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Zedur Enerji Elektrik Üretim Anonim Sirketi primarily (ZEDUR) Fair Value & Analysis

Industrials · TR · Market cap 1.4B TRY

ZE Zedur Enerji Elektrik Üretim Anonim Sirketi primarily ZEDUR · IS
Price7.80 TRY
Fair Value7.51 TRY
Upside-3.7%
Quality34/100
Mixed Growth
Loss-making · -36.0% net margin
Low debt · generates free cash flow
Trails peers (4/12)
Narrow moat 4/100
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Evidence: High Range 5.63 TRY – 9.39 TRY Share as image

Fair value as of: Aug 2, 2026

From 21 valuation models · updated today

Share price −18.8% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 5.63 TRY (bear) to 9.39 TRY (bull), base 7.51 TRY. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 34/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

18.70 TRY 1.49 TRY Fair Value 7.51 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 1.49 TRY – 18.70 TRY · fair‑value band 5.63 TRY – 9.39 TRY · the 7.80 TRY price screens above the 7.51 TRY fair value. Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Zedur Enerji Elektrik Üretim Anonim Sirketi primarily (ZEDUR) currently trades at 7.80 TRY, while our model-based Fair Value estimate is 7.51 TRY, implying the stock looks roughly 3.7% fairly valued today. We read business quality at 34/100 (below-average quality), in the Industrials 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, Zedur Enerji Elektrik Üretim Anonim Sirketi primarily generated revenue of 126M TRY at a net margin of -36.0%. Revenue declined 9.5% year over year. It earns a return on equity of -2.0%. Net debt stands at 296M TRY. Fundamentals as of Aug 2, 2026

Our scenario range runs from 5.63 TRY (bear case) to 9.39 TRY (bull case); at 7.80 TRY, the current price sits within that range. The share trades about 35% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -14% fair-value upside, at -4%, ZEDUR 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
Growth DCF 4.05 TRY 7.70 TRY 13.43 TRY 80
Rev-Margin DCF 2.04 TRY 3.75 TRY 7.33 TRY 74
Growth-Adj P/E 13.95 TRY 19.93 TRY 25.90 TRY 68
All 21 models by family
DCF Models
FCF DCF 4.39 TRY 6.84 TRY 14.19 TRY 38
Owner Earnings 7.23 TRY 16.01 TRY 32.31 TRY 31
5Y Revenue Exit 1.79 TRY 3.15 TRY 5.94 TRY 39
5Y EBITDA Exit 2.42 TRY 4.41 TRY 8.29 TRY 41
5Y P/E Exit 5.33 TRY 13.12 TRY 23.74 TRY 38
10Y Revenue Exit 2.63 TRY 5.39 TRY 6.70 TRY 36
10Y EBITDA Exit 3.10 TRY 6.62 TRY 12.30 TRY 37
10Y P/E Exit 5.04 TRY 12.34 TRY 24.32 TRY 35
Earnings-Based
Graham-Dodd 3.00 TRY 20.95 TRY 29.40 TRY 54
Lynch FV 10.82 TRY 15.46 TRY 20.10 TRY 50
PEG = 1.0 10.82 TRY 15.46 TRY 20.10 TRY 46
Multiples
P/E Multiple 6.63 TRY 8.84 TRY 11.05 TRY 63
P/S Multiple 1.50 TRY 2.00 TRY 2.50 TRY 58
P/B Multiple 5.63 TRY 7.51 TRY 9.39 TRY 55
EV/EBITDA 1.44 TRY 2.25 TRY 3.05 TRY 54
EV/Revenue 0.4400 TRY 1.04 TRY 1.64 TRY 43
Asset-Based
NCAV (Graham) 5.01 TRY 6.71 TRY 10.02 TRY 50
Growth DCF
Growth DCF 4.05 TRY 7.70 TRY 13.43 TRY 80
Rev-Margin DCF 2.04 TRY 3.75 TRY 7.33 TRY 74
Economic Profit
Residual Income 7.10 TRY 6.92 TRY 5.90 TRY 61
Growth Earnings
Growth-Adj P/E 13.95 TRY 19.93 TRY 25.90 TRY 68

Widest divergence: Growth Earnings (19.93 TRY) versus Multiples (2.25 TRY). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 126M TRY
Revenue growth (YoY) -9.5%
Net margin -36.0%
Return on equity -2.0%
Free cash flow 68.6M TRY FY2024
P/E ratio 17.7
More key figures
Operating margin -65.7%
EPS (TTM) 0.4400 TRY
EPS growth (YoY) -68.4%
Net debt 296M TRY FY2024

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

Quality Score breakdown

Overall quality 34/100

Of which business quality 45 · Market factors (momentum, volatility) 37

Profitability 33
Margins and returns on capital today
Quality Growth 17
Are margins and returns improving?
Cashflow 79
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 16
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 40
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

Zedur Enerji Elektrik Üretim Anonim Sirketi primarily engages in the production, distribution, and sale of electricity in Turkey. The company generates electricity through hydroelectric and solar power plants.

Full company description

Zedur Enerji Elektrik Üretim Anonim Sirketi primarily engages in the production, distribution, and sale of electricity in Turkey. The company generates electricity through hydroelectric and solar power plants. It is also involved in the provision of construction and contracting services for superstructure and infrastructure projects, including mass housing, office buildings, commercial centers, shopping malls, factories, luxury hotels, and holiday resorts, as well as infrastructure, canal, sewer, and tunnel construction projects; and the supply and sale of construction raw materials, intermediate materials, and supplies. The company was formerly known as Utopya Turizm Insaat Isletmecilik Ticaret A.S. and changed its name to Zedur Enerji Elektrik Üretim Anonim Sirketi in September 2022. Zedur Enerji Elektrik Üretim Anonim Sirketi was founded in 1980 and is headquartered in Ankara, Turkey.

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

Revenue & earnings trend

FY2020 – FY2024 · reported fiscal years

Zedur Enerji Elektrik Üretim Anonim Sirketi primarily reported revenue of 140M TRY in FY2024 versus 50.7M TRY in FY2020, a compound +28.9%/yr. Reported net income was 77.2M TRY in FY2024.

Growth Quality 60/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2024)
140M TRY
Latest YoY
−0.2%
Avg. growth/yr (5Y)
+7.0%
Revenue +28.9%/yr
FY20 50.7M TRY
FY21 15.3M TRY
FY22 144M TRY
FY23 140M TRY
FY24 140M TRY
Net income
FY20 −46.1M TRY
FY21 272M TRY
FY22 191M TRY
FY23 281M TRY
FY24 77.2M TRY

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Cite: Fair Value Calculator (2026). "Zedur Enerji Elektrik Üretim Anonim Sirketi primarily Fair Value". https://www.fairvalue-calculator.com/stock/ZEDUR

Peer Group

Conglomerates · 371 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 34 · Bottom 25%
Fair Value upside −4% · Above median
Return on assets -1% · Bottom 25%
Net margin (TTM) -36% · Bottom 25%
Operating margin (TTM) -66% · Bottom 25%
Revenue growth -10% · Bottom 25%
Debt / equity 0.10× · Lower than median

Valuation Multiples vs Conglomerates median · lower = cheaper

P/E (TTM) 17.7× · Pricier than median
P/S (TTM) 0.23× · Cheaper than median
P/FCF 0.4× · Cheaper than median
EV/EBITDA 10.1× · Pricier 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 28 / 15
FUTURE 0 / 15
PAST 0 / 19
HEALTH 95 / 89
DIVIDEND 0 / 40

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.

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Frequently asked questions

Is Zedur Enerji Elektrik Üretim Anonim Sirketi primarily (ZEDUR) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of 7.51 TRY versus a price of 7.80 TRY, about −4% (fairly valued).
What is the fair value of ZEDUR?
Our model-based fair value for Zedur Enerji Elektrik Üretim Anonim Sirketi primarily is 7.51 TRY (as of Aug 2, 2026), built from audited fundamentals. The current price is 7.80 TRY.
What is the quality score of ZEDUR?
Zedur Enerji Elektrik Üretim Anonim Sirketi primarily has a Quality Score of 34/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Zedur Enerji Elektrik Üretim Anonim Sirketi primarily (ZEDUR)?
Zedur Enerji Elektrik Üretim Anonim Sirketi primarily reported trailing-twelve-month revenue of about 126M TRY (latest available figure, as of Aug 2, 2026).
What is the net profit margin of ZEDUR?
The net profit margin of Zedur Enerji Elektrik Üretim Anonim Sirketi primarily is about -36.0%, 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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