Değerleme Tablosu

Turkish equities are seen advancing, with BIST-100 targeted at 17,718 in 12 months, implying 33% TL upside. Aggregate earnings are projected to fall 29% in 2024, then recover 12% in 2025 and 30% in 2026, taking ex-holdings valuations down to 8.3x 2026E P/E and 9.9x EV/EBITDA.

Banks are favored with broad “Outperform” calls and 33–75% upsides alongside rising profitability into 2026. Insurers show 43–60% upside with strong earnings growth. Aviation offers 55–126% upside across flag carriers and operators; retail 30–94% supported by steady expansion; telecom 49–60% with deleveraging progress. Energy is mixed: large potential in select renewables (up to 244%), more modest for AKSEN and ASTOR. Defense offers limited upside (15–32%). Notable negatives include TUPRS with -39% implied downside and SELEC at -37%.