Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Turkish (BIST) Market Analysis & Valuation

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies579
  • 7D5.2%
  • 3M9.3%
  • 1Y31.3%
  • YTD5.2%

The market has climbed by 5.2% over the past week, with every sector up and the Industrials sector leading the way. As for the past 12 months, the market is up 31%. As for the next few years, earnings are expected to grow by 46% 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
Sun, 11 Jan 2026₺18.5t₺16.4t₺911.7b18.1x20.3x1.1x
Tue, 09 Dec 2025₺17.4t₺16.4t₺910.1b17.9x19.1x1.1x
Thu, 06 Nov 2025₺17.4t₺16.0t₺858.9b22.7x20.2x1.1x
Sat, 04 Oct 2025₺16.8t₺15.8t₺792.8b22.2x21.1x1.1x
Mon, 01 Sep 2025₺17.9t₺16.0t₺798.3b22.9x22.4x1.1x
Wed, 30 Jul 2025₺15.7t₺15.4t₺820.9b19.8x19.1x1x
Fri, 27 Jun 2025₺13.5t₺15.4t₺842.7b17.4x16x0.9x
Sun, 25 May 2025₺13.5t₺15.4t₺850.1b17.8x15.9x0.9x
Tue, 22 Apr 2025₺13.4t₺15.4t₺870.6b17.7x15.4x0.9x
Thu, 20 Mar 2025₺14.0t₺15.3t₺877.7b18.3x16x0.9x
Sat, 15 Feb 2025₺13.4t₺11.7t₺1.2t15.2x11.1x1.1x
Mon, 13 Jan 2025₺13.5t₺11.4t₺1.2t16.1x11.1x1.2x
Wed, 11 Dec 2024₺13.7t₺11.4t₺1.2t16.3x11.1x1.2x
Fri, 08 Nov 2024₺12.3t₺11.4t₺1.3t14.4x9.7x1.1x
Sun, 06 Oct 2024₺12.4t₺11.7t₺1.4t14.5x9.2x1.1x
Tue, 03 Sep 2024₺13.7t₺11.6t₺1.4t16.6x9.8x1.2x
Thu, 01 Aug 2024₺14.1t₺11.3t₺1.4t16.9x10x1.3x
Sat, 29 Jun 2024₺14.2t₺11.2t₺1.4t15.9x10x1.3x
Mon, 27 May 2024₺14.6t₺11.7t₺1.5t16.7x9.9x1.2x
Wed, 24 Apr 2024₺13.3t₺10.4t₺1.4t15.8x9.3x1.3x
Fri, 22 Mar 2024₺12.7t₺9.8t₺1.4t15.7x9.2x1.3x
Sun, 18 Feb 2024₺12.4t₺8.3t₺1.4t15.9x9.1x1.5x
Tue, 16 Jan 2024₺10.7t₺8.2t₺1.4t12.3x7.8x1.3x
Thu, 14 Dec 2023₺9.9t₺8.2t₺1.3t12x7.4x1.2x
Sat, 11 Nov 2023₺12.0t₺8.1t₺1.3t13.7x9.1x1.5x
Mon, 09 Oct 2023₺11.3t₺7.2t₺1.1t16.6x9.9x1.6x
Wed, 06 Sep 2023₺10.0t₺7.2t₺1.1t14.3x8.8x1.4x
Fri, 04 Aug 2023₺8.3t₺6.8t₺1.1t12.9x7.5x1.2x
Sun, 02 Jul 2023₺6.5t₺6.7t₺1.1t10.1x6.1x1x
Tue, 30 May 2023₺5.8t₺6.6t₺1.1t8.8x5.5x0.9x
Thu, 27 Apr 2023₺5.4t₺6.0t₺1.0t8.6x5.4x0.9x
Sat, 25 Mar 2023₺5.8t₺5.9t₺963.5b9.5x6x1x
Mon, 20 Feb 2023₺5.4t₺5.4t₺840.2b10.7x6.5x1x
Wed, 18 Jan 2023₺5.9t₺4.9t₺680.6b13x8.6x1.2x
Price to Earnings Ratio

8.6x


Total Market Cap: ₺5.9tTotal 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 20.3x 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 Market5.20%
Industrials11.50%
Energy5.00%
Consumer Staples4.98%
Financials4.81%
Real Estate2.13%
Telecom0.97%
Tech0.67%
Utilities0.34%
Consumer Discretionary0.28%
Healthcare0.18%
Materials0.05%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 88.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 62.9% 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
ASELS ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi₺280.0021.6%
+₺227.1b		257.4%PE68xIndustrials
KLRHO Kiler Holding Anonim Sirketi₺442.0034.8%
+₺185.3b		1,313.0%PE463.5xIndustrials
QNBTR QNB Bank₺492.259.6%
+₺144.9b		80.3%PB10.7xFinancials
BIMAS BIM Birlesik Magazalar₺604.5011.3%
+₺36.7b		15.6%PE31.7xConsumer Staples
DSTKF Destek Finans Faktoring₺667.5019.2%
+₺35.8b		n/aPE70xFinancials
See more

Market Insights

Header cover image
Which Markets Will Sink or Swim in 2026? 🌍
Richard Bowman avatar
Richard Bowman
|
|
What research teams agree on – and where they don’t – heading into 2026.
Continue reading
Three Sectors Expected to Rally in 2026 📈
Last Week

Three Sectors Expected to Rally in 2026 📈

Latest News

THYAO
₺291.50
Türk Hava Yollari Anonim Ortakligi
7D
6.3%
1Y
-0.7%

THYAO: New Partnerships And M&A Opportunities Will Support Bullish Outlook

Analysts have lifted their fair value estimate for Türk Hava Yollari Anonim Ortakligi from ₺331.00 to ₺373.00, citing updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Southwest Airlines plans to launch a partnership with Turkish Airlines in early 2026 to offer one-ticket, transatlantic itineraries between the US and Istanbul, with onward connections across both networks.
ASELS
₺280.00
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi
7D
21.6%
1Y
257.4%
DSTKF
₺667.50
Destek Finans Faktoring
7D
19.2%
1Y
n/a
SUNTK
₺40.54
Sun Tekstil Sanayi ve Ticaret
7D
-26.1%
1Y
10.8%
GARAN
₺145.50
Turkiye Garanti Bankasi
7D
-2.8%
1Y
13.6%

GARAN: Lower Risk Assumptions And Stronger Margins Will Support Future Upside

Analysts have raised their price target for Turkiye Garanti Bankasi, describing the roughly 3% increase as supported by slightly lower discount rate assumptions, marginally firmer revenue growth and profit margin inputs, and a small adjustment to future P/E expectations. Valuation Changes Fair Value: The updated estimate has moved from TRY 173.23 to TRY 178.45, reflecting a small uplift in the implied valuation.
FENER
₺3.13
Fenerbahçe Futbol
7D
-66.6%
1Y
-93.5%
TEHOL
₺20.52
Tera Yatirim Teknoloji Holding
7D
-27.6%
1Y
413.0%
PEKGY
₺11.34
Peker Gayrimenkul Yatirim Ortakligi Anonim Sirketi
7D
-12.0%
1Y
651.0%
BIMAS
₺604.50
BIM Birlesik Magazalar
7D
11.3%
1Y
15.6%

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
₺184.00
Koç Holding
7D
5.3%
1Y
0.8%

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.
PKENT
₺147.20
Petrokent Turizm
7D
-14.2%
1Y
-44.4%
KLRHO
₺442.00
Kiler Holding Anonim Sirketi
7D
34.8%
1Y
1,313.0%
HEDEF
₺54.25
Hedef Holding
7D
29.2%
1Y
1,124.6%
SASA
₺2.36
Sasa Polyester Sanayi
7D
-18.3%
1Y
-40.9%
POLTK
₺6,307.50
Politeknik Metal Sanayi ve Ticaret Anonim Sirketi
7D
-24.7%
1Y
-6.9%
QNBTR
₺492.25
QNB Bank
7D
9.6%
1Y
80.3%