VBT Yazilim Anonim Sirketi (VBTYZ) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of VBT Yazilim Anonim Sirketi TRY 32.47, price TRY 27.78, upside +16.9%, quality 60 out of 100. 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 2.79 TRY – 48.92 TRY · fair‑value band 20.03 TRY – 52.36 TRY · the 27.78 TRY price screens below the 32.47 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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VBT Yazilim Anonim Sirketi provides software, hardware, and consultancy services in Turkey. The company offers Heroty, an integrated human resources management platform; Flerpi commercial accounting software; e-transformation services; and VizyonIK, a web-based payroll and human resources management software.
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VBT Yazilim Anonim Sirketi provides software, hardware, and consultancy services in Turkey. The company offers Heroty, an integrated human resources management platform; Flerpi commercial accounting software; e-transformation services; and VizyonIK, a web-based payroll and human resources management software. It also provides training, operating systems support, database support, application development, information systems service management consultancy, project management, process consultancy services, and modernization services. The company was incorporated in 1993 and is headquartered in Istanbul, Turkey.
Stock analysis
VBT Yazilim Anonim Sirketi (VBTYZ) currently trades at 27.78 TRY, while our model-based Fair Value estimate is 32.47 TRY, implying the stock looks roughly 14.4% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 75.61 TRY per share, and 13 of the 20 models we run sit above the 27.78 TRY price.
Bear case: the Asset-Based group reads lowest at 5.22 TRY, and 7 of the 20 models stay below the price. Evidence for this calculation is low.
Scenario range: 20.03 TRY (bear) to 52.36 TRY (bull), the price of 27.78 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 60/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
VBT Yazilim Anonim Sirketi reported revenue of 2.4B TRY in FY2025 versus 199M TRY in FY2021, a compound +87.0%/yr. Reported net income was 175M TRY in FY2025, compounding +50.5%/yr from FY2021.
Key figures
Market cap 3.7B TRY (≈ $75.6M) · P/E ratio 25.0 · P/S ratio 1.80 · EPS (TTM) 1.11 TRY · Net margin 7.2% · Return on equity 12.7% · Return on assets (EBIT) 8.4% · Operating margin 7.6%.
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 30% below its 52-week high and 83% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 53% fair-value upside, at 17%, VBTYZ screens richer than that median.
Fair Value models
Bear 20.03 TRYFair Value 32.47 TRYBull 52.36 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 2025 figures (about 9 months old). Earnings retained since then (0.8211 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.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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
+147.8%
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.
+99.6%
Revenue growth 6 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.
+80.1%
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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.
+9.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.8%
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.14% → 10%
2025 sits 280% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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).
+16.4%
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 −2.5% a year for the price.
Compare VBT Yazilim Anonim Sirketi 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.Information Technology Services · 493 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+16.9% · Above median
Profitability
Return on equity (TTM)12.7% · Above median
Return on assets9.5% · Top 25%
Net margin (TTM)5.1% · Above median
Operating margin (TTM)7.6% · Above median
Growth and dividend
Revenue growth17.2% · Above median
Balance sheet
Debt / equity0.52× · Highest 25%
Valuation Multiplesvs Information Technology Services median · lower = cheaper
P/E (TTM)25.0× · Pricier than median
P/B4.06× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
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.
Is VBT Yazilim Anonim Sirketi (VBTYZ) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 32.47 TRY versus a price of 27.78 TRY, about +17% upside (undervalued).
What is the fair value of VBTYZ?
Our model-based fair value for VBT Yazilim Anonim Sirketi is 32.47 TRY (as of Sep 24, 2026), built from audited fundamentals. The current price: 27.78 TRY.
What is the quality score of VBTYZ?
VBT Yazilim Anonim Sirketi has a Quality Score of 60/100. 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 VBT Yazilim Anonim Sirketi (VBTYZ)?
Our model-based price target is the fair value of 32.47 TRY (as of Sep 24, 2026) from 20 valuation models. Cautious scenario 20.03 TRY, optimistic scenario 52.36 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the VBT Yazilim Anonim Sirketi stock forecast for 2026?
Our models put fair value at 32.47 TRY, about +17% upside versus a price of 27.78 TRY (undervalued). Cautious scenario 20.03 TRY, optimistic scenario 52.36 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of VBT Yazilim Anonim Sirketi (VBTYZ)?
VBT Yazilim Anonim Sirketi reported trailing-twelve-month revenue of about 2.5B TRY (latest available figure, as of Sep 24, 2026).
What growth is priced into VBT Yazilim Anonim Sirketi (VBTYZ)?
For today's price to be fair in a discounted-cash-flow model, VBT Yazilim Anonim Sirketi would have to grow free cash flow by +16.4 % per year for five years (discount rate 18.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +79.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of VBTYZ use?
Our models discount VBT Yazilim Anonim Sirketi at 18.0 %: a base by market capitalisation (micro), damped by beta 1.18, 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 VBT Yazilim Anonim Sirketi that is +16.4 % per year a year over ten years, using the same discount rate (18.0 %) and the same formula as our fair value.
How much growth has VBT Yazilim Anonim Sirketi (VBTYZ) delivered so far?
Over the past 5 years revenue at VBT Yazilim Anonim Sirketi grew +79.6 % a year. The price currently implies +16.4 % 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 VBT Yazilim Anonim Sirketi (VBTYZ) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into VBT Yazilim Anonim Sirketi (+16.4 % 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 VBT Yazilim Anonim Sirketi (VBTYZ)?
The free-cash-flow yield on the price is 9.07 %: that much free cash flow VBT Yazilim Anonim Sirketi produces per unit of market value. When it exceeds the discount rate of our models (18.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of VBT Yazilim Anonim Sirketi (VBTYZ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For VBT Yazilim Anonim Sirketi it is 32.47 TRY per share (as of Sep 24, 2026), against a price of 27.78 TRY. It is the blended result of 20 valuation models (cash flow, earnings, asset, dividend).
Is VBT Yazilim Anonim Sirketi stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VBTYZ trades below its calculated fair value: price 27.78 TRY, fair value 32.47 TRY, a gap of about +17% (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 VBTYZ?
No. The price is what the market pays today (27.78 TRY); the fair value is what the company's own numbers justify (32.47 TRY). For VBT Yazilim Anonim Sirketi the two are 4.69 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is VBT Yazilim Anonim Sirketi worth?
The market values VBT Yazilim Anonim Sirketi at about 3.7B TRY (market capitalisation, as of Sep 24, 2026). Per share that is 27.78 TRY; our models calculate a fair value of 32.47 TRY per share.
What do the bullish and bearish scenarios say about VBTYZ?
Our models span a range for VBT Yazilim Anonim Sirketi: cautious scenario 20.03 TRY, base 32.47 TRY, optimistic 52.36 TRY per share (as of Sep 24, 2026, price 27.78 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VBTYZ?
VBT Yazilim Anonim Sirketi trades at a price-to-earnings ratio of 25.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 32.47 TRY is built from several models across several years. Other multiples: P/B 4.1, P/S 1.5, EV/EBITDA 5.7.
How solid is the balance sheet of VBT Yazilim Anonim Sirketi (VBTYZ)?
Balance-sheet figures for VBT Yazilim Anonim Sirketi (as of Sep 24, 2026): return on equity 12.7%, debt of 0.52 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is VBTYZ from its 52-week high?
VBT Yazilim Anonim Sirketi trades at 27.78 TRY, about 30% below its 52-week high of 39.60 TRY and 83% above the low of 15.21 TRY (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of 32.47 TRY is for.
Which stocks are comparable to VBT Yazilim Anonim Sirketi?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, 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 VBT Yazilim Anonim Sirketi stock attractive at the current price?
The data as of Sep 24, 2026: price 27.78 TRY, calculated fair value 32.47 TRY (+17%), Quality Score 60/100, from 20 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 VBTYZ calculated?
We run VBT Yazilim Anonim Sirketi through 20 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 32.47 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 13.9 % above its aggregate fair value. VBT Yazilim Anonim Sirketi currently trades 17 % 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 VBT Yazilim Anonim Sirketi (VBTYZ)?
The closing price on Sep 25, 2026 was 27.78 TRY. Our model-based fair value is 32.47 TRY, about +17% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with VBT Yazilim Anonim Sirketi right now?
The model range is unusually wide (20.03 TRY to 52.36 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of VBT Yazilim Anonim Sirketi
How large is the market capitalisation of VBT Yazilim Anonim Sirketi (VBTYZ)?
The market capitalisation of VBT Yazilim Anonim Sirketi is 3.7B TRY (≈ $75.6M). 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 VBT Yazilim Anonim Sirketi (VBTYZ)?
The price-to-sales ratio of VBT Yazilim Anonim Sirketi is 1.80 (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 VBT Yazilim Anonim Sirketi (VBTYZ)?
Earnings per share at VBT Yazilim Anonim Sirketi are 1.11 TRY (price ÷ EPS = P/E 25.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of VBT Yazilim Anonim Sirketi (VBTYZ)?
The net margin of VBT Yazilim Anonim Sirketi is 7.2% (fiscal year 2025). 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 VBT Yazilim Anonim Sirketi (VBTYZ)?
The return on equity (ROE) of VBT Yazilim Anonim Sirketi is 12.7% (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 VBT Yazilim Anonim Sirketi (VBTYZ)?
On an EBIT basis the return on assets of VBT Yazilim Anonim Sirketi is 8.4% (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 VBT Yazilim Anonim Sirketi (VBTYZ)?
The operating margin of VBT Yazilim Anonim Sirketi is 7.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at VBT Yazilim Anonim Sirketi (VBTYZ)?
Revenue at VBT Yazilim Anonim Sirketi is growing +17.2% versus a year earlier (3y avg +27.2%). 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 VBT Yazilim Anonim Sirketi (VBTYZ)?
Earnings per share at VBT Yazilim Anonim Sirketi are growing −42.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does VBT Yazilim Anonim Sirketi (VBTYZ) carry?
The net debt of VBT Yazilim Anonim Sirketi is 400M TRY (fiscal year 2025, ≈ 1.4 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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