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Hedef Holding (HEDEF) Fair Value & Analysis

Financial Services · TR · Market cap 802B TRY

HH Hedef Holding HEDEF · IS
Price267.25 TRY
Fair Value321.44 TRY
Upside+20.3%
Quality58/100
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Mixed Growth
Highly profitable · 66.0% net margin
generates free cash flow
Ranks above peers (6/9)
Wide moat 92/100
Evidence: High Range 158.57 TRY – 648.62 TRY Share as image

Fair value as of: Aug 13, 2026

From 11 valuation models · updated today

Fair value updated Aug 13, 2026, revised from 320.98 TRY to 321.44 TRY (+0.1%) since Aug 8, 2026. Share price +46.2% over the past month.

A solid business, screening 20% undervalued on our models.

What matters now

  • The model range is unusually wide (158.57 TRY to 648.62 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

366.00 TRY 0.2235 TRY Fair Value 321.44 TRY Oct 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

57‑month range 0.2235 TRY – 366.00 TRY · fair‑value band 158.57 TRY – 648.62 TRY · the 267.25 TRY price screens below the 321.44 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Hedef Holding (HEDEF) currently trades at 267.25 TRY, while our model-based Fair Value estimate is 321.44 TRY, implying the stock looks roughly 20.3% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Financial Services 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: high), always confirm before acting.

Over the trailing twelve months, Hedef Holding generated revenue of 2.6B TRY at a net margin of 66.0%. It earns a return on equity of 39.9%. Fundamentals as of Aug 13, 2026

Our scenario range runs from 158.57 TRY (bear case) to 648.62 TRY (bull case); at 267.25 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 33% below its 52-week high. For context, the median of 10 Financial Services peers we cover trades at -60% fair-value upside, at 20%, HEDEF 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 39.64 TRY 82.15 TRY 154.27 TRY 72
Rev-Margin DCF 65.91 TRY 126.57 TRY 253.14 TRY 67
P/E Multiple 241.20 TRY 321.44 TRY 402.16 TRY 63
All 11 models by family
DCF Models
Owner Earnings 414.58 TRY 971.48 TRY 2,193 TRY 31
5Y P/E Exit 197.26 TRY 494.34 TRY 907.96 TRY 38
10Y P/E Exit 159.05 TRY 439.89 TRY 924.20 TRY 35
Earnings-Based
Graham-Dodd 168.12 TRY 1,174 TRY 1,647 TRY 54
Lynch FV 606.10 TRY 865.93 TRY 1,126 TRY 50
Multiples
P/E Multiple 241.20 TRY 321.44 TRY 402.16 TRY 63
P/B Multiple 96.48 TRY 128.48 TRY 160.48 TRY 55
Asset-Based
NCAV (Graham) 45.85 TRY 61.61 TRY 91.70 TRY 50
Growth DCF
Growth DCF 39.64 TRY 82.15 TRY 154.27 TRY 72
Rev-Margin DCF 65.91 TRY 126.57 TRY 253.14 TRY 67
Economic Profit
Residual Income 182.93 TRY 250.27 TRY 1,843 TRY 61

Widest divergence: Earnings-Based (865.93 TRY) versus Asset-Based (61.61 TRY). Highest evidence: Growth DCF (72).

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Key figures & financial health

Revenue (TTM) 2.6B TRY
Revenue growth (YoY) +316%
Net margin 66.0%
Return on equity 39.9%
Free cash flow 147M TRY FY2025
P/E ratio 453.0
More key figures
Operating margin 116%
EPS (TTM) 0.5900 TRY
EPS growth (YoY) +391%

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

Quality Score breakdown

Overall quality 58/100

Of which business quality 54 · Market factors (momentum, volatility) 74

Profitability 64
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 42
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 26
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 83
Distance to the 52-week high (market factor)
Net Issuance 20
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

Hedef Holding A.S, an investment company, engages in the investment business in Turkey. The company offers investment consultancy, portfolio management, and corporate finance services to individual and corporate investors; and brokerage services capital market instruments.

Full company description

Hedef Holding A.S, an investment company, engages in the investment business in Turkey. The company offers investment consultancy, portfolio management, and corporate finance services to individual and corporate investors; and brokerage services capital market instruments. It also manages portfolios of domestic and foreign investment funds, investment partnerships, domestic and foreign private and legal entities, and investment companies. The company serves finance, technology, fintech, healthcare, energy, real estate, and other sectors. Hedef Holding A.S was founded in 1996 and is headquartered in Istanbul, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hedef Holding reported revenue of 2.6B TRY in FY2025 versus 88.7M TRY in FY2021, a compound +133.2%/yr. Reported net income was 1.6B TRY in FY2025, compounding +115.6%/yr from FY2021.

Growth Quality 71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
2.6B 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.
+17.9%
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.
+56.1%
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.
+80.6%
Revenue +133.2%/yr
FY21 88.7M TRY
FY22 1.6B TRY
FY23 1.1B TRY
FY24 190M TRY
FY25 2.6B TRY
Net income +115.6%/yr
FY21 71.9M TRY
FY22 1.3B TRY
FY23 −1.2B TRY
FY24 −1.7B TRY
FY25 1.6B TRY

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Cite: Fair Value Calculator (2026). "Hedef Holding Fair Value". https://www.fairvalue-calculator.com/stock/HEDEF

Peer Group

Asset Management · 690 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 57 · Below median
Fair Value upside +20% · Above median
Return on equity (TTM) 40% · Top 25%
Return on assets 30% · Top 25%
Net margin (TTM) 66% · Top 25%
Operating margin (TTM) 116% · Top 25%
Revenue growth 316% · Top 25%

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 453.0× · Pricier than 75% of peers
P/FCF 113.8× · 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 60 · sector 36
FUTURE 100 · sector 14
PAST 100 · sector 24
HEALTH 0 · sector 95
DIVIDEND 0 · sector 68

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 Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
BlackRock, Inc BLK $1,161 $465.75 -60%
Blackstone Inc BX $146.41 $52.88 -64%
Investor AB INVEB kr 417.90 kr 835.80 +100%
Brookfield Corporation BN C$62.41 C$7.74 -88%
AB Industrivärden INDUA kr 544.00 kr 375.93 -31%
ICICIAMC ICICIAMC ₹3,077 ₹1,132 -63%
Jio Financial Services Limited JIOFIN ₹256.05 ₹171.84 -33%
Bajaj Holdings BAJAJHLDNG ₹11,579 ₹11,257 -3%
HDFC Asset Management Company HDFCAMC ₹2,490 ₹866.78 -65%
Nippon Life Asset Management Limited NAMINDIA ₹1,182 ₹311.00 -74%

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Frequently asked questions

Is Hedef Holding (HEDEF) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 321.44 TRY versus a price of 267.25 TRY, about +20% (undervalued).
What is the fair value of HEDEF?
Our model-based fair value for Hedef Holding is 321.44 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 267.25 TRY.
What is the quality score of HEDEF?
Hedef Holding has a Quality Score of 58/100. 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 Hedef Holding (HEDEF)?
Hedef Holding reported trailing-twelve-month revenue of about 2.6B TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of HEDEF?
The net profit margin of Hedef Holding is about 66.0%, meaning it keeps roughly 66.0% 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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