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Enerjisa Enerji AS (ENJSA) Fair Value & Analysis

Utilities · TR · Market cap 134B TRY (≈ $2.8B) · ISIN TREENSA00014

What is Enerjisa Enerji AS really worth?

EE Enerjisa Enerji AS ENJSA · IS
Price113.70 TRY
Fair Value52.64 TRY
Upside−53.7%
Quality53/100

A solid business, but trading 116% above our fair value of 52.64 TRY.

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Strengths

✓Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +60.7 %/yr)
!Thin margins · 2.3% net margin
!Mixed vs. peers (8/14)
!Narrow moat 39/100
!Weak on past: 23 out of 100

For context

·4.47% dividend yield
Evidence: High Range 52.64 TRY – 60.41 TRY

Fair value as of: Sep 3, 2026

From 26 valuation models · updated yesterday

Share price +0.6% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (60.41 TRY). The favourable scenario is already priced in.
  • Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
  • The models converge in a tight band (52.64 TRY to 60.41 TRY), unusually little disagreement for a valuation.

Price vs Fair Value (5 years)

127.00 TRY 7.48 TRY Fair Value 52.64 TRY May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range 7.48 TRY – 127.00 TRY · fair‑value band 52.64 TRY – 60.41 TRY · the 113.70 TRY price screens above the 52.64 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

Full chart & analysis →

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Analysis

Enerjisa Enerji AS (ENJSA) currently trades at 113.70 TRY, while our model-based Fair Value estimate is 52.64 TRY, implying the stock looks roughly 116.0% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Utilities sector. Bull case: the Growth Earnings group reads highest at a median of 117.45 TRY per share, and 17 of the 26 models we run sit above the 113.70 TRY price. Bear case: the Multiples group reads lowest at 48.33 TRY, and 9 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Enerjisa Enerji AS generated revenue of 228B TRY at a net margin of 2.3%. Revenue declined 7.7% year over year. It earns a return on equity of 5.8%. Net debt stands at 63.0B TRY. Fundamentals as of Sep 3, 2026

Our scenario range runs from 52.64 TRY (bear case) to 60.41 TRY (bull case); at 113.70 TRY, the current price sits above 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 11% below its 52-week high and 82% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −37% fair-value upside, at −54%, ENJSA screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
EPV 222.64 TRY 264.01 TRY 300.20 TRY 74
Residual Income 59.84 TRY 59.33 TRY 52.09 TRY 74
FCF DCF 509.89 TRY 816.99 TRY 1,795 TRY 72
All 26 models by family
DCF Models
FCF DCF 509.89 TRY 816.99 TRY 1,795 TRY 72
Owner Earnings 62.30 TRY 174.39 TRY 409.71 TRY 66
5Y Revenue Exit 334.24 TRY 578.32 TRY 1,088 TRY 67
5Y EBITDA Exit 315.56 TRY 540.54 TRY 980.32 TRY 70
5Y P/E Exit 148.38 TRY 245.17 TRY 356.86 TRY 68
10Y Revenue Exit 379.82 TRY 820.47 TRY 1,087 TRY 64
10Y EBITDA Exit 378.16 TRY 780.24 TRY 1,451 TRY 63
10Y P/E Exit 256.17 TRY 420.25 TRY 643.09 TRY 61
Earnings-Based
Graham-Dodd 18.26 TRY 127.33 TRY 178.69 TRY 61
Lynch FV 65.78 TRY 93.98 TRY 122.17 TRY 59
PEG = 1.0 65.78 TRY 93.98 TRY 122.17 TRY 55
EPV 222.64 TRY 264.01 TRY 300.20 TRY 74
Dividend Discount
Gordon GGM 31.34 TRY 65.16 TRY 103.37 TRY 64
DDM Multi-Stage 31.34 TRY 54.94 TRY 68.39 TRY 64
Multiples
P/E Multiple 36.25 TRY 48.33 TRY 60.41 TRY 63
P/S Multiple 34.23 TRY 45.65 TRY 57.06 TRY 58
P/B Multiple 34.23 TRY 45.65 TRY 57.06 TRY 55
EV/EBIT 300.20 TRY 408.80 TRY 517.39 TRY 66
EV/EBITDA 232.03 TRY 317.90 TRY 403.77 TRY 67
EV/Revenue 237.94 TRY 350.88 TRY 463.82 TRY 53
Asset-Based
NCAV (Graham) 40.54 TRY 54.33 TRY 81.09 TRY 54
Growth DCF
Growth DCF 478.07 TRY 974.07 TRY 1,787 TRY 72
Rev-Margin DCF 370.56 TRY 665.54 TRY 1,284 TRY 67
Economic Profit
Residual Income 59.84 TRY 59.33 TRY 52.09 TRY 74
ROIC Compounder 316.22 TRY 533.50 TRY 694.61 TRY 69
Growth Earnings
Growth-Adj P/E 82.21 TRY 117.45 TRY 152.68 TRY 65

Widest divergence: Growth DCF (665.54 TRY) versus Multiples (48.33 TRY). Highest evidence: EPV (74).

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Key figures & financial health

P/E ratio 25.7
P/S ratio 0.35 P/E × margin
EPS (TTM) 4.42 TRY price ÷ EPS = P/E 25.7
Dividend yield 4.5% payout 115%
Net margin 1.4% FY2025
Return on equity 5.8% TTM
More key figures
Profitability
Return on assets (EBIT) 14.3% avg 5y
Operating margin 16.0% TTM
Growth
Revenue (TTM) 228B TRY TTM
Revenue growth (YoY) −7.7% 3y avg +40.3%
EPS growth (YoY) +20.5%
Balance sheet & cash flow
Free cash flow 37.6B TRY FY2025
Net debt 63.0B TRY FY2025 · ≈ 1.7 yrs of FCF

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 55 · Market factors (momentum, volatility) 77

Profitability 37
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 38
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 70
Price trend over the last 3–12 months (market factor)
52W Momentum 89
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Enerjisa Enerji A.S., together with its subsidiaries, engages in the electricity business in Turkey. It operates through three segments: Electricity Distribution, Retail, and Customer Solutions.

Full company description

Enerjisa Enerji A.S., together with its subsidiaries, engages in the electricity business in Turkey. It operates through three segments: Electricity Distribution, Retail, and Customer Solutions. The company engages in the transmission of electricity over lines to the end users through distribution networks; retail sale of electricity; and provision of renewable energy and energy efficiency solutions. It is also involved in the operation of charging network for electric vehicles; supply of charging station equipment; and vehicle leasing and fleet services. The company was incorporated in 2011 and is headquartered in Istanbul, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Enerjisa Enerji AS reported revenue of 233B TRY in FY2025 versus 30.5B TRY in FY2021, a compound +66.2%/yr. Reported net income was 3.2B TRY in FY2025, compounding +8.6%/yr from FY2021.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
233B TRY
Latest YoY
−6.6%
Avg. revenue 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.
+40.3%
Avg. revenue 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.
+60.7%
Avg. revenue growth/yr (12Y) ⓘ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.
+34.4%
Value creation/yr (5Y, in TRY) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+28.4% (23.9 + 4.5)
Revenue +66.2%/yr
FY21 30.5B TRY
FY22 84.4B TRY
FY23 169B TRY
FY24 249B TRY
FY25 233B TRY
Net income +8.6%/yr
FY21 2.3B TRY
FY22 14.5B TRY
FY23 4.5B TRY
FY24 −6.4B TRY
FY25 3.2B TRY

ENJSA screens 116% overvalued. Compare with NextEra Energy, Inc →

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Enerjisa Enerji AS · Fair Value
52.64 TRY −116%Fair Value
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Cite: Fair Value Calculator (2026). "Enerjisa Enerji AS Fair Value". https://www.fairvalue-calculator.com/stock/ENJSA

Peer Group

Utilities - Regulated Electric · 153 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 53 · Above median
Fair Value upside −54% · Bottom 25%
Return on equity (TTM) 6% · Bottom 25%
Return on assets 9% · Top 25%
Net margin (TTM) 2% · Bottom 25%
Operating margin (TTM) 16% · Below median
Revenue growth −8% · Bottom 25%
Dividend yield (TTM) 4.5% · Top 25%
Debt / equity 0.35× · Lower than median

Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper

P/E (TTM) 25.7× · Pricier than 75% of peers
P/B 1.40× · Cheaper than median
P/S (TTM) 0.59× · Cheaper than 75% of peers
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 4.5× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE0 · sector 32
PAST23 · sector 39
HEALTH82 · sector 52
DIVIDEND89 · sector 65

VALUE 0: the price sits above our fair-value range.

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

Similar stocks

10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
NextEra Energy, Inc NEE $83.47 $32.94 −61%
The Southern Company SO $88.25 $58.81 −33%
Duke Energy Corporation DUK $120.25 $74.89 −38%
National Grid plc NGG $80.68 $63.94 −21%
American Electric Power Company AEP $122.96 $77.23 −37%
Dominion Energy, Inc D $66.01 $46.34 −30%
Entergy Corporation ETR $105.75 $52.92 −50%
Xcel Energy Inc XEL $76.34 $44.61 −42%
Exelon Corporation EXC $43.96 $37.60 −14%
Endesa, S.A ELE €42.30 €25.72 −39%

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Frequently asked questions

Is Enerjisa Enerji AS (ENJSA) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of 52.64 TRY versus a price of 113.70 TRY, about −54% upside (overvalued).
What is the fair value of ENJSA?
Our model-based fair value for Enerjisa Enerji AS is 52.64 TRY (as of Sep 3, 2026), built from audited fundamentals. The current price: 113.70 TRY.
What is the quality score of ENJSA?
Enerjisa Enerji AS has a Quality Score of 53/100. 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 Enerjisa Enerji AS (ENJSA)?
Enerjisa Enerji AS reported trailing-twelve-month revenue of about 228B TRY (latest available figure, as of Sep 3, 2026).
What is the net profit margin of ENJSA?
The net profit margin of Enerjisa Enerji AS is about 2.3%, meaning it keeps roughly 2.3% of revenue as net income. Based on the latest reported figures.
Does Enerjisa Enerji AS pay a dividend?
Enerjisa Enerji AS currently shows a dividend yield of about 4.47% relative to its recent price (as of Sep 3, 2026).
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