D-Market Elektronik Hizmetler ve Ticaret A.S. stock: fair value
HEPSThe fair value of D-Market Elektronik Hizmetler ve Ticaret A.S. under our model is $10.29, the price is 74% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Possible value trapIn our model the price counts as cheap below $7.35 and expensive above $17.14 (uncertainty high, based on the price swings of the past year).
Calculated with a cost of equity of 12.3%. At 13.3% the fair value would be $9.03, at 11.3% it would be $11.89.
Possible value trap: looks cheap, but score below 50, weak balance sheet.
Where the number comes from
From the cash-flow model alone; without earnings there is no industry value.
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.8%. Discounted at 12.3% (government bond yield 3.8% plus beta 0.96 times a risk premium of 8.9%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $10.29 per share: free cash flow for the next ten years, each year discounted to today at 12.3%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 12.3%) |
|---|---|---|---|---|
| 2026 | $130.86M | extrapolated at 68.8% | 0.8902 | $116.49M |
| 2027 | $195.36M | extrapolated at 49.3% | 0.7924 | $154.81M |
| 2028 | $265M | extrapolated at 35.7% | 0.7054 | $186.94M |
| 2029 | $334.18M | extrapolated at 26.1% | 0.6280 | $209.85M |
| 2030 | $399.08M | extrapolated at 19.4% | 0.5590 | $223.09M |
| 2031 | $457.92M | extrapolated at 14.7% | 0.4976 | $227.87M |
| 2032 | $510.45M | extrapolated at 11.5% | 0.4430 | $226.11M |
| 2033 | $557.29M | extrapolated at 9.2% | 0.3943 | $219.76M |
| 2034 | $599.5M | extrapolated at 7.6% | 0.3510 | $210.44M |
| 2035 | $638.17M | extrapolated at 6.5% | 0.3125 | $199.42M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $1.97B |
| Terminal value: cash flow 2035 × (1 + 3.8%) / (12.3% − 3.8%) | $7.79B |
| Present value of terminal value (× 0.3125) | $2.43B |
| Equity value (sum plus present value of terminal value) | $4.41B |
| Shares (diluted) | 428.64M |
| Value per share (equity value divided by shares) | $10.29 |
| Fair value (from the cash flow model alone) | $10.29 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = TRY 50.2577)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Weak, published since 7 Nov 2026 (in the score history since 25 Apr 2025)
- Valuation signal Fairly valued since 11 Nov 2026, previously Overvalued
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.