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Net Holding (NTHOL) Fair Value & Analysis

Consumer Cyclical · TR · Market cap 20.1B TRY

NH Net Holding NTHOL · IS
Price45.56 TRY
Fair Value89.69 TRY
Upside+96.9%
Quality47/100
Mixed Growth
Thin margins · 6.8% net margin
Low debt · generates free cash flow
Ranks above peers (10/13)
Narrow moat 32/100
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Evidence: Medium Range 60.27 TRY – 100.45 TRY Share as image

Fair value as of: Aug 1, 2026

From 26 valuation models · updated today

Share price +6.1% over the past month.

What matters now

  • The price is below even our cautious bear case (60.27 TRY). The market is more pessimistic than our downside scenario.
  • Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (12 months)

52.15 TRY 35.98 TRY Fair Value 89.69 TRY Aug 2025 Jul 2026

12‑month range 35.98 TRY – 52.15 TRY · fair‑value band 60.27 TRY – 100.45 TRY · the 45.56 TRY price screens below the 89.69 TRY fair value. As of Aug 1, 2026.

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Analysis

Net Holding (NTHOL) currently trades at 45.56 TRY, while our model-based Fair Value estimate is 89.69 TRY, implying the stock looks roughly 96.9% undervalued today. We read business quality at 47/100 (below-average quality), in the Consumer Cyclical 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: medium), always confirm before acting.

Over the trailing twelve months, Net Holding generated revenue of 25.6B TRY at a net margin of 6.8%. Revenue grew 9.0% year over year. It earns a return on equity of 3.0%. Net debt stands at 1.5B TRY. Fundamentals as of Aug 1, 2026

Our scenario range runs from 60.27 TRY (bear case) to 100.45 TRY (bull case); at 45.56 TRY, the current price sits below that range. The share trades about 16% below its 52-week high and 30% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -21% fair-value upside, at 97%, NTHOL screens cheaper than that median.

Key figures & financial health

Revenue (TTM) 25.6B TRY
Revenue growth (YoY) +9.0%
Net margin 6.8%
Return on equity 3.0%
Free cash flow 1.5B TRY FY2025
P/E ratio 12.7
More key figures
Operating margin 10.7%
EPS (TTM) 3.47 TRY
EPS growth (YoY) +26.3%
Net debt 1.5B TRY FY2020

Figures from reported company fundamentals · as of Aug 1, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100
Profitability 20
Quality Growth 44
Cashflow 48
Fin. Strength 45
Investment 30
Low Volatility 78
Momentum 41
52W Momentum 39
Net Issuance 97

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

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Net Holding 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.

Revenue +123.0%/yr
FY21 1.0B TRL
FY22 3.4B TRL
FY23 13.7B TRL
FY24 25.3B TRL
FY25 25.0B TRL
Net income +16.3%/yr
FY21 910M TRL
FY22 2.7B TRL
FY23 3.2B TRL
FY24 3.4B TRL
FY25 1.7B TRL

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Cite: Fair Value Calculator (2026). "Net Holding Fair Value". https://www.fairvalue-calculator.com/stock/NTHOL

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 100 / 18
FUTURE 45 / 24
PAST 12 / 36
HEALTH 99 / 96
DIVIDEND 0 / 36

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 Travel Services stocks, each showing price versus our Fair Value estimate (as of Aug 1, 2026).

Stock Price Fair Value vs Fair Value
Booking Holdings BKNG34 R$4.70 R$4.31 -8%
Airbnb, Inc ABNB $133.72 $78.47 -41%
Royal Caribbean Cruises Ltd RCL $280.00 $128.75 -54%
Viking Holdings VIK $100.69 $43.51 -57%
Carnival Corporation C1CL34 R$133.14 R$85.04 -36%
Expedia Group EXGR34 R$589.26 R$584.63 -1%
Trip.com Group TCOM $42.45 $88.82 +109%
Norwegian Cruise Line Holdings N1CL34 R$93.30 R$73.76 -21%
Tongcheng Travel Holdings TNGCF $2.80 $3.26 +16%
Global Business Travel Group GBTG $9.39 $4.19 -55%

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Frequently asked questions

Is Net Holding (NTHOL) overvalued or undervalued?
As of Aug 1, 2026, our model estimates a fair value of 89.69 TRY versus a price of 45.56 TRY, about +97% (undervalued).
What is the fair value of NTHOL?
Our model-based fair value for Net Holding is 89.69 TRY (as of Aug 1, 2026), built from audited fundamentals. The current price is 45.56 TRY.
What is the quality score of NTHOL?
Net Holding has a Quality Score of 47/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Net Holding (NTHOL)?
Net Holding reported trailing-twelve-month revenue of about 25.6B TRY (latest available figure, as of Aug 1, 2026).
What is the net profit margin of NTHOL?
The net profit margin of Net Holding is about 6.8%, meaning it keeps roughly 6.8% 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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