Marshall Boya ve Vernik Sanayi AS (MRSHL) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Marshall Boya ve Vernik Sanayi AS stock TRY 438, price TRY 1,083, upside -59.6%, quality 46 out of 100. Rating: strongly overvalued. 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 27, 2026.
How to read this chart
60‑month range 190.80 TRY – 2,730 TRY · fair‑value band 342.83 TRY – 519.49 TRY · the 1,083 TRY price screens above the 437.80 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Oct 27, 2026.
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Marshall Boya Ve Vernik Sanayii A.S. manufactures and sells paint, coating, and varnish products in Turkey. It offers interior wall and exterior paint. Marshall Boya Ve Vernik Sanayii A.S. was founded in 1954 and is headquartered in Dilovasi, Turkey.
Stock analysis
Marshall Boya ve Vernik Sanayi AS (MRSHL) currently trades at 1,083 TRY, while our model-based Fair Value estimate is 437.80 TRY, 59.6% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 464.12 TRY per share, and 0 of the 13 models we run sit above the 1,083 TRY price.
Bear case: the Asset-Based group reads lowest at 53.47 TRY, and 13 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 342.83 TRY (bear) to 519.49 TRY (bull), the price of 1,083 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 46/100 (below-average quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Marshall Boya ve Vernik Sanayi AS reported revenue of 4.4B TRY in FY2025 versus 752M TRY in FY2021, a compound +55.3%/yr. Reported net income was −291M TRY in FY2025.
Key figures
Market cap 11.9B TRY (≈ $238M) Micro · P/S ratio 2.83 · EPS (TTM) −6.43 TRY · Net margin −1.9% · Return on equity −6.9% · Return on assets (EBIT) 10.4% · Operating margin 12.8% · Revenue (TTM) 4.2B TRY.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 24 out of 100 (low confidence).
What moves the price
The share trades about 56% 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 −44% fair-value upside, at −60%, MRSHL screens richer than that median.
Fair Value models
Bear342.83 TRYFair Value 437.80 TRYBull519.49 TRY
Price 1,083 TRY · Upside -59.6%
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.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.62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+92.0%
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.
+68.3%
Revenue growth 16 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.
+22.9%
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Profit margin (trend) ⓘ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.
6.5% (2020) → 8.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+53.4%
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 +28.6% a year for the price.
Compare Marshall Boya ve Vernik Sanayi 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.Specialty Chemicals · 725 stocks
Beats the industry median on 2/11 measures
Overall it trails its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−59.6% · Bottom 25%
Profitability
Return on assets−9.2% · Bottom 25%
Net margin (12 months)−1.9% · Bottom 25%
Operating margin (12 months)12.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)19.0% · Above median
Balance sheet
Debt / equity0.11× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/B13.54× · Priciest 25%
P/S (12 months)2.86× · Pricier than median
Price / free cash flow79.0× · Priciest 25%
EV/EBITDA17.0× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)95· sector 66
PAST (return on equity)0· sector 27
HEALTH (low debt)95· sector 95
DIVIDEND (yield)0· sector 31
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). "Marshall Boya ve Vernik Sanayi AS Fair Value". https://www.fairvalue-calculator.com/stock/MRSHL
Frequently asked questions
Is Marshall Boya ve Vernik Sanayi AS (MRSHL) overvalued or undervalued?
As of Oct 27, 2026, our model estimates a fair value of 437.80 TRY versus a price of 1,083 TRY, about −60% upside (overvalued).
What is the fair value of MRSHL?
Our model-based fair value for Marshall Boya ve Vernik Sanayi AS is 437.80 TRY (as of Oct 27, 2026), built from audited fundamentals. The current price: 1,083 TRY.
What is the quality score of MRSHL?
Marshall Boya ve Vernik Sanayi AS 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 price target for Marshall Boya ve Vernik Sanayi AS (MRSHL)?
Our model-based price target is the fair value of 437.80 TRY (as of Oct 27, 2026) from 13 valuation models. Cautious scenario 342.83 TRY, optimistic scenario 519.49 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Marshall Boya ve Vernik Sanayi AS stock forecast for 2026?
Our models put fair value at 437.80 TRY, about −60% upside versus a price of 1,083 TRY (overvalued). Cautious scenario 342.83 TRY, optimistic scenario 519.49 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Marshall Boya ve Vernik Sanayi AS (MRSHL)?
Marshall Boya ve Vernik Sanayi AS reported trailing-twelve-month revenue of about 4.2B TRY (latest available figure, as of Oct 27, 2026).
What growth is priced into Marshall Boya ve Vernik Sanayi AS (MRSHL)?
For today's price to be fair in a discounted-cash-flow model, Marshall Boya ve Vernik Sanayi AS would have to grow free cash flow by +53.4 % 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 +53.9 % per year. As of Oct 27, 2026.
What discount rate (WACC) does the fair value of MRSHL use?
Our models discount Marshall Boya ve Vernik Sanayi AS at 15.7 %: a base by market capitalisation (micro), damped by beta 0.03, 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 Marshall Boya ve Vernik Sanayi AS that is +53.4 % 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 Marshall Boya ve Vernik Sanayi AS (MRSHL) delivered so far?
Over the past 5 years revenue at Marshall Boya ve Vernik Sanayi AS grew +53.9 % a year. The price currently implies +53.4 % 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 Marshall Boya ve Vernik Sanayi AS (MRSHL) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into Marshall Boya ve Vernik Sanayi AS (+53.4 % 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 Marshall Boya ve Vernik Sanayi AS (MRSHL)?
The free-cash-flow yield on the price is 1.27 %: that much free cash flow Marshall Boya ve Vernik Sanayi 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 Marshall Boya ve Vernik Sanayi AS (MRSHL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Marshall Boya ve Vernik Sanayi AS it is 437.80 TRY per share (as of Oct 27, 2026), against a price of 1,083 TRY. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Marshall Boya ve Vernik Sanayi AS stock overvalued or undervalued in 2026?
As of Oct 27, 2026, MRSHL trades above its calculated fair value: price 1,083 TRY, fair value 437.80 TRY, a gap of about −60% (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 MRSHL?
No. The price is what the market pays today (1,083 TRY); the fair value is what the company's own numbers justify (437.80 TRY). For Marshall Boya ve Vernik Sanayi AS the two are 645.20 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Marshall Boya ve Vernik Sanayi AS worth?
The market values Marshall Boya ve Vernik Sanayi AS at about 11.9B TRY (market capitalisation, as of Oct 27, 2026). Per share that is 1,083 TRY; our models calculate a fair value of 437.80 TRY per share.
What do the bullish and bearish scenarios say about MRSHL?
Our models span a range for Marshall Boya ve Vernik Sanayi AS: cautious scenario 342.83 TRY, base 437.80 TRY, optimistic 519.49 TRY per share (as of Oct 27, 2026, price 1,083 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Marshall Boya ve Vernik Sanayi AS (MRSHL)?
Balance-sheet figures for Marshall Boya ve Vernik Sanayi AS (as of Oct 27, 2026): return on equity −6.9%, debt of 0.11 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is MRSHL from its 52-week high?
Marshall Boya ve Vernik Sanayi AS trades at 1,083 TRY, about 56% below its 52-week high of 2,454 TRY and 1% above the low of 1,070 TRY (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 437.80 TRY is for.
Which stocks are comparable to Marshall Boya ve Vernik Sanayi AS?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, 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 Marshall Boya ve Vernik Sanayi AS stock attractive at the current price?
The data as of Oct 27, 2026: price 1,083 TRY, calculated fair value 437.80 TRY (−60%), Quality Score 46/100, from 13 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 MRSHL calculated?
We run Marshall Boya ve Vernik Sanayi AS through 13 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 437.80 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. Marshall Boya ve Vernik Sanayi AS 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 Marshall Boya ve Vernik Sanayi AS (MRSHL)?
The closing price on Oct 28, 2026 was 1,083 TRY. Our model-based fair value is 437.80 TRY, about −60% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Marshall Boya ve Vernik Sanayi AS right now?
The price sits above even our optimistic bull case (519.49 TRY). The favourable scenario is already priced in. Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Marshall Boya ve Vernik Sanayi AS
How large is the market capitalisation of Marshall Boya ve Vernik Sanayi AS (MRSHL)?
The market capitalisation of Marshall Boya ve Vernik Sanayi AS is 11.9B TRY (≈ $238M). 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 Marshall Boya ve Vernik Sanayi AS (MRSHL)?
The price-to-sales ratio of Marshall Boya ve Vernik Sanayi AS is 2.83 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Marshall Boya ve Vernik Sanayi AS (MRSHL)?
Earnings per share at Marshall Boya ve Vernik Sanayi AS are −6.43 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Marshall Boya ve Vernik Sanayi AS (MRSHL)?
The net margin of Marshall Boya ve Vernik Sanayi AS is −1.9% (last twelve months). 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 Marshall Boya ve Vernik Sanayi AS (MRSHL)?
The return on equity (ROE) of Marshall Boya ve Vernik Sanayi AS is −6.9% (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 Marshall Boya ve Vernik Sanayi AS (MRSHL)?
On an EBIT basis the return on assets of Marshall Boya ve Vernik Sanayi AS is 10.4% (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 Marshall Boya ve Vernik Sanayi AS (MRSHL)?
The operating margin of Marshall Boya ve Vernik Sanayi AS is 12.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Marshall Boya ve Vernik Sanayi AS (MRSHL)?
Revenue at Marshall Boya ve Vernik Sanayi AS is growing +19.0% versus a year earlier (3y avg +40.0%). 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 Marshall Boya ve Vernik Sanayi AS (MRSHL)?
Earnings per share at Marshall Boya ve Vernik Sanayi AS are growing +86.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Marshall Boya ve Vernik Sanayi AS (MRSHL) carry?
The net debt of Marshall Boya ve Vernik Sanayi AS is 231M TRY (fiscal year 2025, ≈ 1.5 yrs of FCF). 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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Oct 27, 2026