Narrative Update • May 23
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Turkish (BIST) Market Analysis & Valuation
UpdatedMay 25, 2026
DataAggregated Company Financials
Companies594
- 7D-2.7%
- 3M-2.1%
- 1Y46.9%
- YTD7.4%
Over the last 7 days, the market has dropped 2.7%, driven by declines in every sector, especially the Financials sector. In the last year, the market is actually up 47%. Earnings are forecast to grow by 34% 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 |
|---|---|---|---|---|---|---|
| Mon, 25 May 2026 | ₺21.7t | ₺21.4t | ₺1.2t | 19.8x | 18.2x | 1x |
| Wed, 22 Apr 2026 | ₺23.0t | ₺20.9t | ₺1.1t | 20x | 20.9x | 1.1x |
| Fri, 20 Mar 2026 | ₺20.0t | ₺20.7t | ₺1.1t | 18.1x | 18.4x | 1x |
| Sun, 15 Feb 2026 | ₺21.0t | ₺17.8t | ₺1.0t | 20.9x | 20.8x | 1.2x |
| Tue, 13 Jan 2026 | ₺18.7t | ₺16.4t | ₺911.4b | 18.4x | 20.5x | 1.1x |
| Thu, 11 Dec 2025 | ₺17.3t | ₺16.4t | ₺908.8b | 18.2x | 19.1x | 1.1x |
| Sat, 08 Nov 2025 | ₺17.2t | ₺16.1t | ₺896.6b | 21.5x | 19.2x | 1.1x |
| Mon, 06 Oct 2025 | ₺16.8t | ₺15.8t | ₺792.8b | 22.2x | 21.1x | 1.1x |
| Wed, 03 Sep 2025 | ₺17.5t | ₺16.0t | ₺799.2b | 22.1x | 21.8x | 1.1x |
| Fri, 01 Aug 2025 | ₺16.3t | ₺15.4t | ₺825.8b | 20.2x | 19.8x | 1.1x |
| Sun, 29 Jun 2025 | ₺13.6t | ₺15.4t | ₺843.5b | 17.3x | 16.1x | 0.9x |
| Tue, 27 May 2025 | ₺13.4t | ₺15.4t | ₺847.6b | 18.1x | 15.9x | 0.9x |
| Thu, 24 Apr 2025 | ₺13.3t | ₺15.4t | ₺871.4b | 17.6x | 15.3x | 0.9x |
| Sat, 22 Mar 2025 | ₺13.1t | ₺15.3t | ₺876.8b | 16.7x | 14.9x | 0.9x |
| Mon, 17 Feb 2025 | ₺13.4t | ₺11.7t | ₺1.2t | 15.5x | 11.1x | 1.1x |
| Wed, 15 Jan 2025 | ₺13.3t | ₺11.4t | ₺1.2t | 15.6x | 10.9x | 1.2x |
| Fri, 13 Dec 2024 | ₺13.6t | ₺11.4t | ₺1.2t | 15.6x | 11.1x | 1.2x |
| Sun, 10 Nov 2024 | ₺12.5t | ₺11.5t | ₺1.2t | 15x | 10.4x | 1.1x |
| Tue, 08 Oct 2024 | ₺12.4t | ₺11.6t | ₺1.4t | 14.6x | 9.1x | 1.1x |
| Thu, 05 Sep 2024 | ₺13.6t | ₺11.6t | ₺1.4t | 16.5x | 9.8x | 1.2x |
| Sat, 03 Aug 2024 | ₺14.0t | ₺11.3t | ₺1.4t | 16.8x | 9.9x | 1.2x |
| Mon, 01 Jul 2024 | ₺14.2t | ₺11.2t | ₺1.4t | 16x | 10x | 1.3x |
| Wed, 29 May 2024 | ₺14.4t | ₺11.8t | ₺1.5t | 16.2x | 9.8x | 1.2x |
| Fri, 26 Apr 2024 | ₺13.6t | ₺10.4t | ₺1.4t | 15.7x | 9.5x | 1.3x |
| Sun, 24 Mar 2024 | ₺12.7t | ₺9.9t | ₺1.4t | 15.6x | 9.1x | 1.3x |
| Tue, 20 Feb 2024 | ₺12.3t | ₺8.3t | ₺1.4t | 15.7x | 9x | 1.5x |
| Thu, 18 Jan 2024 | ₺10.7t | ₺8.2t | ₺1.4t | 12.6x | 7.8x | 1.3x |
| Sat, 16 Dec 2023 | ₺10.4t | ₺8.2t | ₺1.3t | 12.4x | 7.7x | 1.3x |
| Mon, 13 Nov 2023 | ₺11.2t | ₺8.2t | ₺1.3t | 13.3x | 8.4x | 1.4x |
| Wed, 11 Oct 2023 | ₺11.2t | ₺7.2t | ₺1.1t | 16.2x | 9.8x | 1.5x |
| Fri, 08 Sep 2023 | ₺10.1t | ₺7.2t | ₺1.1t | 14.5x | 8.9x | 1.4x |
| Sun, 06 Aug 2023 | ₺8.5t | ₺6.9t | ₺1.1t | 13.3x | 7.6x | 1.2x |
| Tue, 04 Jul 2023 | ₺6.8t | ₺6.7t | ₺1.1t | 10.5x | 6.3x | 1x |
| Thu, 01 Jun 2023 | ₺5.6t | ₺6.6t | ₺1.1t | 8.9x | 5.3x | 0.9x |
Price to Earnings Ratio
5.3x
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 18.2x which is higher than its 3-year average PE of 13.4x.
Past Earnings Growth
- The earnings for Turkish listed companies have grown 4.1% per year over the last three years.
- Revenues for these companies have grown 48% 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 | -2.66% | |
| Industrials | -0.35% | |
| Consumer Staples | -0.43% | |
| Healthcare | -1.85% | |
| Consumer Discretionary | -2.43% | |
| Telecom | -2.67% | |
| Materials | -2.85% | |
| Tech | -3.93% | |
| Real Estate | -4.05% | |
| Financials | -4.32% | |
| Utilities | -4.37% | |
| Energy | -5.85% | |
Sector PE
- Investors favour the Consumer Discretionary 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 42.3% which is higher than its past year's earnings decline of 10.2% per year.
Forecasted Growth
- Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 58% over the next 5 years.
- This is better than its past earnings growth rate of 1.4% per year.
- In contrast, the Energy sector is expected to see its earnings grow by 16% 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 | |
|---|---|---|---|---|---|---|
| DSTKF Destek Finans Faktoring | ₺2.08k | 6.4% +₺41.7b | 692.7% | PE183.7x | Financials | |
| ASTOR Astor Enerji | ₺341.75 | 9.2% +₺28.7b | 261.1% | PE41.1x | Industrials | |
| ENPRA Enpara Bank | ₺75.80 | 2.7% +₺25.0b | n/a | n/a | Financials | |
| EUPWR Europower Enerji ve Otomasyon Teknolojileri Sanayi Ticaret Anonim Sirketi | ₺84.55 | 35.2% +₺14.5b | 200.0% | PE70.5x | Industrials | |
| HALKB Türkiye Halk Bankasi | ₺41.88 | 4.7% +₺13.5b | 100.6% | PB1.3x | Financials |
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