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Tekfen Holding (TKFEN) Fair Value & Analysis

Basic Materials · TR · Market cap 57.0B TRY

TH Tekfen Holding TKFEN · IS
Price154.50 TRY
Fair Value94.25 TRY
Upside-39.0%
Quality46/100
Mixed Growth
Loss-making · -10.4% net margin
Low debt · generates free cash flow
Trails peers (4/11)
Narrow moat 3/100
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Evidence: Medium Range 62.48 TRY – 125.99 TRY Share as image

Fair value as of: Aug 2, 2026

From 12 valuation models · updated today

Share price +8.9% over the past month.

Below-average quality, and the price sits another 39% above our fair value.

What matters now

  • The price sits above even our optimistic bull case (125.99 TRY). The favourable scenario is already priced in.
  • Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (62.48 TRY to 125.99 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

157.00 TRY 11.90 TRY Fair Value 94.25 TRY Apr 2021 Jul 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range 11.90 TRY – 157.00 TRY · fair‑value band 62.48 TRY – 125.99 TRY · the 154.50 TRY price screens above the 94.25 TRY fair value. Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Tekfen Holding (TKFEN) currently trades at 154.50 TRY, while our model-based Fair Value estimate is 94.25 TRY, implying the stock looks roughly 39.0% overvalued today. We read business quality at 46/100 (below-average quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Tekfen Holding generated revenue of 50.9B TRY at a net margin of -10.4%. Revenue declined 16.9% year over year. It earns a return on equity of -15.5%. Net debt stands at 5.8B TRY. Fundamentals as of Aug 2, 2026

Our scenario range runs from 62.48 TRY (bear case) to 125.99 TRY (bull case); at 154.50 TRY, the current price sits above that range. The share trades about 3% below its 52-week high and 132% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -13% fair-value upside, at -39%, TKFEN screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 98.27 TRY 165.40 TRY 301.09 TRY 80
Rev-Margin DCF 79.15 TRY 134.84 TRY 237.76 TRY 74
Gordon GGM 3.66 TRY 7.61 TRY 12.08 TRY 70
All 12 models by family
DCF Models
FCF DCF 103.20 TRY 150.79 TRY 302.34 TRY 38
5Y Revenue Exit 79.15 TRY 120.39 TRY 206.37 TRY 39
5Y EBITDA Exit 78.79 TRY 119.66 TRY 199.48 TRY 41
10Y Revenue Exit 85.11 TRY 157.79 TRY 203.39 TRY 36
10Y EBITDA Exit 86.88 TRY 157.01 TRY 276.92 TRY 37
Dividend Discount
Gordon GGM 3.66 TRY 7.61 TRY 12.08 TRY 70
DDM Multi-Stage 3.66 TRY 6.42 TRY 7.99 TRY 61
Multiples
EV/EBITDA 67.81 TRY 83.67 TRY 99.54 TRY 54
EV/Revenue 65.08 TRY 84.31 TRY 103.54 TRY 43
Asset-Based
NCAV (Graham) 45.41 TRY 60.85 TRY 90.83 TRY 50
Growth DCF
Growth DCF 98.27 TRY 165.40 TRY 301.09 TRY 80
Rev-Margin DCF 79.15 TRY 134.84 TRY 237.76 TRY 74

Widest divergence: DCF Models (150.79 TRY) versus Dividend Discount (6.42 TRY). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 50.9B TRY
Revenue growth (YoY) -16.9%
Net margin -10.4%
Return on equity -15.5%
Free cash flow 1.8B TRY FY2025
Operating margin -2.7%
More key figures
EPS (TTM) -14.86 TRY
EPS growth (YoY) -66.1%
Net debt 5.8B TRY FY2025

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 37 · Market factors (momentum, volatility) 78

Profitability 11
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 24
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 27
Disciplined investing over empire-building
Low Volatility 57
Calm price path (market factor)
Momentum 83
Price trend over the last 3–12 months (market factor)
52W Momentum 94
Distance to the 52-week high (market factor)
Net Issuance 98
Buybacks instead of dilution

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

Tekfen Holding Anonim Sirketi, together with its subsidiaries, engages in engineering and contracting, agriculture, and investment businesses in Turkey, CIS, the Middle Eastern countries, and internationally.

Full company description

Tekfen Holding Anonim Sirketi, together with its subsidiaries, engages in engineering and contracting, agriculture, and investment businesses in Turkey, CIS, the Middle Eastern countries, and internationally. The company provides turnkey solutions for various facilities, including pipelines, oil and gas terminals, tank farms, oil refineries, offshore oil rigs, pump and compressor stations, power plants, industrial plants, petrochemical plants, highway and metro projects, sports complexes, steel structures, and superstructure and infrastructure projects. It is also involved in the agricultural input production of seeds and saplings, as well as the production of fertilizers. In addition, the company engages in trading, agriculture shipping agent, fruit manufacturing, fertilizer trade, and energy activities. Further, it provides insurance and management services. Tekfen Holding Anonim Sirketi was founded in 1956 and is based in Istanbul, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tekfen Holding reported revenue of 53.9B TRY in FY2025 versus 16.2B TRY in FY2021, a compound +35.0%/yr. Reported net income was −5.7B TRY in FY2025.

Growth Quality 56/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
53.9B TRY
Latest YoY
−29.2%
Avg. growth/yr (3Y)
+20.7%
Avg. growth/yr (5Y)
+35.7%
Avg. growth/yr (19Y)
+19.9%
Revenue +35.0%/yr
FY21 16.2B TRY
FY22 30.7B TRY
FY23 62.3B TRY
FY24 76.2B TRY
FY25 53.9B TRY
Net income
FY21 839M TRY
FY22 3.5B TRY
FY23 −1.6B TRY
FY24 529M TRY
FY25 −5.7B TRY

TKFEN sits 39% above fair value. Compare with Corteva, Inc →

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

Peer Group

Agricultural Inputs · 181 stocks

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.

Quality Score 46 · Above median
Fair Value upside −39% · Below median
Return on assets -2% · Bottom 25%
Net margin (TTM) -10% · Bottom 25%
Operating margin (TTM) -3% · Bottom 25%
Revenue growth -17% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Agricultural Inputs median · lower = cheaper

P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 0.7× · Cheaper than median

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 0 / 21
FUTURE 0 / 35
PAST 0 / 24
HEALTH 98 / 97
DIVIDEND 0 / 33

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 Agricultural Inputs stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
Corteva, Inc CTVA $86.07 $27.81 -68%
Nutrien Ltd NTR C$94.23 C$81.69 -13%
Qinghai Salt Lake Industry Co 000792 ¥24.93 ¥21.26 -15%
CF Industries Holdings CF $119.19 $161.00 +35%
SABIC Agri-Nutrients Company 2020 122.90 SAR 127.31 SAR +4%
Yara International ASA YAR kr 451.30 kr 67.25 -85%
Yunnan Yuntianhua Co 600096 ¥28.98 ¥42.12 +45%
Asia-potash International Investment (Guangzhou)Co.,Ltd., 000893 ¥42.59 ¥38.01 -11%
Coromandel International Limited COROMANDEL ₹2,034 ₹1,129 -44%
UPL Limited UPL ₹594.75 ₹387.06 -35%

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Frequently asked questions

Is Tekfen Holding (TKFEN) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of 94.25 TRY versus a price of 154.50 TRY, about −39% (overvalued).
What is the fair value of TKFEN?
Our model-based fair value for Tekfen Holding is 94.25 TRY (as of Aug 2, 2026), built from audited fundamentals. The current price is 154.50 TRY.
What is the quality score of TKFEN?
Tekfen Holding has a Quality Score of 46/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Tekfen Holding (TKFEN)?
Tekfen Holding reported trailing-twelve-month revenue of about 50.9B TRY (latest available figure, as of Aug 2, 2026).
What is the net profit margin of TKFEN?
The net profit margin of Tekfen Holding is about -10.4%, meaning it is currently running at a net loss. 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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