Tera Yatirim Menkul Degerler A.S. (TERA) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Tera Yatirim Menkul Degerler A.S. TRY 203, price TRY 107, upside +88.9%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 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 24, 2026.
How to read this chart
45‑month range 0.8250 TRY – 396.00 TRY · fair‑value band 135.02 TRY – 366.41 TRY · the 107.30 TRY price screens below the 202.64 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Tera Yatirim Menkul Degerler A.S. engages in investment banking and brokerage activities in Turkey.
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Tera Yatirim Menkul Degerler A.S. engages in investment banking and brokerage activities in Turkey. The company offers institutional sales and trading services for mutual funds, hedge funds, and alpha capture funds investors; private sales and trading services, as well as personalized financial advisory services, stocks, bonds, and funds; and investment banking services, such as initial public offering underwriting, debt instrument issuance facilitation, capital increase support, company valuation, financing options, and merger and acquisition consultancy. It is also involved in facilitating share purchase offers, exit rights, and rights to withdraw from partnership/sell; and managing the process of wholesale market transactions and the process of sales to corporate and qualified investors. The company was incorporated in 1990 and is headquartered in Istanbul, Turkey.
Stock analysis
Tera Yatirim Menkul Degerler A.S. (TERA) currently trades at 107.30 TRY, while our model-based Fair Value estimate is 202.64 TRY, implying the stock looks roughly 47.0% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 1,867 TRY per share, and 9 of the 11 models we run sit above the 107.30 TRY price.
Bear case: the Asset-Based group reads lowest at 29.01 TRY, and 2 of the 11 models stay below the price. Evidence for this calculation is medium.
Scenario range: 135.02 TRY (bear) to 366.41 TRY (bull), the price of 107.30 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 52/100 (solid quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Tera Yatirim Menkul Degerler A.S. reported revenue of 414B TRY in FY2025 versus 1.4B TRY in FY2021, a compound +311.5%/yr. Reported net income was 37.3B TRY in FY2025, compounding +481.2%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 126B TRY (≈ $2.6B) · P/E ratio 11.9 · P/S ratio 1.08 · EPS (TTM) 9.00 TRY · Net margin 9.0% · Return on equity 131% · Return on assets (EBIT) 11.8% · Operating margin −0.6%.
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 73% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −17% fair-value upside, at 89%, TERA screens cheaper than that median.
Fair Value models
Bear 135.02 TRYFair Value 202.64 TRYBull 366.41 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 9 months old). Earnings retained since then (6.61 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4,967.9%
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.
+442.6%
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.
+271.9%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
1.4% (2020) → 9.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: rate outside our plausibility band
not computed
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).
+3.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about −13.5% a year for the price.
Compare Tera Yatirim Menkul Degerler A.S. 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.Capital Markets · 460 stocks
Beats the industry median on 6/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+89% · Top 25%
Profitability
Return on equity (TTM)131% · Top 25%
Return on assets43% · Top 25%
Net margin (TTM)11% · Below median
Operating margin (TTM)−1% · Bottom 25%
Growth and dividend
Revenue growth108% · Top 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Is Tera Yatirim Menkul Degerler A.S. (TERA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 202.64 TRY versus a price of 107.30 TRY, about +89% upside (undervalued).
What is the fair value of TERA?
Our model-based fair value for Tera Yatirim Menkul Degerler A.S. is 202.64 TRY (as of Sep 24, 2026), built from audited fundamentals. The current price: 107.30 TRY.
What is the quality score of TERA?
Tera Yatirim Menkul Degerler A.S. has a Quality Score of 52/100. 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 Tera Yatirim Menkul Degerler A.S. (TERA)?
Our model-based price target is the fair value of 202.64 TRY (as of Sep 24, 2026) from 11 valuation models. Cautious scenario 135.02 TRY, optimistic scenario 366.41 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Tera Yatirim Menkul Degerler A.S. stock forecast for 2026?
Our models put fair value at 202.64 TRY, about +89% upside versus a price of 107.30 TRY (undervalued). Cautious scenario 135.02 TRY, optimistic scenario 366.41 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Tera Yatirim Menkul Degerler A.S. (TERA)?
Tera Yatirim Menkul Degerler A.S. reported trailing-twelve-month revenue of about 420B TRY (latest available figure, as of Sep 24, 2026).
What growth is priced into Tera Yatirim Menkul Degerler A.S. (TERA)?
For today's price to be fair in a discounted-cash-flow model, Tera Yatirim Menkul Degerler A.S. would have to grow free cash flow by +3.3 % per year for five years (discount rate 14.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +271.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TERA use?
Our models discount Tera Yatirim Menkul Degerler A.S. at 14.2 %: a base by market capitalisation (mid), 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 Tera Yatirim Menkul Degerler A.S. that is +3.3 % per year a year over ten years, using the same discount rate (14.2 %) and the same formula as our fair value.
How much growth has Tera Yatirim Menkul Degerler A.S. (TERA) delivered so far?
Over the past 5 years revenue at Tera Yatirim Menkul Degerler A.S. grew +271.9 % a year. The price currently implies +3.3 % 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 Tera Yatirim Menkul Degerler A.S. (TERA) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Tera Yatirim Menkul Degerler A.S. (+3.3 % 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 Tera Yatirim Menkul Degerler A.S. (TERA)?
The free-cash-flow yield on the price is 12.05 %: that much free cash flow Tera Yatirim Menkul Degerler A.S. produces per unit of market value. When it exceeds the discount rate of our models (14.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tera Yatirim Menkul Degerler A.S. (TERA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tera Yatirim Menkul Degerler A.S. it is 202.64 TRY per share (as of Sep 24, 2026), against a price of 107.30 TRY. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Tera Yatirim Menkul Degerler A.S. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TERA trades below its calculated fair value: price 107.30 TRY, fair value 202.64 TRY, a gap of about +89% (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 TERA?
No. The price is what the market pays today (107.30 TRY); the fair value is what the company's own numbers justify (202.64 TRY). For Tera Yatirim Menkul Degerler A.S. the two are 95.34 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Tera Yatirim Menkul Degerler A.S. worth?
The market values Tera Yatirim Menkul Degerler A.S. at about 126B TRY (market capitalisation, as of Sep 24, 2026). Per share that is 107.30 TRY; our models calculate a fair value of 202.64 TRY per share.
What do the bullish and bearish scenarios say about TERA?
Our models span a range for Tera Yatirim Menkul Degerler A.S.: cautious scenario 135.02 TRY, base 202.64 TRY, optimistic 366.41 TRY per share (as of Sep 24, 2026, price 107.30 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TERA?
Tera Yatirim Menkul Degerler A.S. trades at a price-to-earnings ratio of 11.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 202.64 TRY is built from several models across several years.
How solid is the balance sheet of Tera Yatirim Menkul Degerler A.S. (TERA)?
Balance-sheet figures for Tera Yatirim Menkul Degerler A.S. (as of Sep 24, 2026): return on equity 130.6%. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is TERA from its 52-week high?
Tera Yatirim Menkul Degerler A.S. trades at 107.30 TRY, about 73% below its 52-week high of 396.00 TRY and at the low of 107.30 TRY (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 202.64 TRY is for.
Which stocks are comparable to Tera Yatirim Menkul Degerler A.S.?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Tera Yatirim Menkul Degerler A.S. stock attractive at the current price?
The data as of Sep 24, 2026: price 107.30 TRY, calculated fair value 202.64 TRY (+89%), Quality Score 52/100, from 11 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 TERA calculated?
We run Tera Yatirim Menkul Degerler A.S. through 11 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 202.64 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 13.0 % above its aggregate fair value. Tera Yatirim Menkul Degerler A.S. currently trades 89 % 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 Tera Yatirim Menkul Degerler A.S. (TERA)?
The closing price on Sep 24, 2026 was 107.30 TRY. Our model-based fair value is 202.64 TRY, about +89% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tera Yatirim Menkul Degerler A.S. right now?
The price is below even our cautious bear case (135.02 TRY). The market is more pessimistic than our downside scenario. The model range is unusually wide (135.02 TRY to 366.41 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Tera Yatirim Menkul Degerler A.S.
How large is the market capitalisation of Tera Yatirim Menkul Degerler A.S. (TERA)?
The market capitalisation of Tera Yatirim Menkul Degerler A.S. is 126B TRY (≈ $2.6B). 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 Tera Yatirim Menkul Degerler A.S. (TERA)?
The price-to-sales ratio of Tera Yatirim Menkul Degerler A.S. is 1.08 (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 Tera Yatirim Menkul Degerler A.S. (TERA)?
Earnings per share at Tera Yatirim Menkul Degerler A.S. are 9.00 TRY (price ÷ EPS = P/E 11.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Tera Yatirim Menkul Degerler A.S. (TERA)?
The net margin of Tera Yatirim Menkul Degerler A.S. is 9.0% (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 Tera Yatirim Menkul Degerler A.S. (TERA)?
The return on equity (ROE) of Tera Yatirim Menkul Degerler A.S. is 131% (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 Tera Yatirim Menkul Degerler A.S. (TERA)?
On an EBIT basis the return on assets of Tera Yatirim Menkul Degerler A.S. is 11.8% (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 Tera Yatirim Menkul Degerler A.S. (TERA)?
The operating margin of Tera Yatirim Menkul Degerler A.S. is −0.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tera Yatirim Menkul Degerler A.S. (TERA)?
Revenue at Tera Yatirim Menkul Degerler A.S. is growing +108% versus a year earlier (3y avg +443%). 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 Tera Yatirim Menkul Degerler A.S. (TERA)?
Earnings per share at Tera Yatirim Menkul Degerler A.S. are growing +74.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Tera Yatirim Menkul Degerler A.S. (TERA) carry?
The net debt of Tera Yatirim Menkul Degerler A.S. is 5.7B TRY (fiscal year 2025, ≈ 0.6 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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