Turk Traktor ve Ziraat Makineleri AS (TTRAK) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of Turk Traktor ve Ziraat Makineleri AS stock TRY 194, price TRY 335, upside -42.2%, quality 32 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 58.01 TRY – 960.95 TRY · fair‑value band 162.67 TRY – 277.87 TRY · the 335.00 TRY price screens above the 193.63 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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Türk Traktör ve Ziraat Makineleri A.S. engages in the manufacture and sale of tractor and agricultural equipment worldwide. It also offers construction equipment.
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The company offers its products under the New Holland, Case, TürkTraktör, New Holland Construction, Case Construction, Tarlam cepte, Hassas Tarim, and Servisim brands.
Türk Traktör ve Ziraat Makineleri A.S. was formerly known as Minneapolis Moline Türk Traktör ve Ziraat Makineleri A.S. and changed its name to Türk Traktör ve Ziraat Makineleri A.S. in 1968. Türk Traktör ve Ziraat Makineleri A.S. was founded in 1954 and is based in Ankara, Turkey.
Stock analysis
Turk Traktor ve Ziraat Makineleri AS (TTRAK) currently trades at 335.00 TRY, while our model-based Fair Value estimate is 193.63 TRY, 42.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 513.89 TRY per share, and 14 of the 24 models we run sit above the 335.00 TRY price.
Bear case: the Earnings-Based group reads lowest at 37.77 TRY, and 10 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 162.67 TRY (bear) to 277.87 TRY (bull), the price of 335.00 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 32/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Turk Traktor ve Ziraat Makineleri AS reported revenue of 53.8B TRY in FY2025 versus 11.6B TRY in FY2021, a compound +46.6%/yr. Reported net income was 455M TRY in FY2025, compounding −23.4%/yr from FY2021.
Key figures
Market cap 33.5B TRY (≈ $671M) Small · P/S ratio 0.79 · EPS (TTM) −8.47 TRY · Net margin −2.3% · Return on equity −5.8% · Return on assets (EBIT) 27.9% · Operating margin 2.2% · Revenue (TTM) 43.2B TRY.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 22 out of 100 (low confidence).
What moves the price
The share trades about 46% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at −42%, TTRAK screens richer than that median.
Fair Value models
Bear162.67 TRYFair Value 193.63 TRYBull277.87 TRY
Price 335.00 TRY · Upside -42.2%
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.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.79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−38.6%
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.
+35.1%
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.
+53.9%
Start year 2020 (pandemic). Over 10 years: +33.0% a year
Revenue growth 22 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.
+24.4%
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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.
−20.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−20.8%
Dividend (yield on the price)0.0%
Profit margin 2020 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.15% → 4%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
+15.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+22.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about −3.4% a year for the price and +2.7% for the forecasts.
Compare Turk Traktor ve Ziraat Makineleri AS 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.Farm & Heavy Construction Machinery · 149 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score32 · Bottom 25%
Fair Value upside−42.2% · Below median
Profitability
Return on assets1.2% · Bottom 25%
Net margin (12 months)−2.3% · Bottom 25%
Operating margin (12 months)2.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−21.7% · Bottom 25%
Dividend yield (12 months)16.9% · Top 25%
Balance sheet
Debt / equity0.17× · Above median
Valuation Multiplesvs Farm & Heavy Construction Machinery median · lower = cheaper
P/B2.01× · Pricier than median
P/S (12 months)0.78× · Cheaper than median
Price / free cash flow12.8× · Cheaper than median
EV/EBITDA9.3× · Pricier than median
PEG0.76× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 45
FUTURE (revenue growth)0· sector 52
PAST (return on equity)0· sector 36
HEALTH (low debt)91· sector 93
DIVIDEND (yield)100· sector 38
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). "Turk Traktor ve Ziraat Makineleri AS Fair Value". https://www.fairvalue-calculator.com/stock/TTRAK
Frequently asked questions
Is Turk Traktor ve Ziraat Makineleri AS (TTRAK) overvalued or undervalued?
As of Oct 31, 2026, our model estimates a fair value of 193.63 TRY versus a price of 335.00 TRY, about −42% upside (overvalued).
What is the fair value of TTRAK?
Our model-based fair value for Turk Traktor ve Ziraat Makineleri AS is 193.63 TRY (as of Oct 31, 2026), built from audited fundamentals. The current price: 335.00 TRY.
What is the quality score of TTRAK?
Turk Traktor ve Ziraat Makineleri AS has a Quality Score of 32/100. 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 Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
Our model-based price target is the fair value of 193.63 TRY (as of Oct 31, 2026) from 24 valuation models. Cautious scenario 162.67 TRY, optimistic scenario 277.87 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Turk Traktor ve Ziraat Makineleri AS stock forecast for 2026?
Our models put fair value at 193.63 TRY, about −42% upside versus a price of 335.00 TRY (overvalued). Cautious scenario 162.67 TRY, optimistic scenario 277.87 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
Turk Traktor ve Ziraat Makineleri AS reported trailing-twelve-month revenue of about 43.2B TRY (latest available figure, as of Oct 31, 2026).
What growth is priced into Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
For today's price to be fair in a discounted-cash-flow model, Turk Traktor ve Ziraat Makineleri AS would have to grow free cash flow by +15.2 % per year for five years (discount rate 14.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +53.9 % per year. As of Oct 31, 2026.
What discount rate (WACC) does the fair value of TTRAK use?
Our models discount Turk Traktor ve Ziraat Makineleri AS at 14.2 %: a base by market capitalisation (small), damped by beta 0.19, 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 Turk Traktor ve Ziraat Makineleri AS that is +15.2 % 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 Turk Traktor ve Ziraat Makineleri AS (TTRAK) delivered so far?
Over the past 5 years revenue at Turk Traktor ve Ziraat Makineleri AS grew +53.9 % a year. The price currently implies +15.2 % 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 Turk Traktor ve Ziraat Makineleri AS (TTRAK) growing?
The median revenue growth in the sector is +7.7 % a year. That is the yardstick for the growth priced into Turk Traktor ve Ziraat Makineleri AS (+15.2 % 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 Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
The free-cash-flow yield on the price is 7.81 %: that much free cash flow Turk Traktor ve Ziraat Makineleri AS 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 Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Turk Traktor ve Ziraat Makineleri AS it is 193.63 TRY per share (as of Oct 31, 2026), against a price of 335.00 TRY. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Turk Traktor ve Ziraat Makineleri AS stock overvalued or undervalued in 2026?
As of Oct 31, 2026, TTRAK trades above its calculated fair value: price 335.00 TRY, fair value 193.63 TRY, a gap of about −42% (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 TTRAK?
No. The price is what the market pays today (335.00 TRY); the fair value is what the company's own numbers justify (193.63 TRY). For Turk Traktor ve Ziraat Makineleri AS the two are 141.37 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Turk Traktor ve Ziraat Makineleri AS worth?
The market values Turk Traktor ve Ziraat Makineleri AS at about 33.5B TRY (market capitalisation, as of Oct 31, 2026). Per share that is 335.00 TRY; our models calculate a fair value of 193.63 TRY per share.
What do the bullish and bearish scenarios say about TTRAK?
Our models span a range for Turk Traktor ve Ziraat Makineleri AS: cautious scenario 162.67 TRY, base 193.63 TRY, optimistic 277.87 TRY per share (as of Oct 31, 2026, price 335.00 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of TTRAK?
The PEG ratio of Turk Traktor ve Ziraat Makineleri AS is 0.76 (P/E divided by earnings growth, as of Oct 31, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
Balance-sheet figures for Turk Traktor ve Ziraat Makineleri AS (as of Oct 31, 2026): return on equity −5.8%, debt of 0.17 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is TTRAK from its 52-week high?
Turk Traktor ve Ziraat Makineleri AS trades at 335.00 TRY, about 46% below its 52-week high of 618.50 TRY and at the low of 335.00 TRY (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of 193.63 TRY is for.
Which stocks are comparable to Turk Traktor ve Ziraat Makineleri AS?
From the same area (Industrials) we also value Caterpillar Inc, Deere & Company, PACCAR Inc, Daimler Truck Holding, 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 Turk Traktor ve Ziraat Makineleri AS stock attractive at the current price?
The data as of Oct 31, 2026: price 335.00 TRY, calculated fair value 193.63 TRY (−42%), Quality Score 32/100, 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 TTRAK calculated?
We run Turk Traktor ve Ziraat Makineleri AS 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 193.63 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. Turk Traktor ve Ziraat Makineleri AS 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 Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
The closing price on Oct 30, 2026 was 335.00 TRY. Our model-based fair value is 193.63 TRY, about −42% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Turk Traktor ve Ziraat Makineleri AS right now?
The price sits above even our optimistic bull case (277.87 TRY). The favourable scenario is already priced in. Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Turk Traktor ve Ziraat Makineleri AS
How large is the market capitalisation of Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
The market capitalisation of Turk Traktor ve Ziraat Makineleri AS is 33.5B TRY (≈ $671M). 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 Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
The price-to-sales ratio of Turk Traktor ve Ziraat Makineleri AS is 0.79 (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 Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
Earnings per share at Turk Traktor ve Ziraat Makineleri AS are −8.47 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
The net margin of Turk Traktor ve Ziraat Makineleri AS is −2.3% (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 Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
The return on equity (ROE) of Turk Traktor ve Ziraat Makineleri AS is −5.8% (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 Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
On an EBIT basis the return on assets of Turk Traktor ve Ziraat Makineleri AS is 27.9% (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 Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
The operating margin of Turk Traktor ve Ziraat Makineleri AS is 2.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
Revenue at Turk Traktor ve Ziraat Makineleri AS is growing −21.7% versus a year earlier (3y avg +35.1%). 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 Turk Traktor ve Ziraat Makineleri AS (TTRAK)?
Earnings per share at Turk Traktor ve Ziraat Makineleri AS are growing +55.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Turk Traktor ve Ziraat Makineleri AS (TTRAK) carry?
The net debt of Turk Traktor ve Ziraat Makineleri AS is 8.7B TRY (fiscal year 2025, ≈ 3.3 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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Oct 31, 2026