Turkiye Garanti Bankasi A.S.

IBSE:GARAN Stock Report

Market Cap: ₺559.9b

Turkiye Garanti Bankasi Valuation

Is GARAN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of GARAN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GARAN (TRY133.3) is trading below our estimate of fair value (TRY140.8)

Significantly Below Fair Value: GARAN is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GARAN?

Key metric: As GARAN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for GARAN. This is calculated by dividing GARAN's market cap by their current earnings.
What is GARAN's PE Ratio?
PE Ratio5.9x
Earnings₺95.43b
Market Cap₺559.86b

Price to Earnings Ratio vs Peers

How does GARAN's PE Ratio compare to its peers?

The above table shows the PE ratio for GARAN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.1x
ISCTR Türkiye Is Bankasi
6.2x44.5%₺393.2b
QNBTR QNB Bank
24.8xn/a₺887.8b
AKBNK Akbank T.A.S
7x43.8%₺338.3b
YKBNK Yapi ve Kredi Bankasi
6.2x45.2%₺260.2b
GARAN Turkiye Garanti Bankasi
5.9x28.7%₺559.9b

Price-To-Earnings vs Peers: GARAN is good value based on its Price-To-Earnings Ratio (5.9x) compared to the peer average (11.1x).

Price to Earnings Ratio vs Industry

How does GARAN's PE Ratio compare vs other companies in the Asian Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GARAN 5.9xIndustry Avg. 8.9xNo. of Companies78PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: GARAN is good value based on its Price-To-Earnings Ratio (5.9x) compared to the Asian Banks industry average (8.8x).

Price to Earnings Ratio vs Fair Ratio

What is GARAN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GARAN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.9x
Fair PE Ratio3.9x

Price-To-Earnings vs Fair Ratio: GARAN is expensive based on its Price-To-Earnings Ratio (5.9x) compared to the estimated Fair Price-To-Earnings Ratio (3.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst GARAN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₺133.30
₺145.30
+9.0%
15.3%₺172.00₺91.80n/a14
Dec ’25₺120.50
₺144.30
+19.8%
14.7%₺167.00₺91.80n/a14
Nov ’25₺105.60
₺144.30
+36.7%
14.7%₺167.00₺91.80n/a14
Oct ’25₺121.70
₺138.53
+13.8%
17.4%₺167.00₺91.80n/a15
Sep ’25₺112.30
₺135.37
+20.5%
20.3%₺167.00₺85.50n/a15
Aug ’25₺128.60
₺128.06
-0.4%
22.5%₺165.00₺85.50n/a14
Jul ’25₺110.70
₺108.42
-2.1%
23.0%₺160.00₺72.40n/a13
Jun ’25₺107.80
₺104.12
-3.4%
20.1%₺139.08₺72.40n/a12
May ’25₺82.45
₺85.66
+3.9%
19.2%₺114.45₺57.35n/a13
Apr ’25₺69.80
₺71.82
+2.9%
28.2%₺99.00₺22.00n/a14
Mar ’25₺61.85
₺69.03
+11.6%
32.2%₺99.00₺22.00n/a15
Feb ’25₺64.75
₺63.91
-1.3%
31.0%₺95.27₺22.00n/a16
Jan ’25₺58.35
₺57.77
-1.0%
27.6%₺78.00₺22.00n/a15
Dec ’24₺56.45
₺54.60
-3.3%
29.8%₺78.00₺22.00₺120.5015
Nov ’24₺46.66
₺52.33
+12.2%
31.5%₺76.50₺22.00₺105.6014
Oct ’24₺53.25
₺49.53
-7.0%
25.0%₺70.70₺30.00₺121.7014
Sep ’24₺50.85
₺41.06
-19.3%
28.0%₺57.16₺22.00₺112.3015
Aug ’24₺42.72
₺39.73
-7.0%
27.5%₺57.16₺22.00₺128.6015
Jul ’24₺32.04
₺34.14
+6.6%
14.4%₺43.47₺22.00₺110.7015
Jun ’24₺27.14
₺33.60
+23.8%
15.9%₺43.47₺22.00₺107.8015
May ’24₺27.38
₺33.67
+23.0%
16.0%₺43.47₺22.00₺82.4515
Apr ’24₺27.86
₺32.40
+16.3%
18.6%₺43.47₺22.00₺69.8015
Mar ’24₺23.56
₺30.68
+30.2%
20.1%₺43.47₺22.00₺61.8515
Feb ’24₺22.36
₺30.95
+38.4%
20.3%₺43.47₺22.00₺64.7515
Jan ’24₺30.04
₺29.45
-2.0%
17.6%₺37.75₺21.40₺58.3515
Dec ’23₺26.78
₺27.27
+1.8%
23.6%₺37.75₺15.70₺56.4515

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/25 05:00
End of Day Share Price 2024/12/25 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Turkiye Garanti Bankasi A.S. is covered by 41 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullAta Invest
Cristina MarzeaBarclays
Cagdas DoganBNP Paribas Securities (Asia)