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Turkish (BIST) Market Analysis & Valuation

UpdatedDec 08, 2025
DataAggregated Company Financials
Companies577
  • 7D0.3%
  • 3M3.9%
  • 1Y17.0%
  • YTD22.6%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 4.6%. Meanwhile, the market is actually up 17% over the past year. Earnings are forecast to grow by 46% annually.

Trending IndustriesOil and GasSoftwareRenewable Energy

Market Valuation and Performance

Has the Turkish Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 09 Dec 2025₺17.1t₺16.4t₺910.0b17.6x18.8x1x
Thu, 06 Nov 2025₺17.4t₺16.0t₺858.9b22.7x20.2x1.1x
Sat, 04 Oct 2025₺16.8t₺15.8t₺792.8b22.2x21.1x1.1x
Mon, 01 Sep 2025₺17.9t₺16.0t₺798.3b22.9x22.4x1.1x
Wed, 30 Jul 2025₺15.7t₺15.4t₺820.9b19.8x19.1x1x
Fri, 27 Jun 2025₺13.5t₺15.4t₺842.7b17.4x16x0.9x
Sun, 25 May 2025₺13.5t₺15.4t₺850.1b17.8x15.9x0.9x
Tue, 22 Apr 2025₺13.4t₺15.4t₺870.6b17.7x15.4x0.9x
Thu, 20 Mar 2025₺14.0t₺15.3t₺877.7b18.3x16x0.9x
Sat, 15 Feb 2025₺13.4t₺11.7t₺1.2t15.2x11.1x1.1x
Mon, 13 Jan 2025₺13.5t₺11.4t₺1.2t16.1x11.1x1.2x
Wed, 11 Dec 2024₺13.7t₺11.4t₺1.2t16.3x11.1x1.2x
Fri, 08 Nov 2024₺12.3t₺11.4t₺1.3t14.4x9.7x1.1x
Sun, 06 Oct 2024₺12.4t₺11.7t₺1.4t14.5x9.2x1.1x
Tue, 03 Sep 2024₺13.7t₺11.6t₺1.4t16.6x9.8x1.2x
Thu, 01 Aug 2024₺14.1t₺11.3t₺1.4t16.9x10x1.3x
Sat, 29 Jun 2024₺14.2t₺11.2t₺1.4t15.9x10x1.3x
Mon, 27 May 2024₺14.6t₺11.7t₺1.5t16.7x9.9x1.2x
Wed, 24 Apr 2024₺13.3t₺10.4t₺1.4t15.8x9.3x1.3x
Fri, 22 Mar 2024₺12.7t₺9.8t₺1.4t15.7x9.2x1.3x
Sun, 18 Feb 2024₺12.4t₺8.3t₺1.4t15.9x9.1x1.5x
Tue, 16 Jan 2024₺10.7t₺8.2t₺1.4t12.3x7.8x1.3x
Thu, 14 Dec 2023₺9.9t₺8.2t₺1.3t12x7.4x1.2x
Sat, 11 Nov 2023₺12.0t₺8.1t₺1.3t13.7x9.1x1.5x
Mon, 09 Oct 2023₺11.3t₺7.2t₺1.1t16.6x9.9x1.6x
Wed, 06 Sep 2023₺10.0t₺7.2t₺1.1t14.3x8.8x1.4x
Fri, 04 Aug 2023₺8.3t₺6.8t₺1.1t12.9x7.5x1.2x
Sun, 02 Jul 2023₺6.5t₺6.7t₺1.1t10.1x6.1x1x
Tue, 30 May 2023₺5.8t₺6.6t₺1.1t8.8x5.5x0.9x
Thu, 27 Apr 2023₺5.4t₺6.0t₺1.0t8.6x5.4x0.9x
Sat, 25 Mar 2023₺5.8t₺5.9t₺963.5b9.5x6x1x
Mon, 20 Feb 2023₺5.4t₺5.4t₺840.2b10.7x6.5x1x
Wed, 18 Jan 2023₺5.9t₺4.9t₺680.6b13x8.6x1.2x
Fri, 16 Dec 2022₺5.9t₺4.9t₺680.2b13.7x8.7x1.2x
Price to Earnings Ratio

8.7x


Total Market Cap: ₺5.9tTotal Earnings: ₺680.2bTotal Revenue: ₺4.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Turkish Market Price to Earnings3Y Average 11.4x202320242025
Current Market PE
  • Investors are optimistic on the Turkish market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 18.8x which is higher than its 3-year average PE of 11.4x.
Past Earnings Growth
  • The earnings for Turkish listed companies have grown 10% per year over the last three years.
  • Revenues for these companies have grown 49% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Turkish Market?

TR Market0.30%
Tech4.56%
Utilities3.40%
Materials2.55%
Energy1.89%
Industrials1.56%
Healthcare1.02%
Real Estate0.86%
Telecom0.82%
Consumer Staples0.59%
Consumer Discretionary-1.38%
Financials-1.77%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 84.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 58.7% which is higher than its past year's earnings decline of 44.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 104% over the next 5 years.
  • This is better than its past earnings decline of 56% per year.
  • In contrast, the Tech sector is expected to see its earnings grow by 7.6% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
KLRHO Kiler Holding Anonim Sirketi₺193.9021.8%
+₺56.4b		509.7%PE203.3xIndustrials
ASELS ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi₺193.703.5%
+₺29.6b		171.9%PE47.1xIndustrials
TERA Tera Yatirim Menkul Degerler₺304.2512.4%
+₺23.4b		4,471.4%PE6.1xFinancials
TRALT Turk Altin Isletmeleri₺41.4420.5%
+₺22.5b		70.4%PE29.6xMaterials
EFOR Efor Yatirim Sanayi Ticaret Anonim Sirketi₺31.9839.8%
+₺19.8b		307.0%PS7.4xConsumer Staples
See more

Market Insights

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TRALT
₺41.44
Turk Altin Isletmeleri
7D
20.5%
1Y
70.4%
DSTKF
₺566.00
Destek Finans Faktoring
7D
-35.7%
1Y
n/a
GARAN
₺141.20
Turkiye Garanti Bankasi
7D
-1.1%
1Y
7.0%

GARAN: Future Earnings Power Will Support Upside Despite Modest Margin Pressure

Analysts have modestly reduced their price target on Turkiye Garanti Bankasi by approximately $0.29, reflecting slightly lower fair value and profit margin assumptions, even though they now expect higher revenue growth and a marginally cheaper future P/E multiple. Valuation Changes The fair value estimate has edged down slightly from TRY 173.52 to approximately TRY 173.23, indicating a marginally lower intrinsic valuation.
THYAO
₺272.25
Türk Hava Yollari Anonim Ortakligi
7D
-1.5%
1Y
-9.4%

THYAO: Expanded European Partnerships Will Support Stronger Long Term Revenue Outlook

Analysts have modestly raised their price target on Türk Hava Yollari Anonim Ortakligi to TRY 478.72, citing slightly higher long term revenue growth and profit margin assumptions, along with a marginally lower discount rate that supports a stronger valuation multiple. What's in the News The board has approved the sale of Turkish Airlines' entire 49% stake in Air Albania, marking a full exit from the joint venture as the carrier reallocates capital to other European opportunities (regulatory filing).
HALKB
₺37.26
Türkiye Halk Bankasi
7D
-4.9%
1Y
124.5%

HALKB: Rising Discount Rate Will Limit Profit Margin Recovery

Analysts have raised their price target for Türkiye Halk Bankasi from ₺29.13 to ₺31.16, citing stronger-than-expected revenue growth and a slightly reduced profit margin outlook. Valuation Changes Fair Value has increased from TRY 29.13 to TRY 31.16.
SMRVA
₺439.75
Sumer Varlik Yonetim
7D
-11.7%
1Y
n/a
TERA
₺304.25
Tera Yatirim Menkul Degerler
7D
12.4%
1Y
4,471.4%
KLRHO
₺193.90
Kiler Holding Anonim Sirketi
7D
21.8%
1Y
509.7%
BIMAS
₺527.50
BIM Birlesik Magazalar
7D
-3.2%
1Y
0.3%

BIMAS: Expanding Profit Margins Will Support Further Share Price Strength

Analysts have raised their price target for BIM Birlesik Magazalar from ₺739.23 to ₺746.46, citing improved profit margins and a stable discount rate as key factors supporting the update. Valuation Changes Fair Value: Increased from TRY 739.23 to TRY 746.46 Discount Rate: Risen fractionally from 29.95% to 29.95% Revenue Growth: Decreased significantly from 17.69% to 13.20% Net Profit Margin: Increased from 4.85% to 5.27% Future P/E: Increased from 22.94x to 23.98x
FROTO
₺92.25
Ford Otomotiv Sanayi
7D
-4.6%
1Y
-7.0%
ASELS
₺193.70
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi
7D
3.5%
1Y
171.9%
EFOR
₺31.98
Efor Yatirim Sanayi Ticaret Anonim Sirketi
7D
39.8%
1Y
307.0%
ENKAI
₺81.10
Enka Insaat ve Sanayi
7D
2.3%
1Y
44.3%
SISE
₺41.52
Türkiye Sise Ve Cam Fabrikalari
7D
10.6%
1Y
-3.9%
QNBTR
₺487.00
QNB Bank
7D
-1.5%
1Y
75.0%
INVES
₺306.00
Investco Holding
7D
31.2%
1Y
-8.9%