Türkiye Petrol Rafinerileri Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: TUPRS (TRY147.2) is trading above our estimate of fair value (TRY73.34)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TUPRS. This is calculated by dividing TUPRS's market cap by their current earnings.
What is TUPRS's PE Ratio?
PE Ratio	6.5x
Earnings	₺43.75b
Market Cap	₺283.62b

TUPRS 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	0.4x
Enterprise Value/EBITDA	5.9x
PEG Ratio	-5.3x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TUPRS 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	14.6x
TRCAS Turcas Petrol	8.9x	n/a	₺5.7b
DINO HF Sinclair	24.8x	24.0%	US$7.9b
5019 Idemitsu KosanLtd	8.2x	3.1%	JP¥1.3t
PKN Orlen	16.5x	19.5%	zł62.0b
TUPRS Türkiye Petrol Rafinerileri	6.5x	-1.2%	₺283.6b

Price-To-Earnings vs Peers: TUPRS is good value based on its Price-To-Earnings Ratio (6.5x) compared to the peer average (14.6x).

Price to Earnings Ratio vs Industry

How does TUPRS's PE Ratio compare vs other companies in the Asian Oil and Gas Industry?

7 Companies	Price / Earnings	Estimated Growth	Market Cap

7 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TUPRS is good value based on its Price-To-Earnings Ratio (6.5x) compared to the Asian Oil and Gas industry average (10.5x).

Price to Earnings Ratio vs Fair Ratio

What is TUPRS'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.

TUPRS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	6.5x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TUPRS'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 TUPRS 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	₺147.20	₺193.64 +31.5%	25.6%	₺246.00	₺84.90	n/a	11
Nov ’25	₺145.10	₺194.09 +33.8%	26.3%	₺246.00	₺84.90	n/a	11
Oct ’25	₺155.20	₺193.84 +24.9%	25.5%	₺242.00	₺84.90	n/a	11
Sep ’25	₺168.60	₺197.93 +17.4%	23.3%	₺242.00	₺84.90	n/a	11
Aug ’25	₺164.30	₺198.32 +20.7%	22.0%	₺242.00	₺84.90	n/a	12
Jul ’25	₺163.80	₺195.43 +19.3%	22.6%	₺240.00	₺84.90	n/a	11
Jun ’25	₺176.70	₺189.48 +7.2%	24.8%	₺240.00	₺84.90	n/a	12
May ’25	₺195.80	₺181.21 -7.4%	22.8%	₺228.71	₺84.90	n/a	13
Apr ’25	₺178.50	₺170.70 -4.4%	27.3%	₺227.00	₺73.00	n/a	13
Mar ’25	₺164.80	₺154.98 -6.0%	33.3%	₺227.00	₺73.00	n/a	14
Feb ’25	₺154.70	₺136.77 -11.6%	40.8%	₺214.83	₺22.29	n/a	14
Jan ’25	₺143.00	₺134.23 -6.1%	39.8%	₺214.83	₺22.29	n/a	14
Dec ’24	₺153.30	₺134.23 -12.4%	39.8%	₺214.83	₺22.29	n/a	14
Nov ’24	₺145.00	₺134.23 -7.4%	39.8%	₺214.83	₺22.29	₺145.10	14
Oct ’24	₺159.00	₺126.99 -20.1%	32.3%	₺214.83	₺68.00	₺155.20	14
Sep ’24	₺142.70	₺108.25 -24.1%	22.5%	₺145.00	₺68.00	₺168.60	13
Aug ’24	₺101.30	₺107.33 +6.0%	21.6%	₺140.00	₺68.00	₺164.30	13
Jul ’24	₺79.30	₺89.28 +12.6%	16.5%	₺109.00	₺51.00	₺163.80	13
Jun ’24	₺67.65	₺89.04 +31.6%	16.0%	₺109.00	₺51.00	₺176.70	14
May ’24	₺66.30	₺86.78 +30.9%	19.4%	₺109.00	₺51.43	₺195.80	14
Apr ’24	₺75.73	₺82.96 +9.6%	18.8%	₺106.43	₺51.43	₺178.50	15
Mar ’24	₺85.69	₺80.49 -6.1%	22.7%	₺106.43	₺48.57	₺164.80	15
Feb ’24	₺80.39	₺74.67 -7.1%	21.7%	₺106.43	₺48.57	₺154.70	15
Jan ’24	₺75.70	₺67.19 -11.2%	19.3%	₺97.14	₺48.57	₺143.00	14
Dec ’23	₺69.29	₺67.19 -3.0%	19.3%	₺97.14	₺48.57	₺153.30	14
Nov ’23	₺55.71	₺56.33 +1.1%	12.8%	₺68.57	₺46.72	₺145.00	13

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.