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Polisan Holding AS (POLHO) fair value: what the stock is really worth

We calculate from audited financials what Polisan 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.

  1. Fair value above price? No
  2. Good quality? No
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Basic Materials · TR · ISIN TREPOHO00012

PH Thin data Sep 13, 2026

Polisan Holding AS

POLHO · IS

Weakest SetupStrongly overvalued and low quality.

!Fair value 8.90 TRY · Strongly overvalued (−60%)
!Quality 32/100
!Mixed Growth (revenue YoY −9.8 %/yr)
!Loss-making · -22.5% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (3/11)
!Narrow moat 9/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 17 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

24.24 TRY 2.39 TRY Fair Value 8.90 TRY Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range 2.39 TRY – 24.24 TRY · fair‑value band 8.02 TRY – 9.58 TRY · the 22.08 TRY price screens above the 8.90 TRY fair value. Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Polisan Holding A.S., together with its subsidiaries, engages in the production and sale of chemical products in Turkey. It operates through Chemical Products, Port, and Services segments.

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Polisan Holding A.S., together with its subsidiaries, engages in the production and sale of chemical products in Turkey. It operates through Chemical Products, Port, and Services segments. The company offers formaldehyde, formaldehyde resins, construction chemicals, and AUS 32; and pouring liquid storage, general warehouse, and loading and unloading services for dry bulk and general cargo vessels. It also provides polyethylene terephthalate granule and preform products for use in beverage, food, and drink containers, as well as in synthetic fibers. In addition, the company offers paints and construction chemicals. Further, the company provides port, storage, and warehousing services. Polisan Holding A.S. was founded in 2000 and is headquartered in Istanbul, Turkey.

Stock analysis

Polisan Holding AS (POLHO) currently trades at 22.08 TRY, while our model-based Fair Value estimate is 8.90 TRY, implying the stock looks roughly 148.1% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 11.98 TRY per share, and 0 of the 8 models we run sit above the 22.08 TRY price.

Bear case: the Dividend Discount group reads lowest at 2.97 TRY, and 8 of the 8 models stay below the price. Evidence for this calculation is low.

Scenario range: 8.02 TRY (bear) to 9.58 TRY (bull), the price of 22.08 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 32/100 (below-average quality), in the Basic Materials sector.

Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.

Polisan Holding AS reported revenue of 6.4B TRY in FY2025 versus 2.0B TRY in FY2021, a compound +34.3%/yr. Reported net income was −1.4B TRY in FY2025.

Key figures

Market cap 16.7B TRY (≈ $345M) · P/S ratio 2.61 · EPS (TTM) −1.08 TRY · Dividend yield 0.9% · Net margin −22.5% · Return on equity −6.5% · Return on assets (EBIT) 5.8% · Operating margin −7.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades about 13% below its 52-week high and 396% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −47% fair-value upside, at −60%, POLHO screens richer than that median.

Fair Value models

Bear 8.02 TRY Fair Value 8.90 TRY Bull 9.58 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. 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.
Highest evidence
EPV 6.07 TRY 7.10 TRY 8.00 TRY 74
ROIC Compounder 6.07 TRY 7.10 TRY 8.00 TRY 72
EV/EBITDA 12.01 TRY 16.04 TRY 20.07 TRY 67
All 8 models by family
Earnings-Based
EPV 6.07 TRY 7.10 TRY 8.00 TRY 74
Dividend Discount
Gordon GGM 1.69 TRY 3.52 TRY 5.59 TRY 66
DDM Multi-Stage 1.69 TRY 2.97 TRY 3.70 TRY 66
Multiples
EV/EBIT 7.46 TRY 9.98 TRY 12.49 TRY 66
EV/EBITDA 12.01 TRY 16.04 TRY 20.07 TRY 67
EV/Revenue 6.45 TRY 9.26 TRY 12.06 TRY 53
Asset-Based
NCAV (Graham) 8.94 TRY 11.98 TRY 17.88 TRY 54
Economic Profit
ROIC Compounder 6.07 TRY 7.10 TRY 8.00 TRY 72

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Quality Score breakdown

Overall quality 32/100

Of which business quality 35 · Market factors (momentum, volatility) 47

Profitability 6
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 14
Disciplined investing over empire-building
Low Volatility 24
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 58
Distance to the 52-week high (market factor)
Net Issuance 92
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
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.
10.5% (2020) → 8.5% (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

POLHO screens 148% overvalued. Compare with Linde plc →

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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 · 707 stocks

Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 32 · Bottom 25%
Fair Value upside −30% · Below median
Profitability
Return on assets 1% · Bottom 25%
Net margin (TTM) −23% · Bottom 25%
Operating margin (TTM) −8% · Bottom 25%
Growth and dividend
Revenue growth −17% · Bottom 25%
Dividend yield (TTM) 0.9% · Below median
Balance sheet
Debt / equity 0.03× · Below median

Valuation Multiplesvs Specialty Chemicals median · lower = cheaper

P/S (TTM) 0.05× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 21
PAST (return on equity)0 · sector 23
HEALTH (low debt)99 · sector 95
DIVIDEND (yield)17 · sector 28

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Linde plc LIN $466.22 $425.24 −9%
The Sherwin-Williams Company SHW $323.31 $143.38 −56%
Ecolab Inc ECL $276.18 $96.18 −65%
Air Products and Chemicals, Inc APD $291.43 $122.14 −58%
Nan Ya Plastics Corporation 1303 234.50 TWD 306.47 TWD +31%
Givaudan SA GIVN CHF 3,164 CHF 1,523 −52%
Wanhua Chemical Group 600309 ¥74.50 ¥68.03 −9%
500820 500820 ₹2,470 ₹393.15 −84%
Sika AG SIKA CHF 185.00 CHF 98.89 −47%
Novozymes A/S NSISB kr 427.30 kr 383.60 −10%

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Polisan Holding AS · Fair Value
8.90 TRY −148%Fair Value
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Cite: Fair Value Calculator (2026). "Polisan Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/POLHO

Frequently asked questions

Is Polisan Holding AS (POLHO) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 8.90 TRY versus a price of 22.08 TRY, about −60% upside (overvalued).
What is the fair value of POLHO?
Our model-based fair value for Polisan Holding AS is 8.90 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 22.08 TRY.
What is the quality score of POLHO?
Polisan Holding AS has a Quality Score of 32/100. 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 Polisan Holding AS (POLHO)?
Our model-based price target is the fair value of 8.90 TRY (as of Sep 13, 2026) from 8 valuation models. Cautious scenario 8.02 TRY, optimistic scenario 9.58 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Polisan Holding AS stock forecast for 2026?
Our models put fair value at 8.90 TRY, about −60% upside versus a price of 22.08 TRY (overvalued). Cautious scenario 8.02 TRY, optimistic scenario 9.58 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Polisan Holding AS (POLHO)?
Polisan Holding AS reported trailing-twelve-month revenue of about 6.1B TRY (latest available figure, as of Sep 13, 2026).
Does Polisan Holding AS pay a dividend?
Polisan Holding AS currently shows a dividend yield of about 0.87% relative to its recent price (as of Sep 13, 2026).
What is the intrinsic value of Polisan Holding AS (POLHO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Polisan Holding AS it is 8.90 TRY per share (as of Sep 13, 2026), against a price of 22.08 TRY. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Polisan Holding AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, POLHO trades above its calculated fair value: price 22.08 TRY, fair value 8.90 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 POLHO?
No. The price is what the market pays today (22.08 TRY); the fair value is what the company's own numbers justify (8.90 TRY). For Polisan Holding AS the two are 13.18 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Polisan Holding AS worth?
The market values Polisan Holding AS at about 16.7B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 22.08 TRY; our models calculate a fair value of 8.90 TRY per share.
What do the bullish and bearish scenarios say about POLHO?
Our models span a range for Polisan Holding AS: cautious scenario 8.02 TRY, base 8.90 TRY, optimistic 9.58 TRY per share (as of Sep 13, 2026, price 22.08 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Polisan Holding AS (POLHO)?
Balance-sheet figures for Polisan Holding AS (as of Sep 13, 2026): return on equity −6.5%, debt of 0.03 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is POLHO from its 52-week high?
Polisan Holding AS trades at 22.08 TRY, about 13% below its 52-week high of 25.30 TRY and 396% above the low of 4.45 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 8.90 TRY is for.
Which stocks are comparable to Polisan Holding AS?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, 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 Polisan Holding AS stock attractive at the current price?
The data as of Sep 13, 2026: price 22.08 TRY, calculated fair value 8.90 TRY (−60%), Quality Score 32/100, from 8 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 POLHO calculated?
We run Polisan Holding AS through 8 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 8.90 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. Polisan Holding 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 Polisan Holding AS (POLHO)?
The closing price on Sep 14, 2026 was 22.08 TRY. Our model-based fair value is 8.90 TRY, about −60% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Polisan Holding AS right now?
The price sits above even our optimistic bull case (9.58 TRY). The favourable scenario is already priced in. Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Polisan Holding AS

How large is the market capitalisation of Polisan Holding AS (POLHO)?
The market capitalisation of Polisan Holding AS is 16.7B TRY (≈ $345M). 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 Polisan Holding AS (POLHO)?
The price-to-sales ratio of Polisan Holding AS is 2.61 (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 Polisan Holding AS (POLHO)?
Earnings per share at Polisan Holding AS are −1.08 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Polisan Holding AS (POLHO)?
The dividend yield of Polisan Holding AS is 0.9%. 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 Polisan Holding AS (POLHO)?
The net margin of Polisan Holding AS is −22.5% (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 Polisan Holding AS (POLHO)?
The return on equity (ROE) of Polisan Holding AS is −6.5% (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 Polisan Holding AS (POLHO)?
On an EBIT basis the return on assets of Polisan Holding AS is 5.8% (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 Polisan Holding AS (POLHO)?
The operating margin of Polisan Holding AS is −7.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Polisan Holding AS (POLHO)?
Revenue at Polisan Holding AS is growing −16.7% versus a year earlier (3y avg +15.1%). 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 Polisan Holding AS (POLHO)?
Earnings per share at Polisan Holding AS are growing −80.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Polisan Holding AS (POLHO) generate?
The free cash flow of Polisan Holding AS is −432M TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Polisan Holding AS (POLHO) carry?
The net debt of Polisan Holding AS is 1.7B TRY (fiscal year 2025). 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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