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Turkish (BIST) Market Analysis & Valuation

UpdatedFeb 02, 2026
DataAggregated Company Financials
Companies583
  • 7D3.4%
  • 3M16.9%
  • 1Y49.2%
  • YTD16.0%

The market has climbed 3.4% in the last 7 days, lead by the Industrials sector with a gain of 5.9%. As for the past 12 months, the market is up 49%. Looking forward, earnings are forecast to grow by 45% annually.

Trending IndustriesOil and GasSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 02 Feb 2026₺20.5t₺16.4t₺914.4b21.2x22.4x1.2x
Wed, 31 Dec 2025₺17.3t₺16.4t₺911.1b17.9x18.9x1.1x
Fri, 28 Nov 2025₺16.9t₺16.4t₺902.4b17.4x18.7x1x
Sun, 26 Oct 2025₺17.3t₺15.9t₺809.2b22.7x21.4x1.1x
Tue, 23 Sep 2025₺17.6t₺15.8t₺784.2b24x22.4x1.1x
Thu, 21 Aug 2025₺17.8t₺15.9t₺833.7b22.7x21.3x1.1x
Sat, 19 Jul 2025₺15.2t₺15.4t₺845.3b18.8x17.9x1x
Mon, 16 Jun 2025₺13.3t₺15.4t₺840.8b17.4x15.8x0.9x
Wed, 14 May 2025₺13.8t₺15.5t₺858.6b19x16.1x0.9x
Fri, 11 Apr 2025₺13.5t₺15.4t₺877.0b17.5x15.4x0.9x
Sun, 09 Mar 2025₺14.3t₺14.6t₺969.6b17.6x14.8x1x
Tue, 04 Feb 2025₺13.5t₺11.6t₺1.2t15x11.1x1.2x
Thu, 02 Jan 2025₺13.4t₺11.4t₺1.2t16.4x10.9x1.2x
Sat, 30 Nov 2024₺13.2t₺11.4t₺1.2t15.4x10.7x1.2x
Mon, 28 Oct 2024₺12.3t₺11.5t₺1.3t14.9x9.2x1.1x
Wed, 25 Sep 2024₺13.4t₺11.5t₺1.4t16.2x9.7x1.2x
Fri, 23 Aug 2024₺13.1t₺11.6t₺1.4t16.1x9.3x1.1x
Sun, 21 Jul 2024₺14.6t₺11.2t₺1.4t16.8x10.3x1.3x
Tue, 18 Jun 2024₺14.2t₺11.2t₺1.4t16.1x10x1.3x
Thu, 16 May 2024₺14.3t₺11.5t₺1.5t16x9.6x1.2x
Sat, 13 Apr 2024₺13.4t₺10.3t₺1.4t15.5x9.3x1.3x
Mon, 11 Mar 2024₺12.4t₺8.5t₺1.4t16.5x9.2x1.5x
Wed, 07 Feb 2024₺12.4t₺8.3t₺1.4t14.5x9.1x1.5x
Fri, 05 Jan 2024₺10.2t₺8.2t₺1.4t11.6x7.5x1.2x
Sun, 03 Dec 2023₺10.9t₺8.2t₺1.3t13.1x8.1x1.3x
Tue, 31 Oct 2023₺10.8t₺7.6t₺1.2t14.4x8.8x1.4x
Thu, 28 Sep 2023₺10.9t₺7.2t₺1.1t15.9x9.5x1.5x
Sat, 26 Aug 2023₺10.6t₺7.2t₺1.1t13.5x9.3x1.5x
Mon, 24 Jul 2023₺7.6t₺6.7t₺1.1t12.2x7.1x1.1x
Wed, 21 Jun 2023₺6.0t₺6.6t₺1.1t9.1x5.7x0.9x
Fri, 19 May 2023₺5.4t₺6.6t₺1.1t8.3x5.1x0.8x
Sun, 16 Apr 2023₺5.7t₺5.9t₺1.0t9.3x5.7x1x
Tue, 14 Mar 2023₺7.2t₺5.7t₺974.5b10.5x7.4x1.3x
Thu, 09 Feb 2023₺4.7t₺5.2t₺783.0b9.7x6x0.9x
Price to Earnings Ratio

6x


Total Market Cap: ₺4.7tTotal Earnings: ₺783.0bTotal Revenue: ₺5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Turkish Market Price to Earnings3Y Average 12x202420252026
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 22.4x which is higher than its 3-year average PE of 12.0x.
Past Earnings Growth
  • The earnings for Turkish listed companies have grown 5.3% per year over the last three years.
  • Revenues for these companies have grown 47% 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 Market3.43%
Energy6.47%
Industrials5.92%
Financials3.62%
Consumer Discretionary2.26%
Consumer Staples1.81%
Utilities1.78%
Materials1.50%
Telecom1.42%
Healthcare0.66%
Real Estate0.037%
Tech-1.34%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 92.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 65.3% 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 68% 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₺590.0040.6%
+₺276.7b		1,989.2%PE618.7xIndustrials
ENKAI Enka Insaat ve Sanayi₺97.8516.4%
+₺80.9b		109.1%PE17.9xIndustrials
AKBNK Akbank T.A.S₺92.9516.7%
+₺69.2b		45.7%PB1.7xFinancials
GARAN Turkiye Garanti Bankasi₺161.307.0%
+₺44.1b		29.5%PB1.7xFinancials
TUPRS Türkiye Petrol Rafinerileri₺244.807.8%
+₺34.3b		76.6%PE21.4xEnergy
See more

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Latest News

ENKAI
₺97.85
Enka Insaat ve Sanayi
7D
16.4%
1Y
109.1%
AKBNK
₺92.95
Akbank T.A.S
7D
16.7%
1Y
45.7%
ASELS
₺303.25
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi
7D
-6.2%
1Y
243.6%
YKBNK
₺41.08
Yapi ve Kredi Bankasi
7D
7.5%
1Y
41.1%

YKBNK: Lower Future P/E Assumptions Will Pressure Earnings Quality

Analysts have lowered their price target on Yapi ve Kredi Bankasi to around 28.62, reflecting updated views on discount rates, revenue growth, profit margin assumptions and a slightly lower future P/E multiple, which together suggest a modest reset in fair value. Valuation Changes Fair value estimate was adjusted slightly from TRY 29.31 to TRY 28.62, pointing to a small reset in implied pricing.
TUPRS
₺244.80
Türkiye Petrol Rafinerileri
7D
7.8%
1Y
76.6%

Gasoline Shift And Energy Transition Initiatives Will Support Stronger Long Term Refining Margins

Catalysts About Türkiye Petrol Rafinerileri Türkiye Petrol Rafinerileri operates complex refineries and related energy assets, serving mainly the Turkish petroleum products market. What are the underlying business or industry changes driving this perspective?
GARAN
₺161.30
Turkiye Garanti Bankasi
7D
7.0%
1Y
29.5%

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.
HALKB
₺43.58
Türkiye Halk Bankasi
7D
-6.8%
1Y
124.3%

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.
ISCTR
₺16.66
Türkiye Is Bankasi
7D
9.0%
1Y
22.1%

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.
QNBTR
₺290.25
QNB Bank
7D
-2.5%
1Y
85.1%
MAGEN
₺41.30
Margün Enerji Üretim Sanayi ve Ticaret
7D
-3.4%
1Y
357.3%
DSTKF
₺800.00
Destek Finans Faktoring
7D
14.3%
1Y
n/a
KLRHO
₺590.00
Kiler Holding Anonim Sirketi
7D
40.6%
1Y
1,989.2%
HEDEF
₺51.10
Hedef Holding
7D
-8.0%
1Y
1,164.9%
PASEU
₺148.50
Pasifik Eurasia Lojistik Dis Ticaret
7D
-11.1%
1Y
361.8%
INVES
₺246.10
Investco Holding
7D
-11.7%
1Y
25.1%
UFUK
₺1,503.00
UFUK Yatirim Yonetim ve Gayrimenkul
7D
-6.8%
1Y
211.8%