Ülker Bisküvi Sanayi A.S.

IBSE:ULKER Stock Report

Market Cap: ₺37.8b

Ülker Bisküvi Sanayi Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: ULKER (TRY102.3) is trading below our estimate of fair value (TRY135.97)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ULKER. This is calculated by dividing ULKER's market cap by their current earnings.
What is ULKER's PE Ratio?
PE Ratio7.9x
Earnings₺4.79b
Market Cap₺37.78b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ULKER vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average49.1x
BANVT Banvit Bandirma Vitaminli Yem Sanayii Anonim Sirketi
10.1xn/a₺34.3b
LYDYE Lydia Yesil Enerji Kaynaklari
164xn/a₺16.1b
KAYSE Kayseri Seker Fabrikasi Anonim Sirketi
11.8xn/a₺13.3b
TUKAS Tukas Gida Sanayi ve Ticaret
10.6xn/a₺9.6b
ULKER Ülker Bisküvi Sanayi
7.9x43.3%₺37.8b

Price-To-Earnings vs Peers: ULKER is good value based on its Price-To-Earnings Ratio (7.9x) compared to the peer average (49.1x).

Price to Earnings Ratio vs Industry

How does ULKER's PE Ratio compare vs other companies in the TR Food Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
SELVA Selva Gida Sanayi
2.1xn/aUS$23.27m
No more companies available in this PE range
ULKER 7.9xIndustry Avg. 23.0xNo. of Companies9PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ULKER is good value based on its Price-To-Earnings Ratio (7.9x) compared to the TR Food industry average (23x).

Price to Earnings Ratio vs Fair Ratio

What is ULKER'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.

ULKER PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.9x
Fair PE Ratio9.2x

Price-To-Earnings vs Fair Ratio: ULKER is good value based on its Price-To-Earnings Ratio (7.9x) compared to the estimated Fair Price-To-Earnings Ratio (9.2x).

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 ULKER forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₺102.30
₺209.83
+105.1%
24.4%₺270.00₺110.00n/a6
Nov ’25₺122.10
₺215.58
+76.6%
23.9%₺270.00₺110.00n/a6
Oct ’25₺131.50
₺222.81
+69.4%
22.8%₺270.00₺110.00n/a7
Sep ’25₺148.00
₺222.81
+50.6%
22.8%₺270.00₺110.00n/a7
Aug ’25₺171.50
₺197.54
+15.2%
26.2%₺266.20₺110.00n/a7
Jul ’25₺166.00
₺197.54
+19.0%
26.2%₺266.20₺110.00n/a7
Jun ’25₺136.50
₺129.76
-4.9%
21.7%₺173.60₺89.00n/a7
May ’25₺114.30
₺126.54
+10.7%
21.9%₺173.60₺89.00n/a8
Apr ’25₺102.70
₺124.16
+20.9%
19.4%₺154.50₺89.00n/a8
Mar ’25₺106.00
₺120.18
+13.4%
19.3%₺154.50₺89.00n/a7
Feb ’25₺94.05
₺106.34
+13.1%
31.3%₺154.50₺50.00n/a8
Jan ’25₺81.85
₺103.34
+26.3%
30.8%₺154.50₺50.00n/a8
Dec ’24₺84.50
₺87.31
+3.3%
47.1%₺154.50₺31.00n/a9
Nov ’24₺74.30
₺73.46
-1.1%
36.1%₺104.00₺38.10₺122.108
Oct ’24₺93.90
₺62.96
-32.9%
35.0%₺103.30₺38.10₺131.508
Sep ’24₺66.80
₺53.13
-20.5%
16.6%₺68.60₺38.10₺148.008
Aug ’24₺39.00
₺50.01
+28.2%
10.8%₺54.40₺38.10₺171.508
Jul ’24₺34.52
₺49.61
+43.7%
10.5%₺54.40₺38.10₺166.008
Jun ’24₺34.10
₺49.61
+45.5%
10.5%₺54.40₺38.10₺136.508
May ’24₺30.00
₺48.21
+60.7%
12.6%₺54.00₺38.50₺114.308
Apr ’24₺31.16
₺48.21
+54.7%
12.6%₺54.00₺38.50₺102.708
Mar ’24₺31.48
₺44.03
+39.9%
22.5%₺54.00₺27.00₺106.008
Feb ’24₺34.42
₺44.03
+27.9%
22.5%₺54.00₺27.00₺94.058
Jan ’24₺43.72
₺30.97
-29.2%
30.3%₺53.20₺18.30₺81.859
Dec ’23₺37.08
₺25.24
-31.9%
16.4%₺31.00₺18.30₺84.509
Nov ’23₺25.90
₺24.08
-7.0%
20.2%₺31.00₺16.00₺74.309

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.

Discover undervalued companies

Ofis Yem Gida Sanayi ve Ticaret

₺5.2b

Produces and sells feeds for the livestock sector in Turkey.

OFSYM

₺36.94

7D

2.3%

1Y

-38.3%

Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi

₺116.5b

Engages in the production, bottling, distribution, and sale of beer, malt, and non-alcoholic beverages in Turkey and internationally.

AEFES

₺195.60

7D

-10.1%

1Y

71.1%

Penguen Gida Sanayi

₺1.1b

Engages in the production and sale of fruit and vegetable products in Turkey.

PENGD

₺6.69

7D

7.4%

1Y

-5.8%