Ral Yatirim Holding AS (RALYH) fair value: what the stock is really worth
We calculate from audited financials what Ral Yatirim 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.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value 53.26 TRY · Strongly overvalued (−80%)
!Quality 46/100
!Mixed Growth(revenue 5y +120.7 %/yr)
✓Highly profitable · 33.7% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers(4/13)
✓Wide moat65/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range 28.29 TRY to 95.03 TRY
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Ral Yatirim Holding A.S. engages in the construction, energy, properties, and education activities. It carries contracting works for residential projects, as well as large public projects. The company is also involved in the production and sale of renewable and clean energy; and produces calcites. Ral Yatirim Holding A.S.
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Ral Yatirim Holding A.S. engages in the construction, energy, properties, and education activities. It carries contracting works for residential projects, as well as large public projects. The company is also involved in the production and sale of renewable and clean energy; and produces calcites. Ral Yatirim Holding A.S. was incorporated in 1976 and is headquartered in Ankara, Turkey.
Stock analysis
Ral Yatirim Holding AS (RALYH) currently trades at 270.00 TRY, while our model-based Fair Value estimate is 53.26 TRY, implying the stock looks roughly 406.8% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 318.60 TRY per share, and 2 of the 23 models we run sit above the 270.00 TRY price.
Bear case: the Growth DCF group reads lowest at 7.42 TRY, and 21 of the 23 models stay below the price. Evidence for this calculation is medium.
Scenario range: 28.29 TRY (bear) to 95.03 TRY (bull), the price of 270.00 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 Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Ral Yatirim Holding AS reported revenue of 6.4B TRY in FY2025 versus 275M TRY in FY2021, a compound +119.5%/yr. Reported net income was 2.3B TRY in FY2025, compounding +200.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 89.9B TRY (≈ $1.9B) · P/E ratio 92.8 · P/S ratio 33.6 · EPS (TTM) 2.91 TRY · Net margin 36.3% · Return on equity 58.2% · Return on assets (EBIT) 15.3% · Operating margin 2.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 33% below its 52-week high and 129% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −34% fair-value upside, at −80%, RALYH screens richer than that median.
Fair Value models
Bear 28.29 TRYFair Value 53.26 TRYBull 95.03 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 (2.06 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.65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.4%
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.
+161.0%
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.
+120.7%
Revenue growth 7 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.
+156.7%
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What shareholders gained per year (last 3 years), in TRY (mathematically smoothed) ⓘ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 3 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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in TRY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+29.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+29.5%
Dividend (yield on the price)0.0%
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.10% → 26%
2025 sits 94% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
Growth Forecast
A lot of optimism in the price
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).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
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.Engineering & Construction · 818 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−73% · Bottom 25%
Profitability
Return on equity (TTM)58% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)34% · Top 25%
Operating margin (TTM)3% · Below median
Growth and dividend
Revenue growth286% · Top 25%
Balance sheet
Debt / equity0.27× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (TTM)92.8× · Priciest 25%
P/B12.82× · Priciest 25%
P/S (TTM)8.83× · Priciest 25%
P/FCF12.5× · Priciest 25%
EV/EBITDA49.9× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 21
FUTURE (revenue growth)100· sector 12
PAST (return on equity)100· sector 25
HEALTH (low debt)86· sector 94
DIVIDEND (yield)0· sector 40
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). "Ral Yatirim Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/RALYH
Frequently asked questions
Is Ral Yatirim Holding AS (RALYH) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 53.26 TRY versus a price of 270.00 TRY, about −80% upside (overvalued).
What is the fair value of RALYH?
Our model-based fair value for Ral Yatirim Holding AS is 53.26 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 270.00 TRY.
What is the quality score of RALYH?
Ral Yatirim Holding 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 Ral Yatirim Holding AS (RALYH)?
Our model-based price target is the fair value of 53.26 TRY (as of Sep 13, 2026) from 23 valuation models. Cautious scenario 28.29 TRY, optimistic scenario 95.03 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Ral Yatirim Holding AS stock forecast for 2026?
Our models put fair value at 53.26 TRY, about −80% upside versus a price of 270.00 TRY (overvalued). Cautious scenario 28.29 TRY, optimistic scenario 95.03 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Ral Yatirim Holding AS (RALYH)?
Ral Yatirim Holding AS reported trailing-twelve-month revenue of about 9.0B TRY (latest available figure, as of Sep 13, 2026).
What growth is priced into Ral Yatirim Holding AS (RALYH)?
For today's price to be fair in a discounted-cash-flow model, Ral Yatirim Holding AS would have to grow free cash flow by more than 80 % 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 +120.7 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of RALYH use?
Our models discount Ral Yatirim 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 Ral Yatirim Holding AS that is more than 80 % 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 Ral Yatirim Holding AS (RALYH) delivered so far?
Over the past 5 years revenue at Ral Yatirim Holding AS grew +120.7 % a year. The price currently implies more than 80 % 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 Ral Yatirim Holding AS (RALYH) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Ral Yatirim Holding AS (more than 80 % 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 Ral Yatirim Holding AS (RALYH)?
The free-cash-flow yield on the price is 0.15 %: that much free cash flow Ral Yatirim 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 Ral Yatirim Holding AS (RALYH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ral Yatirim Holding AS it is 53.26 TRY per share (as of Sep 13, 2026), against a price of 270.00 TRY. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Ral Yatirim Holding AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, RALYH trades above its calculated fair value: price 270.00 TRY, fair value 53.26 TRY, a gap of about −80% (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 RALYH?
No. The price is what the market pays today (270.00 TRY); the fair value is what the company's own numbers justify (53.26 TRY). For Ral Yatirim Holding AS the two are 216.74 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Ral Yatirim Holding AS worth?
The market values Ral Yatirim Holding AS at about 89.9B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 270.00 TRY; our models calculate a fair value of 53.26 TRY per share.
What do the bullish and bearish scenarios say about RALYH?
Our models span a range for Ral Yatirim Holding AS: cautious scenario 28.29 TRY, base 53.26 TRY, optimistic 95.03 TRY per share (as of Sep 13, 2026, price 270.00 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RALYH?
Ral Yatirim Holding AS trades at a price-to-earnings ratio of 92.8 (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 53.26 TRY is built from several models across several years. Other multiples: P/B 12.8, P/S 8.8, EV/EBITDA 49.9.
How solid is the balance sheet of Ral Yatirim Holding AS (RALYH)?
Balance-sheet figures for Ral Yatirim Holding AS (as of Sep 13, 2026): return on equity 58.2%, debt of 0.27 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is RALYH from its 52-week high?
Ral Yatirim Holding AS trades at 270.00 TRY, about 33% below its 52-week high of 401.75 TRY and 129% above the low of 118.10 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 53.26 TRY is for.
Which stocks are comparable to Ral Yatirim Holding AS?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Ral Yatirim Holding AS stock attractive at the current price?
The data as of Sep 13, 2026: price 270.00 TRY, calculated fair value 53.26 TRY (−80%), Quality Score 46/100, from 23 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 RALYH calculated?
We run Ral Yatirim Holding AS through 23 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 53.26 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. Ral Yatirim 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 Ral Yatirim Holding AS (RALYH)?
The closing price on Sep 14, 2026 was 270.00 TRY. Our model-based fair value is 53.26 TRY, about −80% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ral Yatirim Holding AS right now?
The price sits above even our optimistic bull case (95.03 TRY). The favourable scenario is already priced in. The model range is unusually wide (28.29 TRY to 95.03 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Ral Yatirim Holding AS
How large is the market capitalisation of Ral Yatirim Holding AS (RALYH)?
The market capitalisation of Ral Yatirim Holding AS is 89.9B TRY (≈ $1.9B). 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 Ral Yatirim Holding AS (RALYH)?
The price-to-sales ratio of Ral Yatirim Holding AS is 33.6 (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 Ral Yatirim Holding AS (RALYH)?
Earnings per share at Ral Yatirim Holding AS are 2.91 TRY (price ÷ EPS = P/E 92.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ral Yatirim Holding AS (RALYH)?
The net margin of Ral Yatirim Holding AS is 36.3% (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 Ral Yatirim Holding AS (RALYH)?
The return on equity (ROE) of Ral Yatirim Holding AS is 58.2% (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 Ral Yatirim Holding AS (RALYH)?
On an EBIT basis the return on assets of Ral Yatirim Holding AS is 15.3% (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 Ral Yatirim Holding AS (RALYH)?
The operating margin of Ral Yatirim Holding AS is 2.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ral Yatirim Holding AS (RALYH)?
Revenue at Ral Yatirim Holding AS is growing +286% versus a year earlier (3y avg +161%). 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 Ral Yatirim Holding AS (RALYH)?
Earnings per share at Ral Yatirim Holding AS are growing +64.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ral Yatirim Holding AS (RALYH) carry?
The net debt of Ral Yatirim Holding AS is 3.3B TRY (fiscal year 2025, ≈ 24.7 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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