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Vestel Beyaz Esya Sanayi ve Ticaret A.S. (VESBE) Fair Value & Analysis

Consumer Cyclical · TR · Market cap 9.2B TRY

VB Vestel Beyaz Esya Sanayi ve Ticaret A.S. VESBE · IS
Price5.75 TRY
Fair Value4.84 TRY
Upside-15.8%
Quality26/100
Mixed Growth
Loss-making · -10.0% net margin
Low debt · generates free cash flow
Trails peers (2/11)
Narrow moat 1/100
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Evidence: Medium Range 0.9680 TRY – 9.28 TRY Share as image

Fair value as of: Aug 2, 2026

From 12 valuation models · updated today

Share price −11.3% over the past month.

Below-average quality, and the price sits another 16% above our fair value.

What matters now

  • Weak quality (26/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (0.9680 TRY to 9.28 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution.
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Price vs Fair Value (5 years)

23.27 TRY 4.52 TRY Fair Value 4.84 TRY Apr 2021 Jul 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range 4.52 TRY – 23.27 TRY · fair‑value band 0.9680 TRY – 9.28 TRY · the 5.75 TRY price screens above the 4.84 TRY fair value. Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Vestel Beyaz Esya Sanayi ve Ticaret A.S. (VESBE) currently trades at 5.75 TRY, while our model-based Fair Value estimate is 4.84 TRY, implying the stock looks roughly 15.8% overvalued today. We read business quality at 26/100 (below-average quality), in the Consumer Cyclical 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: medium).

Over the trailing twelve months, Vestel Beyaz Esya Sanayi ve Ticaret A.S. generated revenue of 63.5B TRY at a net margin of -10.0%. Revenue declined 52.2% year over year. It earns a return on equity of -16.9%. Net debt stands at 20.7B TRY. Fundamentals as of Aug 2, 2026

Our scenario range runs from 0.9680 TRY (bear case) to 9.28 TRY (bull case); at 5.75 TRY, the current price sits within that range. The share trades about 60% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 16% fair-value upside, at -16%, VESBE screens richer 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 BearBaseBull Evidence
Highest evidence
Growth DCF 9.42 TRY 18.64 TRY 33.50 TRY 80
Rev-Margin DCF 7.76 TRY 14.78 TRY 28.86 TRY 74
Gordon GGM 0.1256 TRY 0.2512 TRY 0.3826 TRY 70
All 12 models by family
DCF Models
FCF DCF 10.08 TRY 15.95 TRY 34.24 TRY 38
5Y Revenue Exit 7.24 TRY 12.81 TRY 24.47 TRY 39
5Y EBITDA Exit 5.43 TRY 9.17 TRY 16.46 TRY 41
10Y Revenue Exit 7.95 TRY 17.66 TRY 23.62 TRY 36
10Y EBITDA Exit 6.93 TRY 13.87 TRY 25.17 TRY 37
Dividend Discount
Gordon GGM 0.1256 TRY 0.2512 TRY 0.3826 TRY 70
DDM Multi-Stage 0.1256 TRY 0.2161 TRY 0.2658 TRY 61
Multiples
EV/EBITDA 3.43 TRY 4.84 TRY 6.25 TRY 54
EV/Revenue 5.43 TRY 8.09 TRY 10.76 TRY 43
Asset-Based
NCAV (Graham) 3.35 TRY 4.49 TRY 6.69 TRY 50
Growth DCF
Growth DCF 9.42 TRY 18.64 TRY 33.50 TRY 80
Rev-Margin DCF 7.76 TRY 14.78 TRY 28.86 TRY 74

Widest divergence: Growth DCF (14.78 TRY) versus Dividend Discount (0.2161 TRY). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 63.5B TRY
Revenue growth (YoY) -52.2%
Net margin -10.0%
Return on equity -16.9%
Free cash flow 3.7B TRY FY2025
Operating margin -11.3%
More key figures
EPS (TTM) -3.97 TRY
EPS growth (YoY) -99.9%
Net debt 20.7B TRY FY2025

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 26/100

Of which business quality 33 · Market factors (momentum, volatility) 27

Profitability 14
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 34
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 27
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 9
Price trend over the last 3–12 months (market factor)
52W Momentum 1
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

Vestel Beyaz Esya Sanayi ve Ticaret A.S. engages in the production and sale of white goods in Turkey. The company produces and sells refrigerators, room air conditioning units, washing machines, cookers, dryers, dishwashers, and water heaters. It also exports its products. The company was incorporated in 1997 and is headquartered in Istanbul, Turkey.

Full company description

Vestel Beyaz Esya Sanayi ve Ticaret A.S. engages in the production and sale of white goods in Turkey. The company produces and sells refrigerators, room air conditioning units, washing machines, cookers, dryers, dishwashers, and water heaters. It also exports its products. The company was incorporated in 1997 and is headquartered in Istanbul, Turkey. Vestel Beyaz Esya Sanayi ve Ticaret A.S. operates as a subsidiary of Vestel Elektronik Sanayi ve Ticaret A.S.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vestel Beyaz Esya Sanayi ve Ticaret A.S. reported revenue of 74.4B TRY in FY2025 versus 16.2B TRY in FY2021, a compound +46.4%/yr. Reported net income was −6.3B TRY in FY2025.

Growth Quality 56/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
74.4B TRY
Latest YoY
−24.6%
Avg. growth/yr (3Y)
+33.3%
Avg. growth/yr (5Y)
+51.2%
Avg. growth/yr (22Y)
+26.1%
Revenue +46.4%/yr
FY21 16.2B TRY
FY22 31.4B TRY
FY23 88.2B TRY
FY24 98.6B TRY
FY25 74.4B TRY
Net income
FY21 1.5B TRY
FY22 1.4B TRY
FY23 6.8B TRY
FY24 348M TRY
FY25 −6.3B TRY

VESBE sits 16% above fair value. Compare with Midea Group →

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Cite: Fair Value Calculator (2026). "Vestel Beyaz Esya Sanayi ve Ticaret A.S. Fair Value". https://www.fairvalue-calculator.com/stock/VESBE

Peer Group

Furnishings, Fixtures & Appliances · 326 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 26 · Bottom 25%
Fair Value upside −16% · Below median
Return on assets -2% · Bottom 25%
Net margin (TTM) -10% · Bottom 25%
Operating margin (TTM) -11% · Bottom 25%
Revenue growth -52% · Bottom 25%
Debt / equity 0.13× · Higher than median

Valuation Multiples vs Furnishings, Fixtures & Appliances median · lower = cheaper

P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 5.8× · Cheaper than median
PEG 2.60× · Pricier than 75% of peers

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 12 / 17
FUTURE 0 / 0
PAST 0 / 18
HEALTH 94 / 97
DIVIDEND 0 / 54

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 Furnishings, Fixtures & Appliances stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
Midea Group 000333 ¥82.71 ¥107.22 +30%
Gree Electric Appliances, Inc 000651 ¥38.25 ¥88.02 +130%
Haier Smart Home Co 600690 ¥21.46 ¥36.04 +68%
King Slide Works Co 2059 8,655 TWD 1,917 TWD -78%
Guangdong Songfa Ceramics Co 603268 ¥155.59 ¥38.95 -75%
SharkNinja, Inc SN $154.53 $89.07 -42%
Hisense Home Appliances Group 000921 ¥26.33 ¥48.03 +82%
Zhejiang Supor Co 002032 ¥43.85 ¥44.84 +2%
COWAY Co 021240 96,700 KRW 112,530 KRW +16%
Ecovacs Robotics Co 603486 ¥50.13 ¥54.11 +8%

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Frequently asked questions

Is Vestel Beyaz Esya Sanayi ve Ticaret A.S. (VESBE) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of 4.84 TRY versus a price of 5.75 TRY, about −16% (overvalued).
What is the fair value of VESBE?
Our model-based fair value for Vestel Beyaz Esya Sanayi ve Ticaret A.S. is 4.84 TRY (as of Aug 2, 2026), built from audited fundamentals. The current price is 5.75 TRY.
What is the quality score of VESBE?
Vestel Beyaz Esya Sanayi ve Ticaret A.S. has a Quality Score of 26/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Vestel Beyaz Esya Sanayi ve Ticaret A.S. (VESBE)?
Vestel Beyaz Esya Sanayi ve Ticaret A.S. reported trailing-twelve-month revenue of about 63.5B TRY (latest available figure, as of Aug 2, 2026).
What is the net profit margin of VESBE?
The net profit margin of Vestel Beyaz Esya Sanayi ve Ticaret A.S. is about -10.0%, meaning it is currently running at a net loss. 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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