Narrative Update • Sep 08
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Turkish (BIST) Market Analysis & Valuation
UpdatedSep 10, 2026
DataAggregated Company Financials
Companies619
- 7D1.4%
- 3M1.4%
- 1Y25.0%
- YTD10.7%
Over the last 7 days, the market has risen 1.4%, driven by gains in the Materials and Industrials sectors of 5.5% and 1.9%, respectively. On the other hand, with a decline of 15%, the Information Technology sector is lagging behind. The market is up 25% over the last 12 months. Looking forward, earnings are forecast to grow by 31% annually.
Market Valuation and Performance
Has the Turkish Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 10 Sep 2026 | ₺23.0t | ₺27.7t | ₺1.5t | 16.6x | 15.4x | 0.8x |
| Sat, 08 Aug 2026 | ₺23.4t | ₺22.3t | ₺1.3t | 18.9x | 18.3x | 1x |
| Mon, 06 Jul 2026 | ₺23.9t | ₺21.5t | ₺1.2t | 19.3x | 20.1x | 1.1x |
| Wed, 03 Jun 2026 | ₺22.6t | ₺21.5t | ₺1.2t | 20.9x | 19x | 1.1x |
| Fri, 01 May 2026 | ₺22.8t | ₺21.0t | ₺1.1t | 19.9x | 20.4x | 1.1x |
| Sun, 29 Mar 2026 | ₺19.6t | ₺20.9t | ₺1.1t | 16.9x | 17.9x | 0.9x |
| Tue, 24 Feb 2026 | ₺21.0t | ₺18.3t | ₺1.0t | 20.5x | 20.3x | 1.1x |
| Thu, 22 Jan 2026 | ₺19.2t | ₺16.4t | ₺912.3b | 19.7x | 21x | 1.2x |
| Sat, 20 Dec 2025 | ₺17.5t | ₺16.4t | ₺910.5b | 18.5x | 19.2x | 1.1x |
| Mon, 17 Nov 2025 | ₺16.9t | ₺16.7t | ₺915.6b | 18.8x | 18.5x | 1x |
| Wed, 15 Oct 2025 | ₺16.4t | ₺15.8t | ₺794.6b | 21.6x | 20.7x | 1x |
| Fri, 12 Sep 2025 | ₺16.2t | ₺15.9t | ₺796.6b | 22.5x | 20.4x | 1x |
| Sun, 10 Aug 2025 | ₺18.1t | ₺15.6t | ₺827.9b | 21.3x | 21.8x | 1.2x |
| Tue, 08 Jul 2025 | ₺14.3t | ₺15.4t | ₺843.9b | 18.2x | 17x | 0.9x |
| Thu, 05 Jun 2025 | ₺13.5t | ₺15.4t | ₺840.4b | 17.8x | 16.1x | 0.9x |
| Sat, 03 May 2025 | ₺13.3t | ₺15.4t | ₺857.4b | 17.5x | 15.5x | 0.9x |
| Mon, 31 Mar 2025 | ₺13.8t | ₺15.4t | ₺875.7b | 17.5x | 15.8x | 0.9x |
| Wed, 26 Feb 2025 | ₺13.1t | ₺12.9t | ₺1.2t | 15.6x | 11.2x | 1x |
| Fri, 24 Jan 2025 | ₺13.8t | ₺11.4t | ₺1.2t | 15.8x | 11.2x | 1.2x |
| Sun, 22 Dec 2024 | ₺13.3t | ₺11.4t | ₺1.2t | 15.8x | 10.8x | 1.2x |
| Tue, 19 Nov 2024 | ₺12.9t | ₺11.4t | ₺1.2t | 15x | 10.5x | 1.1x |
| Thu, 17 Oct 2024 | ₺12.3t | ₺11.6t | ₺1.4t | 14.6x | 9x | 1.1x |
| Sat, 14 Sep 2024 | ₺13.2t | ₺11.5t | ₺1.4t | 16.1x | 9.5x | 1.1x |
| Mon, 12 Aug 2024 | ₺13.0t | ₺11.6t | ₺1.4t | 16.5x | 9.3x | 1.1x |
| Wed, 10 Jul 2024 | ₺14.2t | ₺11.2t | ₺1.4t | 15.9x | 10x | 1.3x |
| Fri, 07 Jun 2024 | ₺13.9t | ₺11.1t | ₺1.4t | 16.1x | 9.8x | 1.3x |
| Sun, 05 May 2024 | ₺14.4t | ₺10.6t | ₺1.4t | 15.6x | 10x | 1.4x |
| Tue, 02 Apr 2024 | ₺12.6t | ₺10.1t | ₺1.4t | 14.4x | 9x | 1.2x |
| Thu, 29 Feb 2024 | ₺12.4t | ₺8.4t | ₺1.4t | 15.9x | 9.1x | 1.5x |
| Sat, 27 Jan 2024 | ₺11.1t | ₺8.2t | ₺1.4t | 13.7x | 8.2x | 1.3x |
| Mon, 25 Dec 2023 | ₺10.2t | ₺8.2t | ₺1.4t | 11.7x | 7.5x | 1.2x |
| Wed, 22 Nov 2023 | ₺11.1t | ₺8.2t | ₺1.3t | 13.3x | 8.3x | 1.4x |
| Fri, 20 Oct 2023 | ₺10.6t | ₺7.2t | ₺1.1t | 14.8x | 9.3x | 1.5x |
| Sun, 17 Sep 2023 | ₺10.0t | ₺7.2t | ₺1.1t | 14.2x | 8.8x | 1.4x |
Price to Earnings Ratio
8.8x
Current Market PE
- Investors are relatively neutral on the Turkish market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
- The market is trading close to its 3-year average PE ratio of 14.5x.
Past Earnings Growth
- The earnings for Turkish listed companies have grown 9.4% per year over the last three years.
- Revenues for these companies have grown 56% 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 | 1.44% | |
| Healthcare | 6.77% | |
| Energy | 5.49% | |
| Materials | 5.45% | |
| Telecom | 5.06% | |
| Consumer Discretionary | 4.59% | |
| Consumer Staples | 1.97% | |
| Industrials | 1.94% | |
| Real Estate | 0.61% | |
| Financials | -0.37% | |
| Utilities | -1.08% | |
| Tech | -14.50% | |
Sector PE
- Investors favour the Utilities sector the most for future growth which is trading above its 3-year average PE ratio.
- The market's confidence is likely because analysts are expecting annual earnings growth of 24.2%, which is higher than its past year's earnings growth of 6.4% per year.
- The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.3x.
Forecasted Growth
- Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 62% over the next 5 years.
- This is better than its past earnings growth rate of 12% per year.
- In contrast, the Energy sector is expected to see its earnings decline by 9.3% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| ASELS ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi | ₺402.25 | 5.6% +₺98.0b | 126.7% | PE51.1x | Industrials | |
| DSTKF Destek Finans Faktoring | ₺2.47k | 11.5% +₺84.7b | 280.6% | PE168.5x | Financials | |
| TUPRS Türkiye Petrol Rafinerileri | ₺414.25 | 5.6% +₺42.4b | 143.0% | PE11.8x | Energy | |
| HALKB Türkiye Halk Bankasi | ₺50.20 | 11.7% +₺37.6b | 102.9% | PB1.5x | Financials | |
| ISCTR Türkiye Is Bankasi | ₺13.92 | 8.9% +₺28.5b | -0.1% | PB0.8x | Financials |
