Turk Tuborg Bira ve Malt Sanayi AS (TBORG) fair value: what the stock is really worth
We calculate from audited financials what Turk Tuborg Bira ve Malt Sanayi 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.
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Price vs Fair Value
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 13.14 TRY – 208.10 TRY · fair‑value band 164.87 TRY – 274.79 TRY · the 131.30 TRY price screens below the 219.83 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.
Türk Tuborg Bira ve Malt Sanayii A.S. produces, sells, and distributes beer and malt in Turkey and internationally. The company offers its products under the Tuborg, Carlsberg, FREDERIK, Troy, and 1664 Blanc brands, as well as imports GUINNESS, Weihenstephan, KILKENNY, Grimbergen, DESPERADOS, CAMPARI, APEROL, CINZANO, and SOL brands.
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Türk Tuborg Bira ve Malt Sanayii A.S. produces, sells, and distributes beer and malt in Turkey and internationally. The company offers its products under the Tuborg, Carlsberg, FREDERIK, Troy, and 1664 Blanc brands, as well as imports GUINNESS, Weihenstephan, KILKENNY, Grimbergen, DESPERADOS, CAMPARI, APEROL, CINZANO, and SOL brands. It also exports its products to various countries, such as the United Kingdom, the Turkish Republic of Northern Cyprus, and Iraq. The company was incorporated in 1967 and is based in Izmir, Turkey. Türk Tuborg Bira ve Malt Sanayii A.S. is a subsidiary of International Beer Breweries Ltd.
Stock analysis
Turk Tuborg Bira ve Malt Sanayi AS (TBORG) currently trades at 131.30 TRY, while our model-based Fair Value estimate is 219.83 TRY, implying the stock looks roughly 40.3% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 464.80 TRY per share, and 13 of the 15 models we run sit above the 131.30 TRY price.
Bear case: the Asset-Based group reads lowest at 49.00 TRY, and 2 of the 15 models stay below the price. Evidence for this calculation is medium.
Scenario range: 164.87 TRY (bear) to 274.79 TRY (bull), the price of 131.30 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 49/100 (below-average quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Turk Tuborg Bira ve Malt Sanayi AS reported revenue of 40.9B TRL in FY2025 versus 3.7B TRL in FY2021, a compound +82.7%/yr. Reported net income was 3.4B TRL in FY2025, compounding +29.4%/yr from FY2021.
Key figures
Market cap 42.3B TRY (≈ $872M) · P/E ratio 14.3 · P/S ratio 1.18 · EPS (TTM) 9.18 TRY · Net margin 8.3% · Return on equity 13.4% · Return on assets (EBIT) 16.2% · Operating margin −11.1%.
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 37% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 5% fair-value upside, at 67%, TBORG screens cheaper than that median.
Fair Value models
Bear 164.87 TRYFair Value 219.83 TRYBull 274.79 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 (6.49 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.55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+3.7%
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.
+72.6%
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.
+73.7%
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.
−22.9%
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What shareholders gained per year (last 5 years) (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 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. 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.
+50.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+50.6%
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.25% → 17%
2025 sits 66% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Compare Turk Tuborg Bira ve Malt 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.Beverages - Brewers · 59 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Bottom 25%
Fair Value upside+53% · Top 25%
Profitability
Return on equity (TTM)13% · Above median
Return on assets11% · Top 25%
Net margin (TTM)7% · Above median
Operating margin (TTM)−11% · Bottom 25%
Growth and dividend
Revenue growth−3% · Below median
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Beverages - Brewers 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). "Turk Tuborg Bira ve Malt Sanayi AS Fair Value". https://www.fairvalue-calculator.com/stock/TBORG
Frequently asked questions
Is Turk Tuborg Bira ve Malt Sanayi AS (TBORG) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 219.83 TRY versus a price of 131.30 TRY, about +67% upside (undervalued).
What is the fair value of TBORG?
Our model-based fair value for Turk Tuborg Bira ve Malt Sanayi AS is 219.83 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 131.30 TRY.
What is the quality score of TBORG?
Turk Tuborg Bira ve Malt Sanayi AS has a Quality Score of 49/100. 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 Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
Our model-based price target is the fair value of 219.83 TRY (as of Sep 13, 2026) from 15 valuation models. Cautious scenario 164.87 TRY, optimistic scenario 274.79 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Turk Tuborg Bira ve Malt Sanayi AS stock forecast for 2026?
Our models put fair value at 219.83 TRY, about +67% upside versus a price of 131.30 TRY (undervalued). Cautious scenario 164.87 TRY, optimistic scenario 274.79 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
Turk Tuborg Bira ve Malt Sanayi AS reported trailing-twelve-month revenue of about 40.8B TRY (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Turk Tuborg Bira ve Malt Sanayi AS it is 219.83 TRY per share (as of Sep 13, 2026), against a price of 131.30 TRY. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Turk Tuborg Bira ve Malt Sanayi AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, TBORG trades below its calculated fair value: price 131.30 TRY, fair value 219.83 TRY, a gap of about +67% (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 TBORG?
No. The price is what the market pays today (131.30 TRY); the fair value is what the company's own numbers justify (219.83 TRY). For Turk Tuborg Bira ve Malt Sanayi AS the two are 88.53 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Turk Tuborg Bira ve Malt Sanayi AS worth?
The market values Turk Tuborg Bira ve Malt Sanayi AS at about 42.3B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 131.30 TRY; our models calculate a fair value of 219.83 TRY per share.
What do the bullish and bearish scenarios say about TBORG?
Our models span a range for Turk Tuborg Bira ve Malt Sanayi AS: cautious scenario 164.87 TRY, base 219.83 TRY, optimistic 274.79 TRY per share (as of Sep 13, 2026, price 131.30 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TBORG?
Turk Tuborg Bira ve Malt Sanayi AS trades at a price-to-earnings ratio of 14.3 (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 219.83 TRY is built from several models across several years. Other multiples: P/B 1.8, P/S 1.0, EV/EBITDA 3.3.
How solid is the balance sheet of Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
Balance-sheet figures for Turk Tuborg Bira ve Malt Sanayi AS (as of Sep 13, 2026): return on equity 13.4%. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is TBORG from its 52-week high?
Turk Tuborg Bira ve Malt Sanayi AS trades at 131.30 TRY, about 37% below its 52-week high of 209.50 TRY and 7% above the low of 122.20 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 219.83 TRY is for.
Which stocks are comparable to Turk Tuborg Bira ve Malt Sanayi AS?
From the same area (Consumer Defensive) we also value Anheuser-Busch InBev SA, Ambev S.A, Heineken N.V, Fomento Económico Mexicano, S.A., 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 Turk Tuborg Bira ve Malt Sanayi AS stock attractive at the current price?
The data as of Sep 13, 2026: price 131.30 TRY, calculated fair value 219.83 TRY (+67%), Quality Score 49/100, from 15 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 TBORG calculated?
We run Turk Tuborg Bira ve Malt Sanayi AS through 15 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 219.83 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. Turk Tuborg Bira ve Malt Sanayi AS currently trades 67 % 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 Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
The closing price on Sep 14, 2026 was 131.30 TRY. Our model-based fair value is 219.83 TRY, about +67% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Turk Tuborg Bira ve Malt Sanayi AS right now?
The price is below even our cautious bear case (164.87 TRY). The market is more pessimistic than our downside scenario. Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Turk Tuborg Bira ve Malt Sanayi AS
How large is the market capitalisation of Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
The market capitalisation of Turk Tuborg Bira ve Malt Sanayi AS is 42.3B TRY (≈ $872M). 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 Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
The price-to-sales ratio of Turk Tuborg Bira ve Malt Sanayi AS is 1.18 (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 Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
Earnings per share at Turk Tuborg Bira ve Malt Sanayi AS are 9.18 TRY (price ÷ EPS = P/E 14.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
The net margin of Turk Tuborg Bira ve Malt Sanayi AS is 8.3% (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 Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
The return on equity (ROE) of Turk Tuborg Bira ve Malt Sanayi AS is 13.4% (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 Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
On an EBIT basis the return on assets of Turk Tuborg Bira ve Malt Sanayi AS is 16.2% (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 Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
The operating margin of Turk Tuborg Bira ve Malt Sanayi AS is −11.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
Revenue at Turk Tuborg Bira ve Malt Sanayi AS is growing −2.5% versus a year earlier (3y avg +72.6%). 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 Turk Tuborg Bira ve Malt Sanayi AS (TBORG)?
Earnings per share at Turk Tuborg Bira ve Malt Sanayi AS are growing −37.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Turk Tuborg Bira ve Malt Sanayi AS (TBORG) generate?
The free cash flow of Turk Tuborg Bira ve Malt Sanayi AS is −368M TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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