Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. stock TRY 19.48, price TRY 68.25, upside -71.5%, quality 56 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 11.07 TRY – 122.00 TRY · fair‑value band 18.08 TRY – 21.63 TRY · the 68.25 TRY price screens above the 19.48 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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Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S., together with its subsidiaries, engages in the research, development, and production of oil, natural gas, and energy and energy resources in Turkey.
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It is involved in construction; air transportation; tourism and hotel management; and food and livestock businesses.
Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. was formerly known as Ipek Matbaacilik Sanayi ve Ticaret Anonim Sirketi and changed its name to Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. in June 2011. The company was incorporated in 1968 and is based in Ankara, Turkey.
Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. operates as a subsidiary of Koza Holding A.S.
Stock analysis
Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ) currently trades at 68.25 TRY, while our model-based Fair Value estimate is 19.48 TRY, 71.5% 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 29.32 TRY per share, and 1 of the 21 models we run sit above the 68.25 TRY price.
Bear case: the Growth DCF group reads lowest at 10.55 TRY, and 20 of the 21 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 18.08 TRY (bear) to 21.63 TRY (bull), the price of 68.25 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 56/100 (solid quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. reported revenue of 17.7B TRY in FY2025 versus 4.2B TRY in FY2021, a compound +43.7%/yr. Reported net income was 706M TRY in FY2025, compounding +1.7%/yr from FY2021.
Key figures
Market cap 17.4B TRY (≈ $349M) Small · P/E ratio 10.5 · P/S ratio 0.81 · EPS (TTM) 6.53 TRY · Net margin 10.2% · Return on equity 9.4% · Return on assets (EBIT) 7.2% · Operating margin 20.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high and at 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 −71%, TRENJ screens richer than that median.
Fair Value models
Bear18.08 TRYFair Value 19.48 TRYBull21.63 TRY
Price 68.25 TRY · Upside -71.5%
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 (5.44 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
+46.4%
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.
+15.2%
’21
’22
’23
’24
’25
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.
+1.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.3%
Dividend (yield on the price)0.0%
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.43% → 20%
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).
+9.7%
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 −8.1% a year for the price.
Compare Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim 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.Gold · 201 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−71.5% · Bottom 25%
Profitability
Return on equity (12 months)9.4% · Below median
Return on assets7.1% · Above median
Net margin (12 months)51.8% · Top 25%
Operating margin (12 months)20.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)19.3% · Below median
Valuation Multiplesvs Gold median · lower = cheaper
P/E (12 months)10.5× · Cheaper than median
P/B1.41× · Cheaper than median
P/S (12 months)4.04× · Pricier than median
Price / free cash flow94.9× · Priciest 25%
EV/EBITDA6.7× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)97· sector 100
PAST (return on equity)38· sector 38
HEALTH (low debt)0· sector 98
DIVIDEND (yield)0· 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). "Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. Fair Value". https://www.fairvalue-calculator.com/stock/TRENJ
Frequently asked questions
Is Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ) overvalued or undervalued?
As of Oct 31, 2026, our model estimates a fair value of 19.48 TRY versus a price of 68.25 TRY, about −71% upside (overvalued).
What is the fair value of TRENJ?
Our model-based fair value for Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. is 19.48 TRY (as of Oct 31, 2026), built from audited fundamentals. The current price: 68.25 TRY.
What is the quality score of TRENJ?
Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. has a Quality Score of 56/100. 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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
Our model-based price target is the fair value of 19.48 TRY (as of Oct 31, 2026) from 21 valuation models. Cautious scenario 18.08 TRY, optimistic scenario 21.63 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. stock forecast for 2026?
Our models put fair value at 19.48 TRY, about −71% upside versus a price of 68.25 TRY (overvalued). Cautious scenario 18.08 TRY, optimistic scenario 21.63 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. reported trailing-twelve-month revenue of about 22.0B TRY (latest available figure, as of Oct 31, 2026).
What growth is priced into Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
For today's price to be fair in a discounted-cash-flow model, Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. would have to grow free cash flow by +9.7 % per year for five years (discount rate 14.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +43.7 % per year. As of Oct 31, 2026.
What discount rate (WACC) does the fair value of TRENJ use?
Our models discount Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. at 14.2 %: a base by market capitalisation (small), damped by beta 0.59, 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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. that is +9.7 % 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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ) delivered so far?
Over the past 4 years revenue at Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. grew +43.7 % a year. The price currently implies +9.7 % 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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ) growing?
The median revenue growth in the sector is +11.2 % a year. That is the yardstick for the growth priced into Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (+9.7 % 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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
The free-cash-flow yield on the price is 5.27 %: that much free cash flow Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim 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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. it is 19.48 TRY per share (as of Oct 31, 2026), against a price of 68.25 TRY. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. stock overvalued or undervalued in 2026?
As of Oct 31, 2026, TRENJ trades above its calculated fair value: price 68.25 TRY, fair value 19.48 TRY, a gap of about −71% (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 TRENJ?
No. The price is what the market pays today (68.25 TRY); the fair value is what the company's own numbers justify (19.48 TRY). For Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. the two are 48.77 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. worth?
The market values Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. at about 17.4B TRY (market capitalisation, as of Oct 31, 2026). Per share that is 68.25 TRY; our models calculate a fair value of 19.48 TRY per share.
What do the bullish and bearish scenarios say about TRENJ?
Our models span a range for Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S.: cautious scenario 18.08 TRY, base 19.48 TRY, optimistic 21.63 TRY per share (as of Oct 31, 2026, price 68.25 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TRENJ?
Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. trades at a price-to-earnings ratio of 10.5 (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 19.48 TRY is built from several models across several years. Other multiples: P/B 1.4, P/S 4.0, EV/EBITDA 6.7.
How solid is the balance sheet of Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
Balance-sheet figures for Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (as of Oct 31, 2026): return on equity 9.4%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is TRENJ from its 52-week high?
Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. trades at 68.25 TRY, about 44% below its 52-week high of 122.00 TRY and at the low of 68.25 TRY (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of 19.48 TRY is for.
Which stocks are comparable to Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S.?
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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. stock attractive at the current price?
The data as of Oct 31, 2026: price 68.25 TRY, calculated fair value 19.48 TRY (−71%), Quality Score 56/100, from 21 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 TRENJ calculated?
We run Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. through 21 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 19.48 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. Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. 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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
The closing price on Oct 30, 2026 was 68.25 TRY. Our model-based fair value is 19.48 TRY, about −71% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. right now?
The price sits above even our optimistic bull case (21.63 TRY). The favourable scenario is already priced in. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S.
How large is the market capitalisation of Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
The market capitalisation of Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. is 17.4B TRY (≈ $349M). 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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
The price-to-sales ratio of Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. is 0.81 (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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
Earnings per share at Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. are 6.53 TRY (price ÷ EPS = P/E 10.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
The net margin of Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. is 10.2% (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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
The return on equity (ROE) of Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. is 9.4% (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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
On an EBIT basis the return on assets of Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. is 7.2% (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 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
The operating margin of Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. is 20.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. (TRENJ)?
Revenue at Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim A.S. is growing +19.3% versus a year earlier (3y avg +15.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
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Oct 31, 2026