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Haci Omer Sabanci Holding AS (SAHOL) Fair Value & Analysis

Financial Services · TR · Market cap 175B TRY (≈ $3.6B) · ISIN TRASAHOL91Q5

What is Haci Omer Sabanci Holding AS really worth?

HO Haci Omer Sabanci Holding AS SAHOL · IS
Price92.60 TRY
Fair Value23.95 TRY
Upside−74.1%
Quality40/100

Below-average quality, and trading another 287% above our fair value of 23.95 TRY.

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Strengths

Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +68.8 %/yr)
!Thin margins · 3.1% net margin
!Trails peers (5/14)
!Narrow moat 42/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 10 out of 100
Evidence: Medium Range 17.97 TRY – 29.94 TRY

Fair value as of: Aug 22, 2026

From 4 valuation models · updated 14 days ago

Share price +9.6% over the past month.

What runs behind every stock

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

What matters now

  • The price sits above even our optimistic bull case (29.94 TRY). The favourable scenario is already priced in.
  • Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

110.82 TRY 6.96 TRY Fair Value 23.95 TRY May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.

How to read this chart

60‑month range 6.96 TRY – 110.82 TRY · fair‑value band 17.97 TRY – 29.94 TRY · the 92.60 TRY price screens above the 23.95 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 22, 2026.

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Analysis

Haci Omer Sabanci Holding AS (SAHOL) currently trades at 92.60 TRY, while our model-based Fair Value estimate is 23.95 TRY, implying the stock looks roughly 286.7% overvalued today. The Quality Score stands at 40/100 (below-average quality), in the Financial Services sector. Bull case: the Asset-Based group reads highest at a median of 117.04 TRY per share, and 2 of the 4 models we run sit above the 92.60 TRY price. Bear case: the Multiples group reads lowest at 23.85 TRY, and 2 of the 4 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Haci Omer Sabanci Holding AS generated revenue of 260B TRY at a net margin of 3.1%. Revenue grew 7.4% year over year. It earns a return on equity of 2.4%. Net debt stands at 9.4B TRY. Fundamentals as of Aug 22, 2026

Our scenario range runs from 17.97 TRY (bear case) to 29.94 TRY (bull case); at 92.60 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 18% below its 52-week high and 27% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −74%, SAHOL screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 2.62 TRY per share, which is 10.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

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
Residual Income best evidence 119.44 TRY 110.85 TRY 81.25 TRY 76
P/E Multiple 17.89 TRY 23.85 TRY 29.81 TRY 63
P/B Multiple 23.39 TRY 31.19 TRY 38.98 TRY 55
All 4 models by family
Multiples
P/E Multiple 17.89 TRY 23.85 TRY 29.81 TRY 63
P/B Multiple 23.39 TRY 31.19 TRY 38.98 TRY 55
Asset-Based
NCAV (Graham) 87.34 TRY 117.04 TRY 174.69 TRY 54
Economic Profit
Residual Income best evidence 119.44 TRY 110.85 TRY 81.25 TRY 76

Widest divergence: Asset-Based (117.04 TRY) versus Multiples (23.85 TRY). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 23.9
P/S ratio 0.17 P/E × margin
EPS (TTM) 3.87 TRY price ÷ EPS = P/E 23.9
Net margin 0.7% FY2025
Return on equity 2.4% TTM
Return on assets (EBIT) 2.0% avg 5y
More key figures
Profitability
Operating margin 28.4% TTM
Growth
Revenue (TTM) 260B TRY TTM
Revenue growth (YoY) +7.4% 3y avg +46.4%
EPS growth (YoY) +58.9%
Balance sheet & cash flow
Free cash flow 51.8B TRY FY2025
Net debt 9.4B TRY FY2020 · ≈ 0.2 yrs of FCF

Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 40/100

Of which business quality 45 · Market factors (momentum, volatility) 49

Profitability 11
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 25
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 41
Distance to the 52-week high (market factor)
Net Issuance 77
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

Haci Ömer Sabanci Holding A.S., together with its subsidiaries, engages in the management and coordination of companies in the finance, manufacturing, and trade sectors in Turkey and internationally. The company operates through six segments: Banking, Financial Services, Energy, Material Technologies, Digital, and Others.

Full company description

Haci Ömer Sabanci Holding A.S., together with its subsidiaries, engages in the management and coordination of companies in the finance, manufacturing, and trade sectors in Turkey and internationally. The company operates through six segments: Banking, Financial Services, Energy, Material Technologies, Digital, and Others. It offers corporate, retail, investment, private, and digital banking services, as well as payment systems, insurance products, and private pension plans; and generates, distributes, and digitalizes electricity from wind, solar, hydroelectric, and other renewable energy sources. The company also provides alternative fuels, building materials, and white cement, as well as mobility solutions and tire reinforcement services; and engages in digital marketing technologies and services, cloud and technology services, and digital transformation products. In addition, it is involved in the trading of various products; after-sales, service, and spare parts activities for passenger and commercial vehicles; retailing of consumer electronics, imaging, information technology, telecommunications products, and home appliances; and operation of hotel chains. The company was incorporated in 1967 and is headquartered in Istanbul, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Haci Omer Sabanci Holding AS reported revenue of 532B TRL in FY2025 versus 61.4B TRL in FY2021, a compound +71.6%/yr. Reported net income was 3.8B TRL in FY2025, compounding −25.1%/yr from FY2021.

Growth Quality 76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
532B TRY
Latest YoY
−1.9%
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.
+46.4%
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.
+68.8%
Avg. revenue growth/yr (25Y) 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.
−29.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−4.7% (−4.7 + 0.0)
Revenue +71.6%/yr
FY21 61.4B TRL
FY22 170B TRL
FY23 523B TRL
FY24 543B TRL
FY25 532B TRL
Net income −25.1%/yr
FY21 12.0B TRL
FY22 43.8B TRL
FY23 22.3B TRL
FY24 −20.3B TRL
FY25 3.8B TRL

SAHOL screens 287% overvalued. Compare with DBS Group →

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Cite: Fair Value Calculator (2026). "Haci Omer Sabanci Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/SAHOL

Peer Group

Banks - Regional · 1071 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 44 · Bottom 25%
Fair Value upside −74% · Bottom 25%
Return on equity (TTM) 2% · Bottom 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) 3% · Bottom 25%
Operating margin (TTM) 28% · Below median
Revenue growth 7% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.11× · Lower than median

Valuation Multiples vs Banks - Regional median · lower = cheaper

P/E (TTM) 23.9× · Pricier than 75% of peers
P/B 0.48× · Cheaper than 75% of peers
P/S (TTM) 0.67× · Cheaper than 75% of peers
P/FCF 0.1× · Cheaper than 75% of peers
PEG 0.59× · 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 33
FUTURE37 · sector 45
PAST10 · sector 41
HEALTH94 · sector 85
DIVIDEND0 · sector 51

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 Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).

Stock Price Fair Value vs Fair Value
DBS Group D05 75.65 SGD 40.48 SGD −46%
China Merchants Bank Co 3968 HK$47.96 HK$76.51 +60%
Intesa Sanpaolo S.p.A ISP €6.78 €5.66 −17%
HDFC Bank Limited HDB $23.17 $24.12 +4%
BNP Paribas SA BNP €102.56 €144.64 +41%
UniCredit S.p.A UCG €84.71 €77.62 −8%
Mizuho Financial Group MFG $10.74 $9.69 −10%
ICICI Bank Limited ICICIBANK ₹1,443 ₹835.21 −42%
Oversea-Chinese Banking Corporation O39 31.07 SGD 19.80 SGD −36%
CaixaBank, S.A CABK €13.52 €8.85 −35%

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Frequently asked questions

Is Haci Omer Sabanci Holding AS (SAHOL) overvalued or undervalued?
As of Aug 22, 2026, our model estimates a fair value of 23.95 TRY versus a price of 92.60 TRY, about −74% upside (overvalued).
What is the fair value of SAHOL?
Our model-based fair value for Haci Omer Sabanci Holding AS is 23.95 TRY (as of Aug 22, 2026), built from audited fundamentals. The current price: 92.60 TRY.
What is the quality score of SAHOL?
Haci Omer Sabanci Holding AS has a Quality Score of 40/100. 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 Haci Omer Sabanci Holding AS (SAHOL)?
Haci Omer Sabanci Holding AS reported trailing-twelve-month revenue of about 260B TRY (latest available figure, as of Aug 22, 2026).
What is the net profit margin of SAHOL?
The net profit margin of Haci Omer Sabanci Holding AS is about 3.1%, meaning it keeps roughly 3.1% of revenue as net income. Based on the latest reported figures.
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