92
DIVIDEND 0 · sector 47

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

Stock Price Fair Value vs Fair Value
Loblaw Companies Limited L C$65.49 C$44.44 -32%
Koninklijke Ahold Delhaize N.V AD €36.30 €53.50 +47%
The Kroger Co KR $58.82 $28.19 -52%
Woolworths Group WOW A$39.20 A$13.40 -66%
George Weston Limited WN C$100.98 C$63.61 -37%
Coles Group COL A$23.56 A$15.86 -33%
Metro Inc MRU C$93.64 C$94.01 +0%
Carrefour SA CA €16.40 €11.51 -30%
CP ALL Public Company TCPD 1.89 SGD 2.36 SGD +25%
BIM Birlesik Magazalar A.S., BIMAS 385.75 TRY 267.12 TRY -31%

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Frequently asked questions

Is Migros Ticaret A.S., (MGROS) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 762.58 TRY versus a price of 572.00 TRY, about +33% (undervalued).
What is the fair value of MGROS?
Our model-based fair value for Migros Ticaret A.S., is 762.58 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 572.00 TRY.
What is the quality score of MGROS?
Migros Ticaret A.S., has a Quality Score of 49/100. 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 Migros Ticaret A.S., (MGROS)?
Migros Ticaret A.S., reported trailing-twelve-month revenue of about 419B TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of MGROS?
The net profit margin of Migros Ticaret A.S., is about 1.6%, meaning it keeps roughly 1.6% 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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