Değerleme Tablosu

Turkish equities are seen with 38% upside over 12 months, with a BIST-100 nominal TL target of 18,147. Aggregate earnings are projected to fall 29% in 2024 before recovering by 12% in 2025 and 30% in 2026, while valuation multiples compress: ex-holdings P/E is expected to improve from 12.8x (2024) to 8.0x (2026) and EV/EBITDA from 13.3x to 9.8x.

Stock-level targets indicate broad upside across key sectors with predominantly Outperform ratings: banks show substantial potential alongside low forward P/Es; insurance, aviation, telecom and retail names also carry strong double-digit to triple-digit target returns. Select energy, real estate and automotive stocks are highlighted with meaningful upside, while a few large caps in oil & gas and healthcare carry Neutral/Underweight-style targets, signaling dispersion in near-term earnings momentum and valuation support.