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VBT Yazilim Anonim Sirketi (VBTYZ) Fair Value & Analysis

Technology · TR · Market cap 3.7B TRY

VY VBT Yazilim Anonim Sirketi VBTYZ · IS
Price30.64 TRY
Fair Value25.43 TRY
Upside-17.0%
Quality60/100
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Healthy Growth
Thin margins · 5.1% net margin
Moderate debt · generates free cash flow
Ranks above peers (8/13)
Narrow moat 44/100
Evidence: High Range 19.07 TRY – 32.13 TRY Share as image

Fair value as of: Aug 13, 2026

From 22 valuation models · updated today

Share price +5.7% over the past month.

A solid business, but screening 17% overvalued on our models.

What matters now

  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from 19.07 TRY (bear) to 32.13 TRY (bull), base 25.43 TRY. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 60/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

48.92 TRY 2.79 TRY Fair Value 25.43 TRY Jul 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 2.79 TRY – 48.92 TRY · fair‑value band 19.07 TRY – 32.13 TRY · the 30.64 TRY price screens above the 25.43 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

VBT Yazilim Anonim Sirketi (VBTYZ) currently trades at 30.64 TRY, while our model-based Fair Value estimate is 25.43 TRY, implying the stock looks roughly 17.0% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Technology 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, VBT Yazilim Anonim Sirketi generated revenue of 2.5B TRY at a net margin of 5.1%. Revenue grew 17.2% year over year. It earns a return on equity of 12.7%. Net debt stands at 400M TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 19.07 TRY (bear case) to 32.13 TRY (bull case); at 30.64 TRY, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high and 104% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -25% fair-value upside, at -17%, VBTYZ screens cheaper 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 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. Evidence
Highest evidence
Growth DCF 35.91 TRY 69.90 TRY 124.67 TRY 80
Residual Income 9.63 TRY 13.07 TRY 55.36 TRY 76
Rev-Margin DCF 27.53 TRY 48.75 TRY 93.31 TRY 74
All 22 models by family
DCF Models
FCF DCF 38.35 TRY 59.97 TRY 127.39 TRY 38
5Y Revenue Exit 24.88 TRY 42.38 TRY 78.85 TRY 39
5Y P/E Exit 26.30 TRY 56.49 TRY 96.87 TRY 38
10Y Revenue Exit 28.51 TRY 60.00 TRY 78.62 TRY 36
10Y P/E Exit 30.36 TRY 63.00 TRY 114.91 TRY 35
Earnings-Based
Graham-Dodd 10.17 TRY 70.95 TRY 99.56 TRY 54
Lynch FV 36.65 TRY 52.36 TRY 68.07 TRY 50
PEG = 1.0 36.65 TRY 52.36 TRY 68.07 TRY 46
EPV 15.49 TRY 18.21 TRY 20.55 TRY 59
Dividend Discount
Gordon GGM 2.81 TRY 5.60 TRY 8.48 TRY 70
DDM Multi-Stage 2.81 TRY 4.84 TRY 5.91 TRY 61
Multiples
P/E Multiple 22.44 TRY 29.92 TRY 37.40 TRY 63
P/S Multiple 19.07 TRY 25.43 TRY 31.79 TRY 58
P/B Multiple 17.51 TRY 23.35 TRY 29.19 TRY 55
EV/EBIT 26.68 TRY 36.15 TRY 45.61 TRY 53
EV/Revenue 17.42 TRY 25.63 TRY 33.83 TRY 43
Asset-Based
NCAV (Graham) 3.89 TRY 5.22 TRY 7.78 TRY 50
Growth DCF
Growth DCF 35.91 TRY 69.90 TRY 124.67 TRY 80
Rev-Margin DCF 27.53 TRY 48.75 TRY 93.31 TRY 74
Economic Profit
Residual Income 9.63 TRY 13.07 TRY 55.36 TRY 76
ROIC Compounder 21.57 TRY 34.42 TRY 42.26 TRY 72
Growth Earnings
Growth-Adj P/E 47.23 TRY 67.47 TRY 87.71 TRY 68

Widest divergence: Growth Earnings (67.47 TRY) versus Dividend Discount (4.84 TRY). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.5B TRY
Revenue growth (YoY) +17.2%
Net margin 5.1%
Return on equity 12.7%
Free cash flow 295M TRY FY2025
P/E ratio 28.5
More key figures
Operating margin 7.6%
EPS (TTM) 1.11 TRY
EPS growth (YoY) -42.9%
Net debt 400M TRY FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 62 · Market factors (momentum, volatility) 62

Profitability 57
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 38
Disciplined investing over empire-building
Low Volatility 33
Calm price path (market factor)
Momentum 75
Price trend over the last 3–12 months (market factor)
52W Momentum 72
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

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.4B TRY
Avg. growth/yr (3Y) ⓘ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.
+147.8%
Avg. growth/yr (5Y) ⓘ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.
+99.6%
Avg. growth/yr (6Y) ⓘ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.
+80.1%
Revenue +87.0%/yr
FY21 199M TRY
FY22 1.2B TRY
FY23 3.1B TRY
FY24 3.0B TRY
FY25 2.4B TRY
Net income +50.5%/yr
FY21 34.1M TRY
FY22 10.7M TRY
FY23 145M TRY
FY24 46.1M TRY
FY25 175M TRY

VBTYZ screens 17% overvalued. Compare with International Business Machines Corporation →

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VBT Yazilim Anonim Sirketi · Fair Value
25.43 TRY −17%Fair Value
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Cite: Fair Value Calculator (2026). "VBT Yazilim Anonim Sirketi Fair Value". https://www.fairvalue-calculator.com/stock/VBTYZ

Peer Group

Information Technology Services · 481 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 60 · Above median
Fair Value upside −17% · Below median
Return on equity (TTM) 13% · Above median
Return on assets 9% · Top 25%
Net margin (TTM) 5% · Above median
Operating margin (TTM) 8% · Above median
Revenue growth 17% · Above median
Debt / equity 0.52× · Higher than 75% of peers

Valuation Multiples vs Information Technology Services median · lower = cheaper

P/E (TTM) 28.5× · Pricier than median
P/B 4.06× · Pricier than 75% of peers
P/S (TTM) 1.46× · Pricier than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 5.7× · Cheaper than median

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 11 · sector 22
FUTURE 86 · sector 29
PAST 51 · sector 37
HEALTH 74 · sector 97
DIVIDEND 0 · sector 38

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 Information Technology Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
International Business Machines Corporation IBM $235.92 $143.90 -39%
Accenture plc ACNN 2,460 MXN 250.95 MXN -90%
Infosys Limited INFY ₹1,156 ₹1,457 +26%
HCL Technologies Limited HCLTECH ₹1,204 ₹1,230 +2%
Wipro Limited WIPRO ₹178.43 ₹226.81 +27%
Tech Mahindra Limited TECHM ₹1,455 ₹1,086 -25%
Samsung SDS Co 018260 199,300 KRW 196,390 KRW -1%
Persistent Systems Limited PERSISTENT ₹5,059 ₹2,364 -53%
Hyundai Autoever Corporation 307950 393,000 KRW 133,088 KRW -66%
Coforge Limited COFORGE ₹1,541 ₹702.84 -54%

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Frequently asked questions

Is VBT Yazilim Anonim Sirketi (VBTYZ) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 25.43 TRY versus a price of 30.64 TRY, about −17% (overvalued).
What is the fair value of VBTYZ?
Our model-based fair value for VBT Yazilim Anonim Sirketi is 25.43 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 30.64 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 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 Aug 13, 2026).
What is the net profit margin of VBTYZ?
The net profit margin of VBT Yazilim Anonim Sirketi is about 5.1%, meaning it keeps roughly 5.1% 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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