BST:T8VA

Stock Analysis Report

Türkiye Vakiflar Bankasi Türk Anonim Ortakligi

Executive Summary

Türkiye Vakiflar Bankasi Türk Anonim Ortakligi, through its subsidiaries, provides corporate, commercial, small business, retail, and investment banking services in Turkey and internationally.


Snowflake Analysis

Very undervalued with adequate balance sheet.

Share Price & News

How has Türkiye Vakiflar Bankasi Türk Anonim Ortakligi's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: T8VA's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0.9%

T8VA

4.4%

DE Banks

9.9%

DE Market


1 Year Return

n/a

T8VA

-37.7%

DE Banks

-17.5%

DE Market

Return vs Industry: Insufficient data to determine how T8VA performed against the German Banks industry.

Return vs Market: Insufficient data to determine how T8VA performed against the German Market.


Shareholder returns

T8VAIndustryMarket
7 Day0.9%4.4%9.9%
30 Day-24.7%-25.5%-16.6%
90 Dayn/a-27.2%-24.8%
1 Yearn/a-35.7%-37.7%-15.0%-17.5%
3 Year-55.5%-56.2%-43.7%-46.4%-17.4%-24.5%
5 Year-59.3%-60.6%-41.2%-53.2%-16.6%-28.1%

Price Volatility Vs. Market

How volatile is Türkiye Vakiflar Bankasi Türk Anonim Ortakligi's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Türkiye Vakiflar Bankasi Türk Anonim Ortakligi undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: T8VA (€5.8) is trading below our estimate of fair value (€14.59)

Significantly Below Fair Value: T8VA is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: T8VA is good value based on its PE Ratio (3.3x) compared to the Banks industry average (15.1x).

PE vs Market: T8VA is good value based on its PE Ratio (3.3x) compared to the German market (16.3x).


Price to Earnings Growth Ratio

PEG Ratio: T8VA is good value based on its PEG Ratio (0.2x)


Price to Book Ratio

PB vs Industry: T8VA is good value based on its PB Ratio (0.3x) compared to the DE Banks industry average (0.8x).


Next Steps

Future Growth

How is Türkiye Vakiflar Bankasi Türk Anonim Ortakligi forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

18.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: T8VA's forecast earnings growth (18.3% per year) is above the savings rate (-0.4%).

Earnings vs Market: T8VA's earnings (18.3% per year) are forecast to grow faster than the German market (14.4% per year).

High Growth Earnings: T8VA's earnings are forecast to grow, but not significantly.

Revenue vs Market: T8VA's revenue (19.7% per year) is forecast to grow faster than the German market (4.1% per year).

High Growth Revenue: T8VA's revenue (19.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: T8VA's Return on Equity is forecast to be low in 3 years time (13.3%).


Next Steps

Past Performance

How has Türkiye Vakiflar Bankasi Türk Anonim Ortakligi performed over the past 5 years?

17.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: T8VA has a high level of non-cash earnings.

Growing Profit Margin: T8VA's current net profit margins (26.4%) are lower than last year (32.7%).


Past Earnings Growth Analysis

Earnings Trend: T8VA's earnings have grown by 17.8% per year over the past 5 years.

Accelerating Growth: T8VA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: T8VA had negative earnings growth (-25.9%) over the past year, making it difficult to compare to the Banks industry average (0.7%).


Return on Equity

High ROE: T8VA's Return on Equity (10.5%) is considered low.


Next Steps

Financial Health

How is Türkiye Vakiflar Bankasi Türk Anonim Ortakligi's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: T8VA has a low level of unsold assets or inventory.

Debt Coverage by Assets: T8VA's debt is not covered by short term assets (assets are 0.8x debt).


Financial Institutions Analysis

Asset Level: T8VA's level of assets compared to its equity is moderate.

Allowance for Bad Loans: T8VA has a low allowance for bad loans.

Low Risk Liabilities: T8VA's liabilities are made up of primarily low risk sources of funding.

Loan Level: T8VA has an acceptable proportion of non-loan assets held.

Low Risk Deposits: T8VA's loans are broadly funded by customer deposits.

Level of Bad Loans: T8VA has a high level of bad loans (5.86%)


Next Steps

Dividend

What is Türkiye Vakiflar Bankasi Türk Anonim Ortakligi's current dividend yield, its reliability and sustainability?

0.58%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate T8VA's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate T8VA's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if T8VA's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if T8VA's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: T8VA is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of T8VA's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.7yrs

Average management tenure


CEO

Abdi Ustunsalih (56yo)

0.83

Tenure

Mr. Abdi Serdar Üstünsalih has been General Manager and Director of Türkiye Vakiflar Bankasi TAO since May 2019. Mr. Üstünsalih has been Director at Türkiye Sinai Kalkinma Bankasi AS since June 14, 2019. M ...


Leadership Team

NamePositionTenureCompensationOwnership
Abdi Ustunsalih
GM & Director0.83yrno datano data
Mustafa Turan
Senior VP and Head of International Banking & Investor Relationsno datano datano data
Mikail Hidir
Assistant GM and Executive VP of Credit Risk Monitoring & Legal Tracking Department2.67yrsno datano data
Ferkan Merdan
Assistant General Manager of Payment Systems0.83yrno datano data
Hüseyin Bilgin
Assistant GM and Executive VP of Human Resources & Institutional Developmentno datano datano data
Metin Zafer
Assistant GM and Executive VP of Information Technologies & Operational Transactions13.75yrsno datano data
Halil Emre
Senior Vice President of Strategy & Planning Departmentno datano datano data
Alaattin Simsek
Executive Vice President of Credit Allocation Management & Credit Policies1.17yrsno datano data
Serdar Satoglu
Executive Vice President of Private Banking-Affiliates9.75yrsno datano data
Zeki Sözen
Head of Risk Management11.58yrsno datano data

2.7yrs

Average Tenure

50.5yo

Average Age

Experienced Management: T8VA's management team is considered experienced (2.7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Abdi Ustunsalih
GM & Director0.83yrno datano data
Sahin Ugur
Director2.75yrsno datano data
Sahap Kavcioglu
Independent Vice Chairman1.58yrsno datano data
Serdar Tunçbilek
Independent Director2.75yrsno datano data
Adnan Ertem
Director9.42yrsno datano data
Dilek Yüksel
Independent Director4yrsno datano data
Yunus Arinci
Member of Statutory Auditor Board10yrsno datano data
Cemil Ertem
Director1.58yrsno datano data
Abdülkadir Aksu
Chairman of the Board0.83yrno datano data
Sadik Yakut
Director0.83yrno datano data

2.2yrs

Average Tenure

55yo

Average Age

Experienced Board: T8VA's board of directors are not considered experienced ( 2.2 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Türkiye Vakiflar Bankasi Türk Anonim Ortakligi's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Türkiye Vakiflar Bankasi Türk Anonim Ortakligi
  • Ticker: T8VA
  • Exchange: BST
  • Founded: 1954
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: ₺11.275b
  • Listing Market Cap: ₺1.576b
  • Shares outstanding: 2.50b
  • Website: https://www.vakifbank.com.tr

Location

  • Türkiye Vakiflar Bankasi Türk Anonim Ortakligi
  • Saray Mahallesi
  • Dr. Adnan Buyukdeniz Caddesi
  • Istanbul
  • 34768
  • Turkey

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VAKBNIBSE (Borsa Istanbul (BIST))YesGroup D Registered SharesTRTRYNov 2005
TKYV.YOTCPK (Pink Sheets LLC)ADRUSUSDOct 2008
T8VABST (Boerse-Stuttgart)ADRDEEUROct 2008

Biography

Türkiye Vakiflar Bankasi Türk Anonim Ortakligi, through its subsidiaries, provides corporate, commercial, small business, retail, and investment banking services in Turkey and internationally. It offers time and demand deposits, accumulating accounts, repos, overdraft facilities, spot loans, foreign currency indexed loans, consumer loans, automobile and housing loans, working capital loans, discounted bills, gold loans, foreign currency loans, Eximbank loans, pre-export loans, ECA covered financing, letters of guarantee, letters of credit, export factoring, acceptance credits, and draft facilities. The company also provides forfeiting, leasing, forwards, futures, salary payments, investment accounts, cheques, safety boxes, tax collections, bill payment, and payment order services, as well as insurance products comprising fire, accident, transportation, engineering, agriculture, health, forensic protection, and loan insurance. In addition, it offers foreign trade transactions, cash management, factoring, credit cards, and other banking products to its corporate, commercial, and retail customers. Further, the company provides small business banking services, including overdraft accounts, POS machines, TL and foreign currency deposits, Internet banking and call-center, debit card, and bill payment to enterprises in retail and service sectors. Additionally, it offers capital markets transactions; issues capital market tools; purchases and sells marketable securities; and provides investment consultancy and portfolio management services, as well as invests in marketable debt and equity securities, and gold and other precious metals. As of December 31, 2016, the company operated a network of 924 branches in Turkey, as well as 3 foreign branches located in New York, Bahrain, and Erbil; and 4,037 ATMs and 216,804 units of POS. Türkiye Vakiflar Bankasi Türk Anonim Ortakligi was founded in 1954 and is headquartered in Istanbul, Turkey. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/30 23:16
End of Day Share Price2020/03/30 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.