Türkiye Sinai Kalkinma Bankasi Valuation

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

TSKB (TRY12.68) is trading above our estimate of [[fair value]] (TRY3.97)

Is TSKB 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 TSKB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TSKB (TRY12.68) is trading above our estimate of fair value (TRY3.97)

Significantly Below Fair Value: TSKB is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TSKB. This is calculated by dividing TSKB's market cap by their current earnings.
What is TSKB's PE Ratio?
PE Ratio	3.9x
Earnings	₺9.02b
Market Cap	₺35.50b

TSKB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	0.1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TSKB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	32.3x
KLNMA Türkiye Kalkinma ve Yatirim Bankasi	14.8x	n/a	₺81.0b
GLCVY Gelecek Varlik Yönetimi Anonim Sirketi	5.3x	n/a	₺6.4b
ISFIN Is Finansal Kiralama Anonim Sirketi	4.5x	n/a	₺7.9b
QNBFL QNB Finansal Kiralama	104.5x	n/a	₺96.1b
TSKB Türkiye Sinai Kalkinma Bankasi	3.9x	36.5%	₺35.5b

Price-To-Earnings vs Peers: TSKB is good value based on its Price-To-Earnings Ratio (3.9x) compared to the peer average (32.3x).

Price to Earnings Ratio vs Industry

How does TSKB's PE Ratio compare vs other companies in the Asian Diversified Financial Industry?

24 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	19.1x	16.0%
TSKB Türkiye Sinai Kalkinma Bankasi	3.9x	36.5%	US$1.03b

24 Companies		Estimated Growth	Market Cap
Industry Avg.	19.1x	16.0%
TSKB Türkiye Sinai Kalkinma Bankasi	3.9x	36.5%	US$1.03b

No more companies

Price-To-Earnings vs Industry: TSKB is good value based on its Price-To-Earnings Ratio (3.9x) compared to the Asian Diversified Financial industry average (19.1x).

Price to Earnings Ratio vs Fair Ratio

What is TSKB'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.

TSKB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	3.9x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TSKB's Price-To-Earnings Fair Ratio for valuation analysis.

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 TSKB forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	₺12.68	₺15.44 +21.8%	12.7%	₺18.18	₺12.41	n/a	7
Nov ’25	₺12.06	₺15.44 +28.1%	12.7%	₺18.18	₺12.41	n/a	7
Oct ’25	₺11.49	₺14.99 +30.5%	17.4%	₺18.18	₺10.35	n/a	7
Sep ’25	₺11.55	₺14.66 +26.9%	18.3%	₺18.18	₺10.35	n/a	6
Aug ’25	₺13.12	₺12.82 -2.3%	12.6%	₺14.71	₺10.35	n/a	5
Jul ’25	₺11.15	₺12.54 +12.4%	14.2%	₺14.71	₺10.35	n/a	5
Jun ’25	₺11.05	₺12.54 +13.5%	14.2%	₺14.71	₺10.35	n/a	5
May ’25	₺9.80	₺11.04 +12.6%	12.2%	₺13.00	₺9.02	n/a	6
Apr ’25	₺8.90	₺10.54 +18.4%	9.9%	₺12.35	₺9.02	n/a	6
Mar ’25	₺8.18	₺10.54 +28.8%	9.9%	₺12.35	₺9.02	n/a	6
Feb ’25	₺8.22	₺9.56 +16.3%	16.9%	₺11.00	₺5.90	n/a	7
Jan ’25	₺6.55	₺8.78 +34.0%	18.8%	₺10.15	₺5.90	n/a	6
Dec ’24	₺7.23	₺8.78 +21.4%	18.8%	₺10.15	₺5.90	n/a	6
Nov ’24	₺6.56	₺8.37 +27.6%	20.7%	₺10.15	₺5.90	₺12.06	7
Oct ’24	₺8.12	₺7.36 -9.4%	16.2%	₺9.70	₺5.90	₺11.49	7
Sep ’24	₺7.29	₺7.23 -0.8%	13.2%	₺8.80	₺5.90	₺11.55	7
Aug ’24	₺5.80	₺6.39 +10.2%	18.1%	₺8.27	₺4.45	₺13.12	7
Jul ’24	₺4.48	₺5.60 +25.0%	10.5%	₺6.23	₺4.30	₺11.15	7
Jun ’24	₺4.14	₺5.60 +35.3%	10.5%	₺6.23	₺4.30	₺11.05	7
May ’24	₺3.93	₺5.60 +42.5%	10.5%	₺6.23	₺4.30	₺9.80	7
Apr ’24	₺4.09	₺5.45 +33.2%	12.3%	₺6.00	₺4.02	₺8.90	6
Mar ’24	₺4.03	₺5.07 +25.8%	17.0%	₺5.95	₺3.74	₺8.18	6
Feb ’24	₺3.87	₺4.73 +22.1%	18.1%	₺5.73	₺3.74	₺8.22	6
Jan ’24	₺4.37	₺3.61 -17.3%	18.9%	₺4.60	₺2.61	₺6.55	6
Dec ’23	₺4.09	₺3.51 -14.1%	18.9%	₺4.60	₺2.61	₺7.23	6
Nov ’23	₺2.97	₺3.13 +5.3%	11.7%	₺3.74	₺2.61	₺6.56	6

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.