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Turkish (BIST) Market Analysis & Valuation

UpdatedJan 26, 2026
DataAggregated Company Financials
Companies583
  • 7D1.7%
  • 3M13.0%
  • 1Y37.5%
  • YTD10.6%

The market is up 1.7% over the last week, with the Industrials sector leading the way, up 2.9%. As for the past 12 months, the market is up 37%. As for the next few years, earnings are expected to grow by 45% per annum.

Trending IndustriesOil and GasSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 26 Jan 2026₺19.5t₺16.4t₺912.0b20.7x21.4x1.2x
Wed, 24 Dec 2025₺17.4t₺16.4t₺910.3b18.6x19.1x1.1x
Fri, 21 Nov 2025₺17.1t₺16.5t₺904.3b17.8x18.9x1x
Sun, 19 Oct 2025₺16.3t₺15.8t₺795.8b21.2x20.5x1x
Tue, 16 Sep 2025₺17.2t₺15.9t₺795.8b23.4x21.6x1.1x
Thu, 14 Aug 2025₺17.7t₺15.6t₺830.2b22x21.3x1.1x
Sat, 12 Jul 2025₺14.7t₺15.4t₺844.2b18.3x17.4x1x
Mon, 09 Jun 2025₺13.6t₺15.4t₺841.9b17.5x16.1x0.9x
Wed, 07 May 2025₺13.0t₺15.4t₺857.9b17.1x15.2x0.8x
Fri, 04 Apr 2025₺13.7t₺15.4t₺876.7b17.8x15.6x0.9x
Sun, 02 Mar 2025₺13.3t₺13.3t₺1.1t16x12.5x1x
Tue, 28 Jan 2025₺13.8t₺11.4t₺1.2t15.5x11.2x1.2x
Thu, 26 Dec 2024₺13.4t₺11.4t₺1.2t15.6x10.9x1.2x
Sat, 23 Nov 2024₺13.1t₺11.4t₺1.2t15.2x10.6x1.1x
Mon, 21 Oct 2024₺12.1t₺11.6t₺1.4t14.6x8.9x1x
Wed, 18 Sep 2024₺13.3t₺11.6t₺1.4t16.1x9.6x1.1x
Fri, 16 Aug 2024₺13.3t₺11.6t₺1.4t16.7x9.5x1.1x
Sun, 14 Jul 2024₺14.5t₺11.2t₺1.4t16.2x10.2x1.3x
Tue, 11 Jun 2024₺13.7t₺11.1t₺1.4t15.8x9.8x1.2x
Thu, 09 May 2024₺14.4t₺20.8t₺1.7t15.7x8.3x0.7x
Sat, 06 Apr 2024₺13.0t₺10.2t₺1.4t14.9x9x1.3x
Mon, 04 Mar 2024₺12.7t₺8.5t₺1.4t16.5x9.3x1.5x
Wed, 31 Jan 2024₺11.3t₺8.2t₺1.4t13.6x8.2x1.4x
Fri, 29 Dec 2023₺9.9t₺8.2t₺1.4t11.3x7.3x1.2x
Sun, 26 Nov 2023₺11.1t₺8.2t₺1.3t13.6x8.2x1.4x
Tue, 24 Oct 2023₺10.8t₺7.3t₺1.1t14.5x9.4x1.5x
Thu, 21 Sep 2023₺9.8t₺7.2t₺1.1t14x8.6x1.4x
Sat, 19 Aug 2023₺10.0t₺7.1t₺1.1t13.4x8.9x1.4x
Mon, 17 Jul 2023₺7.3t₺6.7t₺1.1t11.9x6.9x1.1x
Wed, 14 Jun 2023₺6.2t₺6.6t₺1.1t9.5x5.8x0.9x
Fri, 12 May 2023₺5.4t₺6.5t₺1.1t7.9x5.1x0.8x
Sun, 09 Apr 2023₺5.5t₺5.9t₺1.0t8.9x5.5x0.9x
Tue, 07 Mar 2023₺5.9t₺5.7t₺928.7b10.6x6.4x1x
Thu, 02 Feb 2023₺5.2t₺5.0t₺699.2b11.1x7.5x1x
Price to Earnings Ratio

7.5x


Total Market Cap: ₺5.2tTotal Earnings: ₺699.2bTotal Revenue: ₺5.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Turkish Market Price to Earnings3Y Average 11.9x202420252026
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 21.4x which is higher than its 3-year average PE of 11.9x.
Past Earnings Growth
  • The earnings for Turkish listed companies have grown 9.3% 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 Market1.71%
Telecom4.76%
Materials4.15%
Energy2.16%
Financials1.77%
Utilities1.60%
Industrials1.53%
Consumer Discretionary1.23%
Consumer Staples0.96%
Tech0.82%
Real Estate-0.33%
Healthcare-2.16%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 91.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 65.6% which is higher than its past year's earnings decline of 44.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Discretionary sector, expecting annual earnings growth of 69% over the next 5 years.
  • This is better than its past earnings decline of 42% per year.
  • In contrast, the Tech sector is expected to see its earnings grow by 7.0% 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₺441.0020.8%
+₺123.5b		1,345.0%PE462.4xIndustrials
QNBTR QNB Bank₺474.752.5%
+₺39.4b		72.6%PB10.4xFinancials
HALKB Türkiye Halk Bankasi₺45.0210.3%
+₺30.2b		145.6%PB1.6xFinancials
LYDHO Lydia Holding₺181.404.6%
+₺27.8b		73.3%PE7912.1xReal Estate
GUBRF Gübre Fabrikalari Türk Anonim Sirketi₺448.2522.6%
+₺27.4b		60.1%PE24.6xMaterials
See more

Market Insights

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GENIL
₺136.20
Gen Ilac Ve Saglik Urunleri Sanayi Ve Ticaret Anonim Sirketi
7D
-15.4%
1Y
14.6%
GUBRF
₺448.25
Gübre Fabrikalari Türk Anonim Sirketi
7D
22.6%
1Y
60.1%
GARAN
₺151.30
Turkiye Garanti Bankasi
7D
4.5%
1Y
14.4%

GARAN: Higher Revenue Assumptions Will Be Offset By Weaker Profitability

Analysts have raised their fair value estimate for Turkiye Garanti Bankasi from about ₺109.79 to around ₺132.16. They cite updated assumptions for revenue growth, profit margins and future P/E multiples as the main factors behind this change.
VAKBN
₺34.44
Türkiye Vakiflar Bankasi Türk Anonim Ortakligi
7D
7.4%
1Y
32.9%

VAKBN: Lower Discount Rate And Higher Margins Will Support Future Upside

Analysts have lifted their price target on Türkiye Vakiflar Bankasi Türk Anonim Ortakligi from ₺34.62 to ₺38.92, citing updated assumptions around a lower discount rate, adjusted revenue growth, improved profit margin expectations, and a slightly lower future P/E multiple. Valuation Changes The Fair Value Estimate increased from TRY34.62 to TRY38.92, indicating a higher assessed intrinsic value per share under the updated assumptions.
HALKB
₺45.02
Türkiye Halk Bankasi
7D
10.3%
1Y
145.6%

HALKB: Higher Required Return Will Likely Cap Future Share Price Upside

Analysts have lifted their price target range for Türkiye Halk Bankasi, citing updated assumptions that include a fair value estimate of 30.655, a discount rate of 33.88759050155605%, revenue growth of 48.363025322277785%, a profit margin of 20.106328557268707%, and a forward P/E of 7.129084662912808. Valuation Changes Fair Value Estimate: updated from TRY 30.655 to TRY 34.69333, reflecting a moderate upward revision in the modelled fair value range.
LYDHO
₺181.40
Lydia Holding
7D
4.6%
1Y
73.3%
ISCTR
₺15.20
Türkiye Is Bankasi
7D
7.2%
1Y
4.8%

ISCTR: Higher Margin Outlook And Lower P/E Will Support Fair Pricing

Analysts have trimmed their fair value estimate for Türkiye Is Bankasi from ₺13.92 to about ₺13.50, pointing to updated assumptions around slightly lower revenue growth, a higher profit margin and a reduced future P/E multiple. Valuation Changes Fair Value Estimate trimmed slightly from ₺13.92 to about ₺13.50 per share.
CCOLA
₺70.50
Coca-Cola Içecek Anonim Sirketi
7D
-4.8%
1Y
17.7%
QNBTR
₺474.75
QNB Bank
7D
2.5%
1Y
72.6%
BIMAS
₺628.50
BIM Birlesik Magazalar
7D
-2.9%
1Y
22.3%

BIMAS: Steady Assumptions And Upcoming Meeting Will Support Further Upside

Analysts have kept their fair value estimate for BIM Birlesik Magazalar steady at ₺754.75, with only small tweaks to the discount rate, profit margin, and future P/E assumptions shaping this latest narrative update. What's in the News BIM Birlesik Magazalar A.S. has scheduled a Special or Extraordinary Shareholders Meeting for December 19, 2025 (Key Developments).
ASELS
₺300.75
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi
7D
-2.7%
1Y
253.2%
OTKAR
₺418.25
Otokar Otomotiv ve Savunma Sanayi
7D
-12.3%
1Y
0.6%
EFOR
₺23.04
Efor Yatirim Sanayi Ticaret Anonim Sirketi
7D
-12.4%
1Y
116.5%
KLRHO
₺441.00
Kiler Holding Anonim Sirketi
7D
20.8%
1Y
1,345.0%
HEDEF
₺56.45
Hedef Holding
7D
-5.9%
1Y
1,209.7%
INVES
₺285.75
Investco Holding
7D
-11.3%
1Y
3.6%