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Turkish (BIST) Market Analysis & Valuation

UpdatedJan 01, 2026
DataAggregated Company Financials
Companies578
  • 7D-0.3%
  • 3M2.2%
  • 1Y24.2%
  • YTD24.0%

In the last week, the market has stayed flat, however the Healthcare sector stood out, gaining 7.1%. More promisingly, the market is up 24% over the past year. 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
Thu, 01 Jan 2026₺17.4t₺16.4t₺911.1b18.4x19.1x1.1x
Sat, 29 Nov 2025₺16.9t₺16.4t₺902.8b17.1x18.7x1x
Mon, 27 Oct 2025₺17.3t₺15.9t₺809.4b22.4x21.3x1.1x
Wed, 24 Sep 2025₺17.3t₺15.8t₺784.6b23.4x22.1x1.1x
Fri, 22 Aug 2025₺18.0t₺15.9t₺820.5b22.5x21.9x1.1x
Sun, 20 Jul 2025₺15.2t₺15.4t₺845.3b18.8x17.9x1x
Tue, 17 Jun 2025₺13.4t₺15.4t₺841.0b17.6x15.9x0.9x
Thu, 15 May 2025₺13.9t₺15.5t₺859.2b19.2x16.2x0.9x
Sat, 12 Apr 2025₺13.5t₺15.4t₺876.4b17.6x15.4x0.9x
Mon, 10 Mar 2025₺14.3t₺14.6t₺968.2b17.6x14.8x1x
Wed, 05 Feb 2025₺13.2t₺11.6t₺1.2t15.1x10.9x1.1x
Fri, 03 Jan 2025₺13.5t₺11.4t₺1.2t16x11x1.2x
Sun, 01 Dec 2024₺13.2t₺11.4t₺1.2t15.3x10.7x1.2x
Tue, 29 Oct 2024₺12.3t₺11.5t₺1.3t14.9x9.2x1.1x
Thu, 26 Sep 2024₺13.2t₺11.5t₺1.4t16x9.6x1.1x
Sat, 24 Aug 2024₺18.2t₺11.6t₺1.4t16.1x12.9x1.6x
Mon, 22 Jul 2024₺14.6t₺11.2t₺1.4t16.8x10.3x1.3x
Wed, 19 Jun 2024₺14.2t₺11.2t₺1.4t16.1x10x1.3x
Fri, 17 May 2024₺14.4t₺11.5t₺1.5t16.1x9.7x1.3x
Sun, 14 Apr 2024₺13.4t₺10.3t₺1.4t15.5x9.3x1.3x
Tue, 12 Mar 2024₺12.4t₺8.5t₺1.4t16.2x9.1x1.5x
Thu, 08 Feb 2024₺11.7t₺8.3t₺1.4t14.5x8.6x1.4x
Sat, 06 Jan 2024₺10.3t₺8.2t₺1.4t11.8x7.6x1.3x
Mon, 04 Dec 2023₺10.9t₺8.2t₺1.3t13.1x8.1x1.3x
Wed, 01 Nov 2023₺10.5t₺7.6t₺1.2t13.8x8.6x1.4x
Fri, 29 Sep 2023₺11.0t₺7.2t₺1.1t15.6x9.6x1.5x
Sun, 27 Aug 2023₺11.0t₺7.2t₺1.1t13.6x9.7x1.5x
Tue, 25 Jul 2023₺7.7t₺6.7t₺1.1t12.4x7.2x1.1x
Thu, 22 Jun 2023₺6.0t₺6.6t₺1.1t9.1x5.6x0.9x
Sat, 20 May 2023₺5.7t₺6.6t₺1.1t8.3x5.4x0.9x
Mon, 17 Apr 2023₺5.7t₺5.9t₺1.0t9.3x5.7x1x
Wed, 15 Mar 2023₺7.2t₺5.9t₺979.8b10.1x7.3x1.2x
Fri, 10 Feb 2023₺4.7t₺5.2t₺799.3b9.7x5.9x0.9x
Sun, 08 Jan 2023₺5.9t₺4.9t₺680.6b13.5x8.7x1.2x
Price to Earnings Ratio

8.7x


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 11.6x202420252026
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 19.1x which is higher than its 3-year average PE of 11.6x.
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-0.33%
Healthcare7.12%
Utilities0.94%
Industrials0.28%
Consumer Discretionary-0.067%
Financials-0.31%
Consumer Staples-0.68%
Tech-0.96%
Materials-1.40%
Energy-1.58%
Telecom-2.11%
Real Estate-2.47%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 87.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 62.4% 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
QNBTR QNB Bank₺451.503.4%
+₺50.3b		70.1%PB9.9xFinancials
ASELS ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi₺231.703.1%
+₺31.9b		219.6%PE56.3xIndustrials
INVES Investco Holding₺346.5020.1%
+₺10.9b		19.6%PB2.8xFinancials
SELEC Selçuk Ecza Deposu Ticaret ve Sanayi₺87.0022.1%
+₺9.8b		8.8%PE84.7xHealthcare
GARAN Turkiye Garanti Bankasi₺143.501.6%
+₺9.7b		15.4%PB1.5xFinancials
See more

Market Insights

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Latest News

BIMAS
₺536.50
BIM Birlesik Magazalar
7D
-2.8%
1Y
1.5%

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
₺168.80
Koç Holding
7D
-2.4%
1Y
-5.5%

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
₺172.00
Tera Yatirim Menkul Degerler
7D
-28.2%
1Y
2,168.4%
FROTO
₺92.65
Ford Otomotiv Sanayi
7D
-2.9%
1Y
-1.1%

FROTO: Dividend Distributions From Reserves Will Support Future Shareholder Returns

Analysts have slightly trimmed their price target on Ford Otomotiv Sanayi to approximately $145.26 from $145.51, citing a marginally softer outlook for revenue growth and profit margins, partly offset by expectations of a higher future P E multiple. What's in the News Ford Otomotiv Sanayi has scheduled a special or extraordinary shareholders meeting for November 28, 2025, at 08:00 Coordinated Universal Time in Sancaktepe, Istanbul, Turkey (company filing).
TCELL
₺93.10
Turkcell Iletisim Hizmetleri
7D
-5.6%
1Y
0.3%
GARAN
₺143.50
Turkiye Garanti Bankasi
7D
1.6%
1Y
15.4%

GARAN: Future Margin Expansion And Lower Earnings Multiple Will Drive Upside

Analysts have modestly trimmed their price target on Turkiye Garanti Bankasi from approximately ₺209 to ₺205, reflecting a slightly higher perceived risk. At the same time, they are factoring in stronger expected revenue growth, expanding profit margins, and a lower future P/E valuation multiple.
VAKBN
₺30.68
Türkiye Vakiflar Bankasi Türk Anonim Ortakligi
7D
2.6%
1Y
31.6%

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.
ISCTR
₺14.09
Türkiye Is Bankasi
7D
2.7%
1Y
4.1%

ISCTR: Higher Revenue Outlook Will Offset Margin Pressure And Support Fair Pricing

Analysts have raised their price target for Türkiye Is Bankasi from approximately TRY 13.00 to about TRY 13.92, citing stronger projected revenue growth that more than offsets slightly lower expected profit margins and a modestly higher discount rate. Valuation Changes The fair value estimate increased modestly from TRY 13.00 to approximately TRY 13.92, reflecting higher projected earnings power.
DSTKF
₺555.00
Destek Finans Faktoring
7D
-5.9%
1Y
n/a
AKSEN
₺72.50
Aksa Enerji Üretim
7D
11.6%
1Y
84.9%
ASELS
₺231.70
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi
7D
3.1%
1Y
219.6%
HEDEF
₺40.10
Hedef Holding
7D
-19.3%
1Y
1,130.1%
SELEC
₺87.00
Selçuk Ecza Deposu Ticaret ve Sanayi
7D
22.1%
1Y
8.8%
QNBTR
₺451.50
QNB Bank
7D
3.4%
1Y
70.1%
INVES
₺346.50
Investco Holding
7D
20.1%
1Y
19.6%
UFUK
₺1,768.00
UFUK Yatirim Yonetim ve Gayrimenkul
7D
-11.6%
1Y
204.8%