OTCPK:THBI.Y

Stock Analysis Report

Türkiye Halk Bankasi

Executive Summary

Türkiye Halk Bankasi A.S., together with its subsidiaries, provides various banking products and services.

Snowflake

Fundamentals

Very undervalued with high growth potential and pays a dividend.

Share Price & News

How has Türkiye Halk Bankasi's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-16.8%

THBI.Y

1.4%

US Banks

1.0%

US Market


1 Year Return

-27.8%

THBI.Y

0.2%

US Banks

6.7%

US Market

Return vs Industry: THBI.Y underperformed the US Banks industry which returned 0.2% over the past year.

Return vs Market: THBI.Y underperformed the US Market which returned 6.7% over the past year.


Share holder returns

THBI.YIndustryMarket
7 Day-16.8%1.4%1.0%
30 Day-17.5%-2.6%-1.8%
90 Day-8.6%0.8%-1.8%
1 Year-27.8%-27.8%3.1%0.2%9.1%6.7%
3 Year-64.0%-65.0%52.0%41.5%46.1%36.6%
5 Year-83.9%-84.8%69.7%51.2%66.9%48.6%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Türkiye Halk Bankasi undervalued based on future cash flows and its price relative to the stock market?

>50%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Undervalued: THBI.Y ($1.86) is trading below our estimate of fair value ($6.47)

Significantly Undervalued: THBI.Y is trading below fair value by more than 20%.


Price Based on Earnings

PE vs Industry: THBI.Y is good value based on its PE Ratio (5.1x) compared to the Banks industry average (12.5x).

PE vs Market: THBI.Y is good value based on its PE Ratio (5.1x) compared to the US market (17.5x).


Price Based on Expected Growth

Low PEG Ratio: THBI.Y is good value based on its PEG Ratio (0.1x)


Price Based on Value of Assets

PB vs Industry: THBI.Y is good value based on its PB Ratio (0.2x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Türkiye Halk Bankasi expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

46.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: THBI.Y's forecast earnings growth (46.6% per year) is above the savings rate (2.7%).

Earnings vs Market: THBI.Y's earnings (46.6% per year) are forecast to grow faster than the US market (14.5% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: THBI.Y's revenue (20.8% per year) is forecast to grow faster than the US market (7.3% per year).

High Growth Revenue: THBI.Y's revenue (20.8% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Estimates


Future Return on Equity

High Future ROE: THBI.Y's Return on Equity is forecast to be low in 3 years time (10.5%).


Next Steps

Past Performance

How has Türkiye Halk Bankasi performed over the past 5 years?

3.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: THBI.Y's earnings have grown by 3.4% per year over the past 5 years.

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

Earnings vs Industry: THBI.Y had negative earnings growth (-59%) over the past year, making it difficult to compare to the Banks industry average (31.8%).


Return on Equity

High ROE: THBI.Y's Return on Equity (4.8%) is considered low.


Return on Assets

ROA vs Industry: THBI.Y's Return on Assets is below or equal to the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate THBI.Y's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is Türkiye Halk Bankasi'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: THBI.Y has a low level of unsold assets or inventory.

Debt Coverage by Assets: THBI.Y's debt is not covered by short term assets (assets are 0.6x debt).


Financial Institutions Analysis

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

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

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

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

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

Level of Bad Loans: THBI.Y has a high level of bad loans (4.39%)


Next Steps

Dividend

What is Türkiye Halk Bankasi's current dividend yield, its reliability and sustainability?

1.82%

Expected Dividend Yield


Dividend Yield vs Market

company3.6%marketbottom25%1.5%markettop25%3.8%industryaverage2.5%forecastin3Years1.8%

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: THBI.Y's dividend (3.62%) is higher than the bottom 25% of dividend payers in the US market (1.46%).

High Dividend: THBI.Y's dividend (3.62%) is low compared to the top 25% of dividend payers in the US market (3.77%).

Stable Dividend: THBI.Y's dividends per share have been stable in the past 10 years.

Growing Dividend: THBI.Y's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: THBI.Y's dividends in 3 years are forecast to be thoroughly covered by earnings (10.1% payout ratio).


Next Steps

Management

What is the CEO of Türkiye Halk Bankasi's salary, the management and board of directors tenure and is there insider trading?

2.3yrs

Average management tenure


CEO

Osman Arslan (48yo)

2.3yrs

Tenure

0

Mr. Osman Arslan serves as General Manager of Turkiye Halk Bankasi Anonim Sirketi since June 8, 2017 and also its Director. Mr. Arslan serves as Member of Supervisory Board at Halkbank AD Skopje since 2019 ...


Management Age and Tenure

2.3yrs

Average Tenure

52yo

Average Age

Experienced Management: THBI.Y's management team is considered experienced (2.3 years average tenure).


Board Age and Tenure

2.3yrs

Average Tenure

53yo

Average Age

Experienced Board: THBI.Y's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


Insider Trading

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


Ownership Breakdown


Management Team

  • Osman Arslan (48yo)

    GM & Director

    • Tenure: 2.3yrs
  • Ali Sargon (53yo)

    Chairman of the Board of Inspectors

    • Tenure: 14.8yrs
  • Yusuf Ocak (53yo)

    Deputy GM of Financial Management & Planning and Vice CEO

    • Tenure: 0yrs
  • Kadir Yaylak (50yo)

    Head of Inspection Board

    • Tenure: 0yrs
  • Kemal Efe

    Head of General Accounting Department

    • Tenure: 0yrs
  • Elvan Öztabak

    Head of Compliance

    • Tenure: 0yrs
  • Yalçin Kaya

    Head of Corporate Communications Department

    • Tenure: 0yrs
  • Hasan Tuncay (52yo)

    Deputy General Manager of Corporate & Commercial Marketing

    • Tenure: 0yrs
  • Mehmet Sevimli

    Head of Legal Affairs

    • Tenure: 0.8yrs
  • Semih Tufan

    Head of Investor Relations Department

    • Tenure: 0yrs

Board Members

  • Mehmet Özcan (59yo)

    Independent Board Member

    • Tenure: 0.4yrs
  • Osman Arslan (48yo)

    GM & Director

    • Tenure: 2.3yrs
  • Faruk Özçelik (51yo)

    Member of Supervisory Board

    • Tenure: 6.6yrs
  • Sadik Tiltak (53yo)

    Independent Director

    • Tenure: 5.5yrs
  • Recep Özdil (58yo)

    Chairman of the Board

    • Tenure: 4.2yrs
  • Maksut Serim (64yo)

    Director

    • Tenure: 2.3yrs
  • Meltem Taylan Aydin (46yo)

    Director

    • Tenure: 2.3yrs
  • Himmet Karadag (45yo)

    Deputy Chairman

    • Tenure: 1.2yrs
  • Sezai Uçarmak (55yo)

    Director

    • Tenure: 0.7yrs
  • Mevlüt Uysal (53yo)

    Director

    • Tenure: 0.8yrs

Company Information

Türkiye Halk Bankasi A.S.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Türkiye Halk Bankasi A.S.
  • Ticker: THBI.Y
  • Exchange: OTCPK
  • Founded: 1933
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: YTL7.088b
  • Listing Market Cap: YTL1.206b
  • Shares outstanding: 1.25b
  • Website: https://www.halkbank.com.tr

Number of Employees


Location

  • Türkiye Halk Bankasi A.S.
  • Barbaros Mahallesi
  • Sebboy Sokak No:4
  • Istanbul
  • 34746
  • Turkey

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HALKBIBSE (Borsa Istanbul (BIST))YesCommon StockTRTRYMay 2007
THBI.YOTCPK (Pink Sheets LLC)UNSP ADR EACH REPR 2 ORDUSUSDNov 2008
THB1BST (Boerse-Stuttgart)UNSP ADR EACH REPR 2 ORDDEEURNov 2008

Biography

Türkiye Halk Bankasi A.S., together with its subsidiaries, provides various banking products and services. The company offers various deposit products, including e-deposits, deposit accounts with investmen ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 02:35
End of Day Share Price2019/10/10 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.

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