KOZA ALTIN ISLETMELERI A (TRALT) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of KOZA ALTIN ISLETMELERI A stock TRY 7.93, price TRY 32.42, upside -75.5%, quality 63 out of 100. Rating: strongly overvalued. 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. As of Oct 31, 2026.
How to read this chart
60‑month range 3.90 TRY – 60.50 TRY · fair‑value band 7.32 TRY – 9.74 TRY · the 32.42 TRY price screens above the 7.93 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 31, 2026.
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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.
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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.
Stock analysis
KOZA ALTIN ISLETMELERI A (TRALT) currently trades at 32.42 TRY, while our model-based Fair Value estimate is 7.93 TRY, 75.5% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 16.63 TRY per share, and 1 of the 24 models we run sit above the 32.42 TRY price.
Bear case: the Growth DCF group reads lowest at 4.24 TRY, and 23 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 7.32 TRY (bear) to 9.74 TRY (bull), the price of 32.42 TRY sits above 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 63/100 (solid quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
KOZA ALTIN ISLETMELERI A 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.
Key figures
Market cap 105B TRY (≈ $2.1B) Mid · P/E ratio 20.0 · P/S ratio 4.87 · EPS (TTM) 1.62 TRY · Dividend yield 1.5% · Net margin 22.0% · Return on equity 10.6% · Return on assets (EBIT) 8.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 46% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at −76%, TRALT screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (1.88 TRY to 40.04 TRY). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear7.32 TRYFair Value 7.93 TRYBull9.74 TRY
Price 32.42 TRY · Upside -75.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.9328 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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
+48.1%
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.
+14.8%
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in TRY (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. 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.
+22.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.7%
Dividend (yield on the price)1.5%
Profit margin 2021 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.45% → 22%
2025 sits 496% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+52.2%
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 +27.6% a year for the price.
Compare KOZA ALTIN ISLETMELERI A 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.Gold · 201 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside−75.5% · Bottom 25%
Profitability
Return on equity (12 months)10.6% · Above median
Return on assets8.6% · Above median
Net margin (12 months)22.0% · Below median
Operating margin (12 months)20.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)25.9% · Below median
Dividend yield (12 months)1.5% · Above median
Valuation Multiplesvs Gold median · lower = cheaper
P/E (12 months)20.0× · Priciest 25%
P/B2.44× · Pricier than median
P/S (12 months)4.87× · Pricier than median
Price / free cash flow94.1× · Priciest 25%
EV/EBITDA11.9× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)100· sector 100
PAST (return on equity)42· sector 38
HEALTH (low debt)0· sector 98
DIVIDEND (yield)31· sector 28
VALUE 0: the price sits above our fair-value range.
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). "KOZA ALTIN ISLETMELERI A Fair Value". https://www.fairvalue-calculator.com/stock/TRALT
Frequently asked questions
Is KOZA ALTIN ISLETMELERI A (TRALT) overvalued or undervalued?
As of Oct 31, 2026, our model estimates a fair value of 7.93 TRY versus a price of 32.42 TRY, about −76% upside (overvalued).
What is the fair value of TRALT?
Our model-based fair value for KOZA ALTIN ISLETMELERI A is 7.93 TRY (as of Oct 31, 2026), built from audited fundamentals. The current price: 32.42 TRY.
What is the quality score of TRALT?
KOZA ALTIN ISLETMELERI A has a Quality Score of 63/100. 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 KOZA ALTIN ISLETMELERI A (TRALT)?
Our model-based price target is the fair value of 7.93 TRY (as of Oct 31, 2026) from 24 valuation models. Cautious scenario 7.32 TRY, optimistic scenario 9.74 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the KOZA ALTIN ISLETMELERI A stock forecast for 2026?
Our models put fair value at 7.93 TRY, about −76% upside versus a price of 32.42 TRY (overvalued). Cautious scenario 7.32 TRY, optimistic scenario 9.74 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of KOZA ALTIN ISLETMELERI A (TRALT)?
KOZA ALTIN ISLETMELERI A reported trailing-twelve-month revenue of about 21.5B TRY (latest available figure, as of Oct 31, 2026).
Does KOZA ALTIN ISLETMELERI A pay a dividend?
KOZA ALTIN ISLETMELERI A currently shows a dividend yield of 1.54% relative to its recent price (as of Oct 31, 2026).
What growth is priced into KOZA ALTIN ISLETMELERI A (TRALT)?
For today's price to be fair in a discounted-cash-flow model, KOZA ALTIN ISLETMELERI A would have to grow free cash flow by +52.2 % per year for five years (discount rate 14.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +43.4 % per year. As of Oct 31, 2026.
What discount rate (WACC) does the fair value of TRALT use?
Our models discount KOZA ALTIN ISLETMELERI A at 14.3 %: a base by market capitalisation (mid), damped by beta 1.04, 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 KOZA ALTIN ISLETMELERI A that is +52.2 % per year a year over ten years, using the same discount rate (14.3 %) and the same formula as our fair value.
How much growth has KOZA ALTIN ISLETMELERI A (TRALT) delivered so far?
Over the past 4 years revenue at KOZA ALTIN ISLETMELERI A grew +43.4 % a year. The price currently implies +52.2 % 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 KOZA ALTIN ISLETMELERI A (TRALT) growing?
The median revenue growth in the sector is +11.2 % a year. That is the yardstick for the growth priced into KOZA ALTIN ISLETMELERI A (+52.2 % 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 KOZA ALTIN ISLETMELERI A (TRALT)?
The free-cash-flow yield on the price is 1.07 %: that much free cash flow KOZA ALTIN ISLETMELERI A produces per unit of market value. When it exceeds the discount rate of our models (14.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of KOZA ALTIN ISLETMELERI A (TRALT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KOZA ALTIN ISLETMELERI A it is 7.93 TRY per share (as of Oct 31, 2026), against a price of 32.42 TRY. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is KOZA ALTIN ISLETMELERI A stock overvalued or undervalued in 2026?
As of Oct 31, 2026, TRALT trades above its calculated fair value: price 32.42 TRY, fair value 7.93 TRY, a gap of about −76% (overvalued). 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 TRALT?
No. The price is what the market pays today (32.42 TRY); the fair value is what the company's own numbers justify (7.93 TRY). For KOZA ALTIN ISLETMELERI A the two are 24.49 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is KOZA ALTIN ISLETMELERI A worth?
The market values KOZA ALTIN ISLETMELERI A at about 105B TRY (market capitalisation, as of Oct 31, 2026). Per share that is 32.42 TRY; our models calculate a fair value of 7.93 TRY per share.
What do the bullish and bearish scenarios say about TRALT?
Our models span a range for KOZA ALTIN ISLETMELERI A: cautious scenario 7.32 TRY, base 7.93 TRY, optimistic 9.74 TRY per share (as of Oct 31, 2026, price 32.42 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TRALT?
KOZA ALTIN ISLETMELERI A trades at a price-to-earnings ratio of 20.0 (as of Oct 31, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 7.93 TRY is built from several models across several years. Other multiples: P/B 2.4, P/S 4.9, EV/EBITDA 11.9.
How solid is the balance sheet of KOZA ALTIN ISLETMELERI A (TRALT)?
Balance-sheet figures for KOZA ALTIN ISLETMELERI A (as of Oct 31, 2026): return on equity 10.6%. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is TRALT from its 52-week high?
KOZA ALTIN ISLETMELERI A trades at 32.42 TRY, about 46% below its 52-week high of 60.50 TRY and 22% above the low of 26.55 TRY (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of 7.93 TRY is for.
Which stocks are comparable to KOZA ALTIN ISLETMELERI A?
From the same area (Basic Materials) we also value Newmont Corporation, Zijin Mining Group, Agnico Eagle Mines Limited, Wheaton Precious Metals Corp, 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 KOZA ALTIN ISLETMELERI A stock attractive at the current price?
The data as of Oct 31, 2026: price 32.42 TRY, calculated fair value 7.93 TRY (−76%), Quality Score 63/100, from 24 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 TRALT calculated?
We run KOZA ALTIN ISLETMELERI A through 24 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 7.93 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 13.4 % above its aggregate fair value. KOZA ALTIN ISLETMELERI A itself currently trades above fair value. 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 KOZA ALTIN ISLETMELERI A (TRALT)?
The closing price on Oct 30, 2026 was 32.42 TRY. Our model-based fair value is 7.93 TRY, about −76% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KOZA ALTIN ISLETMELERI A right now?
The price sits above even our optimistic bull case (9.74 TRY). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of KOZA ALTIN ISLETMELERI A
How large is the market capitalisation of KOZA ALTIN ISLETMELERI A (TRALT)?
The market capitalisation of KOZA ALTIN ISLETMELERI A is 105B TRY (≈ $2.1B). 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 KOZA ALTIN ISLETMELERI A (TRALT)?
The price-to-sales ratio of KOZA ALTIN ISLETMELERI A is 4.87 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of KOZA ALTIN ISLETMELERI A (TRALT)?
Earnings per share at KOZA ALTIN ISLETMELERI A are 1.62 TRY (price ÷ EPS = P/E 20.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of KOZA ALTIN ISLETMELERI A (TRALT)?
The dividend yield of KOZA ALTIN ISLETMELERI A is 1.5% (payout 30.9%). 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 KOZA ALTIN ISLETMELERI A (TRALT)?
The net margin of KOZA ALTIN ISLETMELERI A is 22.0% (last twelve months). 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 KOZA ALTIN ISLETMELERI A (TRALT)?
The return on equity (ROE) of KOZA ALTIN ISLETMELERI A is 10.6% (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 KOZA ALTIN ISLETMELERI A (TRALT)?
On an EBIT basis the return on assets of KOZA ALTIN ISLETMELERI A is 8.6% (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 KOZA ALTIN ISLETMELERI A (TRALT)?
The operating margin of KOZA ALTIN ISLETMELERI A is 20.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KOZA ALTIN ISLETMELERI A (TRALT)?
Revenue at KOZA ALTIN ISLETMELERI A is growing +25.9% versus a year earlier (3y avg +14.8%). 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 KOZA ALTIN ISLETMELERI A (TRALT)?
Earnings per share at KOZA ALTIN ISLETMELERI A are growing −26.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does KOZA ALTIN ISLETMELERI A (TRALT) carry?
The net debt of KOZA ALTIN ISLETMELERI A is 178M TRY (fiscal year 2023, ≈ 0.2 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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Thin data
Oct 31, 2026