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Viking Kagit ve Selüloz A.S. (VKING) Fair Value & Analysis

Consumer Defensive · TR · Market cap 971M TRY

VK Viking Kagit ve Selüloz A.S. VKING · IS
Price23.12 TRY
Fair Value45.61 TRY
Upside+97.3%
Quality21/100
Expensive Growth
Loss-making · -145.8% net margin
High debt · negative free cash flow
Trails peers (3/9)
Narrow moat 0/100
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Evidence: Low Range 34.21 TRY – 67.94 TRY Share as image

Fair value as of: Aug 2, 2026

From 1 valuation models · updated today

Share price −4.5% over the past month.

Below-average quality, and the price sits 97% below our fair value.

What matters now

  • The large discount to fair value meets weak quality (21/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (34.21 TRY). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (34.21 TRY to 67.94 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

63.70 TRY 4.94 TRY Fair Value 45.61 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 4.94 TRY – 63.70 TRY · fair‑value band 34.21 TRY – 67.94 TRY · the 23.12 TRY price screens below the 45.61 TRY fair value. Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Viking Kagit ve Selüloz A.S. (VKING) currently trades at 23.12 TRY, while our model-based Fair Value estimate is 45.61 TRY, implying the stock looks roughly 97.3% undervalued today. We read business quality at 21/100 (below-average quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Trailing-twelve-month revenue stands at 668M TRY. Revenue declined 34.0% year over year. Net debt stands at 2.8B TRY. Fundamentals as of Aug 2, 2026

Our scenario range runs from 34.21 TRY (bear case) to 67.94 TRY (bull case); at 23.12 TRY, the current price sits below that range. The share trades about 53% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -25% fair-value upside, at 97%, VKING 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 BearBaseBull Evidence
Highest evidence
NCAV (Graham) 34.21 TRY 45.61 TRY 67.94 TRY 50
All 1 models by family
Asset-Based
NCAV (Graham) 34.21 TRY 45.61 TRY 67.94 TRY 50

Key figures & financial health

Revenue (TTM) 668M TRY
Revenue growth (YoY) -34.0%
Net margin -146%
Return on equity -1,815%
Free cash flow −362M TRY FY2025
Operating margin -47.0%
More key figures
EPS (TTM) -23.18 TRY
EPS growth (YoY) +92.6%
Net debt 2.8B TRY FY2025

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

Quality Score breakdown

Overall quality 21/100

Of which business quality 21 · Market factors (momentum, volatility) 23

Profitability 1
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 1
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 11
Price trend over the last 3–12 months (market factor)
52W Momentum 2
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

Viking Kagit ve Selüloz A.S. engages in the production, marketing, and sale of semi-finished and finished tissue paper in Turkey. It offers toilet paper, towels, napkins, paper, box tissues, and wet wipes under the Premia, Lily, Senso, Select, Pufla, and Select Nature brand names. The company also exports its products to approximately 22 countries.

Full company description

Viking Kagit ve Selüloz A.S. engages in the production, marketing, and sale of semi-finished and finished tissue paper in Turkey. It offers toilet paper, towels, napkins, paper, box tissues, and wet wipes under the Premia, Lily, Senso, Select, Pufla, and Select Nature brand names. The company also exports its products to approximately 22 countries. The company was incorporated in 1969 and is headquartered in Izmir, Turkey. Viking Kagit ve Selüloz A.S. is a subsidiary of Yasar Holding A.S.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Viking Kagit ve Selüloz A.S. reported revenue of 760M TRY in FY2025 versus 340M TRY in FY2021, a compound +22.3%/yr. Reported net income was −983M TRY in FY2025.

Growth Quality 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
760M TRY
Latest YoY
−28.3%
Avg. growth/yr (3Y)
−0.4%
Avg. growth/yr (5Y)
+24.6%
Avg. growth/yr (20Y)
+12.2%
Revenue +22.3%/yr
FY21 340M TRY
FY22 770M TRY
FY23 1.3B TRY
FY24 1.1B TRY
FY25 760M TRY
Net income
FY21 −118M TRY
FY22 −135M TRY
FY23 −59.0M TRY
FY24 −635M TRY
FY25 −983M TRY

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Cite: Fair Value Calculator (2026). "Viking Kagit ve Selüloz A.S. Fair Value". https://www.fairvalue-calculator.com/stock/VKING

Peer Group

Household & Personal Products · 249 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 22 · Bottom 25%
Fair Value upside +97% · Top 25%
Return on assets -5% · Bottom 25%
Net margin (TTM) -146% · Bottom 25%
Operating margin (TTM) -47% · Bottom 25%
Revenue growth -34% · Bottom 25%
Debt / equity 5.49× · Higher than 75% of peers

Valuation Multiples vs Household & Personal Products median · lower = cheaper

P/B 0.34× · Cheaper than 75% of peers
P/S (TTM) 0.03× · Cheaper 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 100 / 30
FUTURE 0 / 4
PAST 0 / 26
HEALTH 0 / 98
DIVIDEND 0 / 49

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 Household & Personal Products stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
The Procter & Gamble Company PG $147.04 $109.91 -25%
Unilever PLC ULN 1,080 MXN 1,273 MXN +18%
Hindustan Unilever Limited HINDUNILVR ₹2,144 ₹1,000 -53%
Essity AB ESSITYA kr 279.00 kr 250.02 -10%
Godrej Consumer Products Limited GODREJCP ₹1,088 ₹367.64 -66%
Marico Limited MARICO ₹846.75 ₹233.05 -72%
APR Co 278470 375,000 KRW 151,222 KRW -60%
Dabur India Limited DABUR ₹429.45 ₹181.60 -58%
Kimberly-Clark de México, S. A. B. de C. V., KIMBERA 38.07 MXN 50.09 MXN +32%
PT Unilever Indonesia Tbk UNVR 1,730 IDR 1,934 IDR +12%

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Frequently asked questions

Is Viking Kagit ve Selüloz A.S. (VKING) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of 45.61 TRY versus a price of 23.12 TRY, about +97% (undervalued).
What is the fair value of VKING?
Our model-based fair value for Viking Kagit ve Selüloz A.S. is 45.61 TRY (as of Aug 2, 2026), built from audited fundamentals. The current price is 23.12 TRY.
What is the quality score of VKING?
Viking Kagit ve Selüloz A.S. has a Quality Score of 21/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Viking Kagit ve Selüloz A.S. (VKING)?
Viking Kagit ve Selüloz A.S. reported trailing-twelve-month revenue of about 668M TRY (latest available figure, as of Aug 2, 2026).
What is the net profit margin of VKING?
The net profit margin of Viking Kagit ve Selüloz A.S. is about -145.8%, 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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