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Turk Altin Isletmeleri A.S. (TRALT) Fair Value & Analysis

Basic Materials · TR · Market cap 141B TRY

TA Turk Altin Isletmeleri A.S. TRALT · IS
Price44.16 TRY
Fair Value20.80 TRY
Upside-52.9%
Quality62/100
Expensive Growth
Highly profitable · 24.9% net margin
generates free cash flow
Mixed vs. peers (7/12)
Wide moat 79/100
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Evidence: High Range 10.14 TRY – 26.01 TRY Share as image

Fair value as of: Aug 2, 2026

From 26 valuation models · updated today

Share price −7.8% over the past month.

A solid business, but the price sits 53% above our fair value.

What matters now

  • The price sits above even our optimistic bull case (26.01 TRY). The favourable scenario is already priced in.
  • Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (10.14 TRY to 26.01 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

61.20 TRY 3.94 TRY Fair Value 20.80 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 3.94 TRY – 61.20 TRY · fair‑value band 10.14 TRY – 26.01 TRY · the 44.16 TRY price screens above the 20.80 TRY fair value. Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Turk Altin Isletmeleri A.S. (TRALT) currently trades at 44.16 TRY, while our model-based Fair Value estimate is 20.80 TRY, implying the stock looks roughly 52.9% overvalued today. We read business quality at 62/100 (solid 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: high).

Over the trailing twelve months, Turk Altin Isletmeleri A.S. generated revenue of 20.3B TRY at a net margin of 24.9%. Revenue grew 60.8% year over year. It earns a return on equity of 12.4%. Net debt stands at 178M TRY. Fundamentals as of Aug 2, 2026

Our scenario range runs from 10.14 TRY (bear case) to 26.01 TRY (bull case); at 44.16 TRY, the current price sits above that range. The share trades about 31% below its 52-week high and 104% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 16% fair-value upside, at -53%, TRALT 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
Residual Income 11.67 TRY 12.86 TRY 18.39 TRY 76
Growth DCF 7.01 TRY 11.73 TRY 21.27 TRY 72
Gordon GGM 6.56 TRY 13.64 TRY 21.63 TRY 70
All 25 models by family
DCF Models
FCF DCF 7.36 TRY 10.70 TRY 21.36 TRY 38
5Y Revenue Exit 10.48 TRY 18.54 TRY 35.27 TRY 39
5Y EBITDA Exit 13.81 TRY 25.38 TRY 47.79 TRY 41
5Y P/E Exit 17.41 TRY 39.80 TRY 70.49 TRY 38
10Y Revenue Exit 9.27 TRY 21.07 TRY 30.72 TRY 36
10Y EBITDA Exit 12.09 TRY 28.04 TRY 58.57 TRY 37
10Y P/E Exit 14.69 TRY 35.57 TRY 73.25 TRY 35
Earnings-Based
Graham-Dodd 8.71 TRY 60.78 TRY 85.29 TRY 54
Lynch FV 21.47 TRY 30.67 TRY 39.87 TRY 50
PEG = 1.0 21.47 TRY 30.67 TRY 39.87 TRY 46
EPV 10.24 TRY 11.69 TRY 12.96 TRY 59
Dividend Discount
Gordon GGM 6.56 TRY 13.64 TRY 21.63 TRY 70
DDM Multi-Stage 6.56 TRY 11.50 TRY 14.31 TRY 61
Multiples
P/E Multiple 19.22 TRY 25.63 TRY 32.04 TRY 63
P/S Multiple 9.92 TRY 13.22 TRY 16.53 TRY 58
P/B Multiple 16.34 TRY 21.79 TRY 27.23 TRY 55
EV/EBIT 17.16 TRY 22.37 TRY 27.59 TRY 53
EV/EBITDA 15.91 TRY 20.71 TRY 25.50 TRY 54
EV/Revenue 10.77 TRY 14.74 TRY 18.71 TRY 43
Asset-Based
NCAV (Graham) 6.68 TRY 8.95 TRY 13.36 TRY 50
Growth DCF
Growth DCF 7.01 TRY 11.73 TRY 21.27 TRY 72
Rev-Margin DCF 10.48 TRY 20.97 TRY 38.82 TRY 67
Economic Profit
Residual Income 11.67 TRY 12.86 TRY 18.39 TRY 76
ROIC Compounder 10.24 TRY 11.69 TRY 12.96 TRY 67
Growth Earnings
Growth-Adj P/E 27.36 TRY 39.08 TRY 50.81 TRY 68

Widest divergence: Growth Earnings (39.08 TRY) versus Asset-Based (8.95 TRY). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 20.3B TRY
Revenue growth (YoY) +60.8%
Net margin 24.9%
Return on equity 12.4%
Free cash flow 1.1B TRY FY2025
P/E ratio 27.8
More key figures
Operating margin 43.0%
EPS (TTM) 1.59 TRY
EPS growth (YoY) +143%
Net debt 178M TRY FY2023

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

Quality Score breakdown

Overall quality 62/100

Of which business quality 63 · Market factors (momentum, volatility) 53

Profitability 49
Margins and returns on capital today
Quality Growth 88
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 32
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 77
Distance to the 52-week high (market factor)
Net Issuance 82
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

Turk Altin Isletmeleri A.S. engages in the gold mining operations in Turkey. It owns and operates seven mines in the regions of Ovacik-Bergama-Izmir, Çukuralan-Izmir, Kaymaz-Eskisehir, Mastra-Gümüshane, and Himmetdede-Kayseri. The company was formerly known as Koza Altin Isletmeleri A.S. and changed its name to Turk Altin Isletmeleri A.S. in November 2025.

Full company description

Turk Altin Isletmeleri A.S. engages in the gold mining operations in Turkey. It owns and operates seven mines in the regions of Ovacik-Bergama-Izmir, Çukuralan-Izmir, Kaymaz-Eskisehir, Mastra-Gümüshane, and Himmetdede-Kayseri. The company was formerly known as Koza Altin Isletmeleri A.S. and changed its name to Turk Altin Isletmeleri A.S. in November 2025. Turk Altin Isletmeleri A.S. was incorporated in 1989 and is headquartered in Ankara, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Turk Altin Isletmeleri A.S. reported revenue of 16.9B TRY in FY2025 versus 4.0B TRY in FY2021, a compound +43.4%/yr. Reported net income was 4.1B TRY in FY2025, compounding +8.1%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
16.9B TRY
Latest YoY
+48.1%
Avg. growth/yr (3Y)
+14.8%
Revenue +43.4%/yr
FY21 4.0B TRY
FY22 11.2B TRY
FY23 11.7B TRY
FY24 11.4B TRY
FY25 16.9B TRY
Net income +8.1%/yr
FY21 3.0B TRY
FY22 −3.3B TRY
FY23 586M TRY
FY24 791M TRY
FY25 4.1B TRY

TRALT sits 53% above fair value. Compare with Newmont Corporation →

Run the numbers yourself: free valuation calculators
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Turk Altin Isletmeleri A.S. · Fair Value
20.80 TRY −53%Fair Value
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Cite: Fair Value Calculator (2026). "Turk Altin Isletmeleri A.S. Fair Value". https://www.fairvalue-calculator.com/stock/TRALT

Peer Group

Gold · 282 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 62 · Top 25%
Fair Value upside −53% · Below median
Return on equity (TTM) 12% · Above median
Return on assets 9% · Above median
Net margin (TTM) 25% · Top 25%
Operating margin (TTM) 43% · Above median
Revenue growth 61% · Above median

Valuation Multiples vs Gold median · lower = cheaper

P/E (TTM) 27.8× · Pricier than 75% of peers
P/B 3.31× · Pricier than median
P/S (TTM) 6.97× · Pricier than median
P/FCF 2.7× · Cheaper than 75% of peers
EV/EBITDA 17.0× · Pricier than 75% of peers

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 / 0
FUTURE 100 / 100
PAST 49 / 0
HEALTH 0 / 98
DIVIDEND 0 / 25

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

Stock Price Fair Value vs Fair Value
Newmont Corporation NEMCL $112.00 $132.73 +19%
Zijin Mining Group 601899 ¥28.36 ¥30.58 +8%
Agnico Eagle Mines Limited AEM $136.97 $151.68 +11%
Barrick Mining Corporation B $34.93 $50.66 +45%
Wheaton Precious Metals Corp WPM C$152.57 C$52.47 -66%
Franco-Nevada Corporation FNV C$284.75 C$97.76 -66%
AngloGold Ashanti plc AU $76.35 $88.63 +16%
Gold Fields Limited GFI $33.33 $59.06 +77%
Zijin Gold International Company 2259 HK$94.30 HK$83.81 -11%
Kinross Gold Corporation KGC $22.57 $34.62 +53%

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Frequently asked questions

Is Turk Altin Isletmeleri A.S. (TRALT) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of 20.80 TRY versus a price of 44.16 TRY, about −53% (overvalued).
What is the fair value of TRALT?
Our model-based fair value for Turk Altin Isletmeleri A.S. is 20.80 TRY (as of Aug 2, 2026), built from audited fundamentals. The current price is 44.16 TRY.
What is the quality score of TRALT?
Turk Altin Isletmeleri A.S. has a Quality Score of 62/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Turk Altin Isletmeleri A.S. (TRALT)?
Turk Altin Isletmeleri A.S. reported trailing-twelve-month revenue of about 20.3B TRY (latest available figure, as of Aug 2, 2026).
What is the net profit margin of TRALT?
The net profit margin of Turk Altin Isletmeleri A.S. is about 24.9%, meaning it keeps roughly 24.9% of revenue as net income. 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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