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Turkish (BIST) Market Analysis & Valuation

UpdatedJan 09, 2026
DataAggregated Company Financials
Companies579
  • 7D4.8%
  • 3M5.5%
  • 1Y28.1%
  • YTD3.5%

Over the last 7 days, the market has risen 4.8%, driven by gains of 11% in the Industrials sector. In the last year, the market has climbed 28%. Looking forward, 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
Fri, 09 Jan 2026₺18.2t₺16.4t₺911.4b18.3x20x1.1x
Sun, 07 Dec 2025₺17.1t₺16.4t₺910.0b17.6x18.8x1x
Tue, 04 Nov 2025₺17.5t₺15.9t₺856.9b22.9x20.4x1.1x
Thu, 02 Oct 2025₺17.0t₺15.8t₺792.4b22.7x21.4x1.1x
Sat, 30 Aug 2025₺17.9t₺15.9t₺803.8b23.2x22.2x1.1x
Mon, 28 Jul 2025₺15.7t₺15.4t₺843.9b19.4x18.5x1x
Wed, 25 Jun 2025₺13.5t₺15.4t₺842.0b17.8x16.1x0.9x
Fri, 23 May 2025₺13.6t₺15.4t₺848.1b18.1x16.1x0.9x
Sun, 20 Apr 2025₺13.4t₺15.4t₺875.5b17.5x15.3x0.9x
Tue, 18 Mar 2025₺15.0t₺15.3t₺875.5b19.1x17.1x1x
Thu, 13 Feb 2025₺13.2t₺11.6t₺1.2t15x10.8x1.1x
Sat, 11 Jan 2025₺13.5t₺11.4t₺1.2t16x11x1.2x
Mon, 09 Dec 2024₺13.7t₺11.4t₺1.2t16.3x11.2x1.2x
Wed, 06 Nov 2024₺11.9t₺11.5t₺1.3t14.1x9.3x1x
Fri, 04 Oct 2024₺12.2t₺11.7t₺1.4t14.5x8.9x1x
Sun, 01 Sep 2024₺13.5t₺11.6t₺1.4t16.4x9.7x1.2x
Tue, 30 Jul 2024₺14.3t₺11.3t₺1.4t17x10x1.3x
Thu, 27 Jun 2024₺13.9t₺11.2t₺1.4t15.8x9.8x1.2x
Sat, 25 May 2024₺14.6t₺11.7t₺1.5t16.6x9.9x1.2x
Mon, 22 Apr 2024₺13.3t₺10.4t₺1.4t15.5x9.2x1.3x
Wed, 20 Mar 2024₺12.5t₺9.7t₺1.4t15.6x9x1.3x
Fri, 16 Feb 2024₺12.4t₺8.3t₺1.4t15.7x9.1x1.5x
Sun, 14 Jan 2024₺10.6t₺8.2t₺1.4t12.3x7.8x1.3x
Tue, 12 Dec 2023₺10.3t₺8.2t₺1.3t12.5x7.6x1.3x
Thu, 09 Nov 2023₺12.0t₺8.0t₺1.3t13.8x9.2x1.5x
Sat, 07 Oct 2023₺11.3t₺7.2t₺1.1t16.6x9.9x1.6x
Mon, 04 Sep 2023₺9.8t₺7.2t₺1.1t14.3x8.6x1.4x
Wed, 02 Aug 2023₺8.2t₺6.8t₺1.1t12.8x7.5x1.2x
Fri, 30 Jun 2023₺6.5t₺6.7t₺1.1t10.1x6.1x1x
Sun, 28 May 2023₺5.9t₺6.6t₺1.1t8.5x5.5x0.9x
Tue, 25 Apr 2023₺5.7t₺5.9t₺1.0t8.9x5.6x1x
Thu, 23 Mar 2023₺5.9t₺5.9t₺963.6b9.5x6.1x1x
Sat, 18 Feb 2023₺5.8t₺5.4t₺839.9b10.8x6.9x1.1x
Mon, 16 Jan 2023₺5.5t₺4.9t₺680.6b12.3x8.1x1.1x
Price to Earnings Ratio

8.1x


Total Market Cap: ₺5.5tTotal Earnings: ₺680.6bTotal Revenue: ₺4.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Turkish Market Price to Earnings3Y Average 11.7x202420252026
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 20.0x which is higher than its 3-year average PE of 11.7x.
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 Market4.83%
Industrials11.38%
Energy5.93%
Consumer Staples4.84%
Telecom3.75%
Financials3.18%
Tech1.63%
Materials1.21%
Real Estate1.11%
Utilities0.89%
Consumer Discretionary0.66%
Healthcare-1.52%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 88.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 62.7% 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 109% 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₺436.7542.6%
+₺212.1b		1,310.7%PE458xIndustrials
ASELS ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi₺262.7513.4%
+₺141.6b		236.0%PE63.9xIndustrials
DSTKF Destek Finans Faktoring₺678.5022.3%
+₺41.2b		n/aPE71.1xFinancials
HALKB Türkiye Halk Bankasi₺42.3815.2%
+₺40.2b		143.6%PB1.5xFinancials
KCHOL Koç Holding₺183.008.4%
+₺36.0b		-1.9%PE73xIndustrials
See more

Market Insights

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Latest News

DSTKF
₺678.50
Destek Finans Faktoring
7D
22.3%
1Y
n/a
SUNTK
₺44.00
Sun Tekstil Sanayi ve Ticaret
7D
-27.8%
1Y
19.9%
VAKBN
₺33.44
Türkiye Vakiflar Bankasi Türk Anonim Ortakligi
7D
9.0%
1Y
36.4%

VAKBN: Higher Required Return Will Support Attractive Future Upside Potential

Analysts have reduced their price target on Türkiye Vakiflar Bankasi Türk Anonim Ortakligi from ₺44.10 to ₺42.68, citing revised assumptions for discount rates, revenue growth, profit margins and future P/E expectations. Valuation Changes Fair Value Estimate: Revised slightly lower from ₺44.10 to ₺42.68 per share.
HALKB
₺42.38
Türkiye Halk Bankasi
7D
15.2%
1Y
143.6%

HALKB: Elevated Risk And Lower Revenue Outlook Will Likely Restrict Upside

Analysts have trimmed their fair value estimate for Türkiye Halk Bankasi from ₺31.16 to ₺30.66, citing revisions to projected revenue growth, profit margins and future P/E assumptions as key drivers behind the updated price target. Valuation Changes Fair Value Estimate: Trimmed slightly from ₺31.16 to ₺30.66 per share.
ASELS
₺262.75
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi
7D
13.4%
1Y
236.0%
TEHOL
₺20.00
Tera Yatirim Teknoloji Holding
7D
-36.5%
1Y
400.0%
PEKGY
₺10.94
Peker Gayrimenkul Yatirim Ortakligi Anonim Sirketi
7D
-13.2%
1Y
605.8%
BIMAS
₺592.00
BIM Birlesik Magazalar
7D
10.3%
1Y
13.1%

BIMAS: Stable Margins And Discount Rate Will Support Further Upside

Analysts have modestly reiterated their stance on BIM Birlesik Magazalar, keeping the price target effectively unchanged at TRY 754.75, as only minor tweaks to discount rate, growth, and margin assumptions led to no material shift in their valuation outlook. What's in the News Company schedules a Special and Extraordinary Shareholders Meeting for December 19, 2025, to be held at its Sancaktepe, Istanbul headquarters, signaling upcoming shareholder resolutions on strategic or governance matters (Key Developments) Valuation Changes Fair Value Estimate unchanged at TRY 754.75, indicating no material revision to the analysts intrinsic valuation of the shares Discount Rate edged down slightly to approximately 29.91 percent from 29.92 percent, reflecting a marginally lower implied risk or cost of capital in the model Revenue Growth Assumption effectively flat at about 13.43 percent, with the minute numerical change having no practical impact on the growth outlook Net Profit Margin essentially unchanged at roughly 5.30 percent, implying stable expectations for profitability levels Future P/E Multiple nudged down very slightly to about 23.93 times from 23.93 times, pointing to a virtually unchanged valuation multiple applied to future earnings
KCHOL
₺183.00
Koç Holding
7D
8.4%
1Y
-1.9%

KCHOL: Stable Margins And Growth Outlook Will Support Long Term Earnings Potential

Analysts have modestly adjusted their price target on Koç Holding upward to ₺284.39 per share from ₺284.39 per share. This reflects minor tweaks to discount rate and long term valuation assumptions while keeping core growth and profitability expectations broadly unchanged.
TERA
₺158.40
Tera Yatirim Menkul Degerler
7D
-7.9%
1Y
1,894.3%
THYAO
₺294.50
Türk Hava Yollari Anonim Ortakligi
7D
9.7%
1Y
-0.08%

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.
PKENT
₺147.10
Petrokent Turizm
7D
-22.6%
1Y
-46.1%
KLRHO
₺436.75
Kiler Holding Anonim Sirketi
7D
42.6%
1Y
1,310.7%
SASA
₺2.53
Sasa Polyester Sanayi
7D
-9.0%
1Y
-38.4%
POLTK
₺6,490.00
Politeknik Metal Sanayi ve Ticaret Anonim Sirketi
7D
-30.3%
1Y
-5.2%
QNBTR
₺447.50
QNB Bank
7D
-0.9%
1Y
66.8%