Trabzon Liman Isletmeciligi A.S. (TLMAN) fair value: what the stock is really worth
We calculate from audited financials what Trabzon Liman Isletmeciligi A.S. 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 23.59 TRY – 147.30 TRY · fair‑value band 44.68 TRY – 108.66 TRY · the 72.00 TRY price screens below the 86.92 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.
Trabzon Liman Isletmeciligi Anonim Sirketi operates the port of Trabzon. It engages in the loading, unloading, transfer, and handling operations; supplying water to ships; loading, unloading, and transferring fuel; pilotage services to ships, water, and fuel; transportation services; and porterage work and establishing facilities.
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Trabzon Liman Isletmeciligi Anonim Sirketi operates the port of Trabzon. It engages in the loading, unloading, transfer, and handling operations; supplying water to ships; loading, unloading, and transferring fuel; pilotage services to ships, water, and fuel; transportation services; and porterage work and establishing facilities. The company was incorporated in 2003 and is based in Trabzon, Turkey.
Stock analysis
Trabzon Liman Isletmeciligi A.S. (TLMAN) currently trades at 72.00 TRY, while our model-based Fair Value estimate is 86.92 TRY, implying the stock looks roughly 17.2% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 255.54 TRY per share, and 12 of the 23 models we run sit above the 72.00 TRY price.
Bear case: the Growth DCF group reads lowest at 25.97 TRY, and 11 of the 23 models stay below the price. Evidence for this calculation is medium.
Scenario range: 44.68 TRY (bear) to 108.66 TRY (bull), the price of 72.00 TRY sits inside 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 40/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Trabzon Liman Isletmeciligi A.S. reported revenue of 592M TRY in FY2024 versus 81.5M TRY in FY2020, a compound +64.1%/yr. Reported net income was 117M TRY in FY2024, compounding +18.9%/yr from FY2020.
Key figures
Market cap 1.6B TRY (≈ $33.9M) · P/E ratio 26.8 · P/S ratio 5.30 · EPS (TTM) 2.69 TRY · Dividend yield 3.9% · Net margin 19.8% · Return on equity −2.7% · Return on assets (EBIT) 18.7%.
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 40% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 43% fair-value upside, at 21%, TLMAN screens richer than that median.
Fair Value models
Bear 44.68 TRYFair Value 86.92 TRYBull 108.66 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 2024 figures (about 12 months old). Earnings retained since then (2.69 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.50/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−7.3%
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.
+85.1%
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.
+58.0%
’19
’20
’21
’22
’23
’24
What shareholders gained per year (last 5 years), in TRY ⓘ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. 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.
+20.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.2%
Dividend (yield on the price)3.9%
Profit margin 2019 to 2024 ⓘ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.42% → 19%
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).
+38.1%
Yearly growth needed for the next five years to justify today's price.
Compare Trabzon Liman Isletmeciligi 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.Marine Shipping · 230 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside+12% · Above median
Profitability
Return on assets1% · Below median
Net margin (TTM)−6% · Bottom 25%
Operating margin (TTM)−29% · Bottom 25%
Growth and dividend
Revenue growth−32% · Bottom 25%
Dividend yield (TTM)3.9% · Above median
Balance sheet
Debt / equity0.09× · Below median
Valuation Multiplesvs Marine Shipping median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Trabzon Liman Isletmeciligi A.S. Fair Value". https://www.fairvalue-calculator.com/stock/TLMAN
Frequently asked questions
Is Trabzon Liman Isletmeciligi A.S. (TLMAN) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 86.92 TRY versus a price of 72.00 TRY, about +21% upside (undervalued).
What is the fair value of TLMAN?
Our model-based fair value for Trabzon Liman Isletmeciligi A.S. is 86.92 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 72.00 TRY.
What is the quality score of TLMAN?
Trabzon Liman Isletmeciligi A.S. has a Quality Score of 40/100. 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 Trabzon Liman Isletmeciligi A.S. (TLMAN)?
Our model-based price target is the fair value of 86.92 TRY (as of Sep 13, 2026) from 23 valuation models. Cautious scenario 44.68 TRY, optimistic scenario 108.66 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Trabzon Liman Isletmeciligi A.S. stock forecast for 2026?
Our models put fair value at 86.92 TRY, about +21% upside versus a price of 72.00 TRY (undervalued). Cautious scenario 44.68 TRY, optimistic scenario 108.66 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Trabzon Liman Isletmeciligi A.S. (TLMAN)?
Trabzon Liman Isletmeciligi A.S. reported trailing-twelve-month revenue of about 739M TRY (latest available figure, as of Sep 13, 2026).
Does Trabzon Liman Isletmeciligi A.S. pay a dividend?
Trabzon Liman Isletmeciligi A.S. currently shows a dividend yield of about 3.90% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Trabzon Liman Isletmeciligi A.S. (TLMAN)?
For today's price to be fair in a discounted-cash-flow model, Trabzon Liman Isletmeciligi A.S. would have to grow free cash flow by +38.1 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +58.0 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of TLMAN use?
Our models discount Trabzon Liman Isletmeciligi A.S. at 12.7 %: a base by market capitalisation (nano), damped by beta 0.40, 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 Trabzon Liman Isletmeciligi A.S. that is +38.1 % per year a year over ten years, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has Trabzon Liman Isletmeciligi A.S. (TLMAN) delivered so far?
Over the past 5 years revenue at Trabzon Liman Isletmeciligi A.S. grew +58.0 % a year. The price currently implies +38.1 % 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 Trabzon Liman Isletmeciligi A.S. (TLMAN) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Trabzon Liman Isletmeciligi A.S. (+38.1 % 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 Trabzon Liman Isletmeciligi A.S. (TLMAN)?
The free-cash-flow yield on the price is 1.87 %: that much free cash flow Trabzon Liman Isletmeciligi A.S. produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Trabzon Liman Isletmeciligi A.S. (TLMAN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Trabzon Liman Isletmeciligi A.S. it is 86.92 TRY per share (as of Sep 13, 2026), against a price of 72.00 TRY. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Trabzon Liman Isletmeciligi A.S. stock overvalued or undervalued in 2026?
As of Sep 13, 2026, TLMAN trades below its calculated fair value: price 72.00 TRY, fair value 86.92 TRY, a gap of about +21% (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 TLMAN?
No. The price is what the market pays today (72.00 TRY); the fair value is what the company's own numbers justify (86.92 TRY). For Trabzon Liman Isletmeciligi A.S. the two are 14.92 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Trabzon Liman Isletmeciligi A.S. worth?
The market values Trabzon Liman Isletmeciligi A.S. at about 1.6B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 72.00 TRY; our models calculate a fair value of 86.92 TRY per share.
What do the bullish and bearish scenarios say about TLMAN?
Our models span a range for Trabzon Liman Isletmeciligi A.S.: cautious scenario 44.68 TRY, base 86.92 TRY, optimistic 108.66 TRY per share (as of Sep 13, 2026, price 72.00 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TLMAN?
Trabzon Liman Isletmeciligi A.S. trades at a price-to-earnings ratio of 26.8 (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 86.92 TRY is built from several models across several years. Other multiples: P/S 0.0, EV/EBITDA 0.7.
How solid is the balance sheet of Trabzon Liman Isletmeciligi A.S. (TLMAN)?
Balance-sheet figures for Trabzon Liman Isletmeciligi A.S. (as of Sep 13, 2026): return on equity −2.7%, debt of 0.09 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is TLMAN from its 52-week high?
Trabzon Liman Isletmeciligi A.S. trades at 72.00 TRY, about 40% below its 52-week high of 119.30 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 86.92 TRY is for.
Which stocks are comparable to Trabzon Liman Isletmeciligi A.S.?
From the same area (Industrials) we also value Adani Ports and Special Economic Zone Limited, A.P. Møller - Mærsk A/S, 532921, COSCO SHIPPING Holdings, 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 Trabzon Liman Isletmeciligi A.S. stock attractive at the current price?
The data as of Sep 13, 2026: price 72.00 TRY, calculated fair value 86.92 TRY (+21%), Quality Score 40/100, 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 TLMAN calculated?
We run Trabzon Liman Isletmeciligi A.S. 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 86.92 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. Trabzon Liman Isletmeciligi A.S. currently trades 21 % 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 Trabzon Liman Isletmeciligi A.S. (TLMAN)?
The closing price on Sep 16, 2026 was 72.00 TRY. Our model-based fair value is 86.92 TRY, about +21% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Trabzon Liman Isletmeciligi A.S. right now?
A fairly wide model range (44.68 TRY to 108.66 TRY) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Trabzon Liman Isletmeciligi A.S.
How large is the market capitalisation of Trabzon Liman Isletmeciligi A.S. (TLMAN)?
The market capitalisation of Trabzon Liman Isletmeciligi A.S. is 1.6B TRY (≈ $33.9M). 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 Trabzon Liman Isletmeciligi A.S. (TLMAN)?
The price-to-sales ratio of Trabzon Liman Isletmeciligi A.S. is 5.30 (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 Trabzon Liman Isletmeciligi A.S. (TLMAN)?
Earnings per share at Trabzon Liman Isletmeciligi A.S. are 2.69 TRY (price ÷ EPS = P/E 26.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Trabzon Liman Isletmeciligi A.S. (TLMAN)?
The dividend yield of Trabzon Liman Isletmeciligi A.S. is 3.9% (payout 104%). 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 Trabzon Liman Isletmeciligi A.S. (TLMAN)?
The net margin of Trabzon Liman Isletmeciligi A.S. is 19.8% (fiscal year 2024). 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 Trabzon Liman Isletmeciligi A.S. (TLMAN)?
The return on equity (ROE) of Trabzon Liman Isletmeciligi A.S. is −2.7% (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 Trabzon Liman Isletmeciligi A.S. (TLMAN)?
On an EBIT basis the return on assets of Trabzon Liman Isletmeciligi A.S. is 18.7% (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 Trabzon Liman Isletmeciligi A.S. (TLMAN)?
The operating margin of Trabzon Liman Isletmeciligi A.S. is −29.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Trabzon Liman Isletmeciligi A.S. (TLMAN)?
Revenue at Trabzon Liman Isletmeciligi A.S. is growing −31.8% versus a year earlier (3y avg +85.1%). 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 Trabzon Liman Isletmeciligi A.S. (TLMAN)?
Earnings per share at Trabzon Liman Isletmeciligi A.S. are growing −83.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Trabzon Liman Isletmeciligi A.S. (TLMAN) carry?
The net debt of Trabzon Liman Isletmeciligi A.S. is 112M TRY (fiscal year 2024, ≈ 3.8 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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