Net Holding AS (NTHOL) fair value: what the stock is really worth
We calculate from audited financials what Net Holding AS is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
Watch Net Holding AS for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for free
Net Holding A.S. engages in gaming and lottery, hotel management, and real estate development businesses in Turkey, Northern Cyprus, Montenegro, Croatia, and Bulgaria. It is also involved in hotel, casino, and lottery management; chauffeured car rental; and touristic publications. The company was founded in 1974 and is based in Istanbul, Turkey.
Stock analysis
Net Holding AS (NTHOL) currently trades at 40.58 TRY, while our model-based Fair Value estimate is 89.69 TRY, implying the stock looks roughly 54.8% undervalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of 169.71 TRY per share, and 24 of the 26 models we run sit above the 40.58 TRY price.
Bear case: the Multiples group reads lowest at 70.38 TRY, and 2 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 60.27 TRY (bear) to 100.45 TRY (bull), the price of 40.58 TRY sits below 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 45/100 (below-average quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Net Holding AS reported revenue of 25.0B TRL in FY2025 versus 1.0B TRL in FY2021, a compound +123.0%/yr. Reported net income was 1.7B TRL in FY2025, compounding +16.3%/yr from FY2021.
Key figures
Market cap 20.1B TRY (≈ $414M) · P/E ratio 11.7 · P/S ratio 0.78 · EPS (TTM) 3.47 TRY · Dividend yield 0.2% · Net margin 6.7% · Return on equity 3.0% · Return on assets (EBIT) 2.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 121%, NTHOL screens cheaper than that median.
Fair Value models
Bear 60.27 TRYFair Value 89.69 TRYBull 100.45 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 8 months old). Earnings retained since then (2.44 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.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.71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.3%
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.
+95.0%
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.
+126.3%
Revenue growth 25 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.
−18.2%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘ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.
+23.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.9%
Dividend (yield on the price)0.2%
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% → 17%
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).
+10.1%
Yearly growth needed for the next five years to justify today's price.
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Travel Services · 85 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score45 · Below median
Fair Value upside+110% · Top 25%
Profitability
Return on equity (TTM)3% · Below median
Return on assets2% · Below median
Net margin (TTM)7% · Above median
Operating margin (TTM)11% · Above median
Growth and dividend
Revenue growth9% · Above median
Dividend yield (TTM)0.2% · Bottom 25%
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Travel Services 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). "Net Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/NTHOL
Frequently asked questions
Is Net Holding AS (NTHOL) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 89.69 TRY versus a price of 40.58 TRY, about +121% upside (undervalued).
What is the fair value of NTHOL?
Our model-based fair value for Net Holding AS is 89.69 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 40.58 TRY.
What is the quality score of NTHOL?
Net Holding AS has a Quality Score of 45/100. 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 Net Holding AS (NTHOL)?
Our model-based price target is the fair value of 89.69 TRY (as of Sep 13, 2026) from 26 valuation models. Cautious scenario 60.27 TRY, optimistic scenario 100.45 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Net Holding AS stock forecast for 2026?
Our models put fair value at 89.69 TRY, about +121% upside versus a price of 40.58 TRY (undervalued). Cautious scenario 60.27 TRY, optimistic scenario 100.45 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Net Holding AS (NTHOL)?
Net Holding AS reported trailing-twelve-month revenue of about 25.6B TRY (latest available figure, as of Sep 13, 2026).
Does Net Holding AS pay a dividend?
Net Holding AS currently shows a dividend yield of about 0.16% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Net Holding AS (NTHOL)?
For today's price to be fair in a discounted-cash-flow model, Net Holding AS would have to grow free cash flow by +10.1 % 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 +126.3 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of NTHOL use?
Our models discount Net Holding AS at 15.7 %: a base by market capitalisation (small), 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 Net Holding AS that is +10.1 % 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 Net Holding AS (NTHOL) delivered so far?
Over the past 5 years revenue at Net Holding AS grew +126.3 % a year. The price currently implies +10.1 % 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 Net Holding AS (NTHOL) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Net Holding AS (+10.1 % 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 Net Holding AS (NTHOL)?
The free-cash-flow yield on the price is 8.35 %: that much free cash flow Net Holding 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 Net Holding AS (NTHOL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Net Holding AS it is 89.69 TRY per share (as of Sep 13, 2026), against a price of 40.58 TRY. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Net Holding AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, NTHOL trades below its calculated fair value: price 40.58 TRY, fair value 89.69 TRY, a gap of about +121% (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 NTHOL?
No. The price is what the market pays today (40.58 TRY); the fair value is what the company's own numbers justify (89.69 TRY). For Net Holding AS the two are 49.11 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Net Holding AS worth?
The market values Net Holding AS at about 20.1B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 40.58 TRY; our models calculate a fair value of 89.69 TRY per share.
What do the bullish and bearish scenarios say about NTHOL?
Our models span a range for Net Holding AS: cautious scenario 60.27 TRY, base 89.69 TRY, optimistic 100.45 TRY per share (as of Sep 13, 2026, price 40.58 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NTHOL?
Net Holding AS trades at a price-to-earnings ratio of 11.7 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 89.69 TRY is built from several models across several years. Other multiples: P/B 0.3, P/S 0.8, EV/EBITDA 2.1.
How solid is the balance sheet of Net Holding AS (NTHOL)?
Balance-sheet figures for Net Holding AS (as of Sep 13, 2026): return on equity 3.0%, debt of 0.02 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is NTHOL from its 52-week high?
Net Holding AS trades at 40.58 TRY, about 25% below its 52-week high of 54.20 TRY and 16% above the low of 35.12 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 89.69 TRY is for.
Which stocks are comparable to Net Holding AS?
From the same area (Consumer Cyclical) we also value Booking Holdings, Airbnb, Inc, Royal Caribbean Cruises Ltd, Viking Holdings, 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 Net Holding AS stock attractive at the current price?
The data as of Sep 13, 2026: price 40.58 TRY, calculated fair value 89.69 TRY (+121%), Quality Score 45/100, from 26 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 NTHOL calculated?
We run Net Holding AS through 26 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 89.69 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 15.6 % above its aggregate fair value. Net Holding AS currently trades 121 % 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 Net Holding AS (NTHOL)?
The closing price on Sep 14, 2026 was 40.58 TRY. Our model-based fair value is 89.69 TRY, about +121% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Net Holding AS right now?
The price is below even our cautious bear case (60.27 TRY). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Net Holding AS
How large is the market capitalisation of Net Holding AS (NTHOL)?
The market capitalisation of Net Holding AS is 20.1B TRY (≈ $414M). 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 Net Holding AS (NTHOL)?
The price-to-sales ratio of Net Holding AS is 0.78 (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 Net Holding AS (NTHOL)?
Earnings per share at Net Holding AS are 3.47 TRY (price ÷ EPS = P/E 11.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Net Holding AS (NTHOL)?
The dividend yield of Net Holding AS is 0.2% (payout 1.9%). 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 Net Holding AS (NTHOL)?
The net margin of Net Holding AS is 6.7% (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 Net Holding AS (NTHOL)?
The return on equity (ROE) of Net Holding AS is 3.0% (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 Net Holding AS (NTHOL)?
On an EBIT basis the return on assets of Net Holding AS is 2.8% (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 Net Holding AS (NTHOL)?
The operating margin of Net Holding AS is 10.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Net Holding AS (NTHOL)?
Revenue at Net Holding AS is growing +9.0% versus a year earlier (3y avg +95.0%). 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 Net Holding AS (NTHOL)?
Earnings per share at Net Holding AS are growing +26.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Net Holding AS (NTHOL) carry?
The net debt of Net Holding AS is 1.5B TRY (fiscal year 2020, ≈ 0.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Net Holding AS in the live analysis
One click puts Net Holding AS on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
