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Turkish (BIST) Market Analysis & Valuation

UpdatedDec 22, 2025
DataAggregated Company Financials
Companies578
  • 7D-0.7%
  • 3M0.09%
  • 1Y26.8%
  • YTD24.9%

Over the last 7 days, the market has remained flat, although notably the Energy sector declined by 5.7%. More promisingly, the market is up 26% over the past year. As for the next few years, earnings are expected to grow by 47% 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, 22 Dec 2025₺17.5t₺16.4t₺910.5b18.5x19.2x1.1x
Wed, 19 Nov 2025₺17.1t₺16.6t₺904.0b17.7x18.9x1x
Fri, 17 Oct 2025₺16.5t₺15.8t₺795.4b21.1x20.7x1x
Sun, 14 Sep 2025₺16.0t₺15.9t₺796.7b22.5x20.1x1x
Tue, 12 Aug 2025₺18.3t₺15.5t₺824.0b22.4x22.3x1.2x
Thu, 10 Jul 2025₺14.5t₺15.4t₺844.1b18.3x17.1x0.9x
Sat, 07 Jun 2025₺13.6t₺15.4t₺839.8b18.1x16.2x0.9x
Mon, 05 May 2025₺13.2t₺15.4t₺858.1b17.6x15.4x0.9x
Wed, 02 Apr 2025₺13.8t₺15.4t₺875.7b17.5x15.8x0.9x
Fri, 28 Feb 2025₺13.3t₺13.1t₺1.2t15.7x11.5x1x
Sun, 26 Jan 2025₺13.8t₺11.4t₺1.2t16x11.2x1.2x
Tue, 24 Dec 2024₺13.2t₺11.4t₺1.2t15.4x10.7x1.2x
Thu, 21 Nov 2024₺12.5t₺11.4t₺1.2t14.8x10.2x1.1x
Sat, 19 Oct 2024₺12.2t₺11.6t₺1.4t14.6x9x1.1x
Mon, 16 Sep 2024₺13.2t₺11.6t₺1.4t16.2x9.5x1.1x
Wed, 14 Aug 2024₺13.2t₺11.6t₺1.4t16.4x9.4x1.1x
Fri, 12 Jul 2024₺14.4t₺11.2t₺1.4t16x10.2x1.3x
Sun, 09 Jun 2024₺13.7t₺11.1t₺1.4t15.9x9.7x1.2x
Tue, 07 May 2024₺14.3t₺10.6t₺1.4t15.3x9.9x1.3x
Thu, 04 Apr 2024₺12.2t₺10.2t₺1.4t14.1x9x1.2x
Sat, 02 Mar 2024₺12.7t₺8.5t₺1.4t16.5x9.3x1.5x
Mon, 29 Jan 2024₺11.1t₺8.2t₺1.4t13.7x8.2x1.4x
Wed, 27 Dec 2023₺9.6t₺8.2t₺1.4t11.2x7x1.2x
Fri, 24 Nov 2023₺11.0t₺8.2t₺1.3t13.5x8.2x1.3x
Sun, 22 Oct 2023₺10.4t₺7.3t₺1.1t14.1x9.1x1.4x
Tue, 19 Sep 2023₺9.6t₺7.2t₺1.1t13.6x8.5x1.3x
Thu, 17 Aug 2023₺10.2t₺7.1t₺1.1t13.5x9.2x1.4x
Sat, 15 Jul 2023₺7.3t₺6.7t₺1.1t11.9x6.9x1.1x
Mon, 12 Jun 2023₺6.3t₺6.6t₺1.1t9.6x6x1x
Wed, 10 May 2023₺5.1t₺6.4t₺1.0t7.8x4.9x0.8x
Fri, 07 Apr 2023₺5.5t₺5.9t₺1.0t8.8x5.5x0.9x
Sun, 05 Mar 2023₺5.8t₺5.7t₺906.0b10.6x6.4x1x
Tue, 31 Jan 2023₺5.6t₺5.0t₺685.7b12.1x8.2x1.1x
Thu, 29 Dec 2022₺6.0t₺4.9t₺680.5b13.6x8.8x1.2x
Price to Earnings Ratio

8.8x


Total Market Cap: ₺6.0tTotal Earnings: ₺680.5bTotal Revenue: ₺4.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Turkish Market Price to Earnings3Y Average 11.5x202320242025
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 19.2x which is higher than its 3-year average PE of 11.5x.
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 Market-0.73%
Industrials0.49%
Real Estate-0.0054%
Materials-0.042%
Utilities-0.17%
Tech-0.98%
Financials-1.16%
Consumer Discretionary-1.17%
Consumer Staples-1.19%
Telecom-2.97%
Healthcare-3.42%
Energy-5.73%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 86.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 58.8% 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 105% 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₺266.2514.3%
+₺54.0b		682.2%PE279.2xIndustrials
TRALT Turk Altin Isletmeleri₺42.2017.4%
+₺20.0b		92.7%PE30.2xMaterials
VAKBN Türkiye Vakiflar Bankasi Türk Anonim Ortakligi₺30.664.3%
+₺12.5b		35.1%PB1.1xFinancials
PEKGY Peker Gayrimenkul Yatirim Ortakligi Anonim Sirketi₺13.4014.8%
+₺8.7b		748.1%PB9.9xReal Estate
TURSG Türkiye Sigorta₺12.524.4%
+₺5.3b		60.5%PE7.1xFinancials
See more

Market Insights

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Latest News

AKBNK
₺71.80
Akbank T.A.S
7D
3.2%
1Y
18.3%

AKBNK: Higher Margins May Not Offset Risk From Compressed Earnings Multiple

Analysts have raised their price target for Akbank T.A.S., citing improved profit margin expectations and a more attractive forward P/E multiple, resulting in an upward revision in fair value from approximately 56.0 to about 64.5. Valuation Changes Fair Value: Raised from approximately TRY 56.0 to about TRY 64.5, reflecting a moderate upward revision in the bank's estimated intrinsic value. Discount Rate: Increased slightly from around 32.17 percent to roughly 32.50 percent, indicating a marginally higher required return by investors.
GENIL
₺165.80
Gen Ilac Ve Saglik Urunleri Sanayi Ve Ticaret Anonim Sirketi
7D
-15.2%
1Y
49.4%
TCELL
₺101.00
Turkcell Iletisim Hizmetleri
7D
-3.1%
1Y
10.4%
THYAO
₺277.25
Türk Hava Yollari Anonim Ortakligi
7D
1.8%
1Y
-4.3%

THYAO: European Expansion Will Drive Long-Term Upside Despite Higher Discount Rate

Analysts have slightly lowered their fair value estimate for Türk Hava Yollari Anonim Ortakligi from approximately ₺586 to ₺580, citing expectations of modestly slower revenue growth, compressed profit margins, and a higher discount rate that more than offset the impact of a richer projected future P E multiple. What's in the News Board approves withdrawal from Air Albania partnership, with plans to sell Turkish Airlines' entire 49 percent stake and provide further updates as the process advances (regulatory filing) Exit from Air Albania follows a strategic shift toward new European opportunities, including a recently signed EUR 300 million minority investment deal in Spain's Air Europa, largely via a capital increase (company announcement) New interline and codeshare agreements with Air Transat take effect, enabling single ticket and through check in for itineraries that combine both airlines' flights between Canada, Turkiye, and key long haul destinations (Air Transat announcement) Codeshare partnership with Air Transat begins on Toronto to Istanbul routes, with an additional Thursday frequency from May 28, 2026, raising service to three weekly flights (Air Transat announcement) Company formally denies media reports that it is negotiating to acquire all shares of SunExpress, stating there has been no change in the joint ownership structure with Deutsche Lufthansa (Borsa Istanbul filing) Valuation Changes The Fair Value Estimate has been reduced slightly from TRY 586 to TRY 580, reflecting modestly less optimistic assumptions.
VAKBN
₺30.66
Türkiye Vakiflar Bankasi Türk Anonim Ortakligi
7D
5.0%
1Y
36.0%

VAKBN: Stable Margins And Revenue Outlook Will Support Future Upside

Analysts have nudged their fair value estimate for Türkiye Vakiflar Bankasi Türk Anonim Ortakligi slightly lower, from approximately $34.80 to $34.62. They cited a marginally higher perceived discount rate while leaving their revenue growth, profit margin, and future P E assumptions largely intact.
TRALT
₺42.20
Turk Altin Isletmeleri
7D
12.6%
1Y
88.7%
SMRVA
₺208.80
Sumer Varlik Yonetim
7D
-27.8%
1Y
833.8%
KLRHO
₺266.25
Kiler Holding Anonim Sirketi
7D
11.6%
1Y
679.4%
TUPRS
₺184.60
Türkiye Petrol Rafinerileri
7D
-6.6%
1Y
26.9%
ASELS
₺211.10
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi
7D
3.5%
1Y
202.4%
MAGEN
₺38.38
Margün Enerji Üretim Sanayi ve Ticaret
7D
10.1%
1Y
397.2%
ENKAI
₺78.25
Enka Insaat ve Sanayi
7D
-2.4%
1Y
53.9%
OYAKC
₺23.68
OYAK Çimento Fabrikalari
7D
-4.8%
1Y
10.0%
KENT
₺729.00
Kent Gida Maddeleri Sanayii ve Ticaret
7D
-4.9%
1Y
-30.8%
QNBTR
₺451.00
QNB Bank
7D
-3.0%
1Y
66.4%
PEKGY
₺13.40
Peker Gayrimenkul Yatirim Ortakligi Anonim Sirketi
7D
16.5%
1Y
742.8%