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Turkiye Halk Bankasi (HALKB) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Turkiye Halk Bankasi stock TRY 45.26, price TRY 41.04, upside +10.3%, quality 59 out of 100. Rating: fairly valued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services TR · ISIN TRETHAL00019

TH Turkiye Halk Bankasi logo Thin data Nov 6, 2026

Turkiye Halk Bankasi

HALKB · IS
Fairly valued, in an uptrend

The stock costs about what our calculation considers fair.

Healthy Growth (revenue 5y +55.4 %/yr in TRY)
Solidly profitable · 17.5% net margin (TTM)
Ranks above peers (9/13)
Last quarter vs. a year ago: revenue +46%, profit +32%.
Fair value 45.26 TRY · Fairly valued (+10.3%)
Quality 59/100
Moderate moat 50/100 · thin data
Thin data
⚠ Small free float
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

54.35 TRY 4.20 TRY Fair Value 45.26 TRY Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range 4.20 TRY – 54.35 TRY · fair‑value band 33.95 TRY – 56.58 TRY · the 41.04 TRY price screens below the 45.26 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

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

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The company provides deposit products, including e-deposits, deposit accounts with investment funds, child accounts, accumulated deposit accounts, producing deposit accounts, current TL accounts, time deposit TL/FX accounts, current FX accounts, gold deposit accounts, and safety deposit boxes.

It also offers personal, auto, mortgage, and overdraft loans; letter of credit, commercial, and cash and non-cash loans; medium and long-term, and investment and project loans; loans from international financial institutions; and foreign trade loans.

In addition, the company provides various cards and payment services; insurance products; derivative products; and investment products comprising investment funds, Fon24, domestic government bonds, bank bills and bonds, eurobonds, repos, forwards, options, swaps, and secured options, as well as cash management services.

Further, it offers Internet, mobile, and SMS banking services.

Additionally, the company is involved in investment in capital market instruments based on real estate, real estate projects, and rights based on real estate; financial leasing; factoring; financing; savings; financing and asset management; and capital markets activities.

Türkiye Halk Bankasi A.S. operates domestic and foreign branches in Cyprus and Bahrain and representative offices in England and Iran. Türkiye Halk Bankasi A.S. was founded in 1933 and is headquartered in Istanbul, Turkey. Türkiye Halk Bankasi A.S. operates as a subsidiary of Turkey Wealth Fund.

Stock analysis

Turkiye Halk Bankasi (HALKB) currently trades at 41.04 TRY, while our model-based Fair Value estimate is 45.26 TRY, so the stock looks roughly fairly valued today (gap 9.3%).

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Valuation

Bull case: the Multiples group reads highest at a median of 41.43 TRY per share, and 2 of the 4 models we run sit above the 41.04 TRY price.

Bear case: the Asset-Based group reads lowest at 19.83 TRY, and 2 of the 4 models stay below the price. Data coverage for this calculation is low.

Scenario range: 33.95 TRY (bear) to 56.58 TRY (bull), the price of 41.04 TRY sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 59/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Turkiye Halk Bankasi reported revenue of 172B TRL in FY2025 versus 24.6B TRL in FY2021, a compound +62.7%/yr. Reported net income was 27.1B TRL in FY2025, compounding +96.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap 295B TRY (≈ $5.9B) Mid · P/E ratio 9.2 · P/S ratio 1.60 · EPS (TTM) 4.48 TRY · Net margin 17.5% · Return on equity 15.3% · Return on assets (EBIT) 1.2% (5-year average) · Operating margin 12.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 24% below its 52-week high and 53% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −34% fair-value upside, at 10%, HALKB screens cheaper than that median.

Fair Value models

Bear 33.95 TRY Fair Value 45.26 TRY Bull 56.58 TRY
Price 41.04 TRY · Upside +10.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (3.82 TRY per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income 25.64 TRY 28.27 TRY 32.26 TRY 76
P/E Multiple 36.82 TRY 49.09 TRY 61.36 TRY 63
P/B Multiple 31.07 TRY 41.43 TRY 51.79 TRY 55
All 4 models by family
Multiples
P/E Multiple 36.82 TRY 49.09 TRY 61.36 TRY 63
P/B Multiple 31.07 TRY 41.43 TRY 51.79 TRY 55
Asset-Based
NCAV (Graham) 14.80 TRY 19.83 TRY 29.59 TRY 54
Economic Profit
Residual Income 25.64 TRY 28.27 TRY 32.26 TRY 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 59/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 28
How much profit the company makes from its sales and capital
Quality Growth 52
Are margins and returns getting better?
Cashflow 99
Do the profits arrive as real cash?
Financial strength 69
Debt, balance sheet and risk of trouble
Investment 18
Does it invest with discipline instead of growing at any price?
Low Volatility 48
How calm the share price moves, does not count
Price momentum 69
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 64
Distance to the 52-week high, does not count
New shares 90
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+122.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+55.4%
Start year 2020 (pandemic). Over 10 years: +37.6% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−37.5%
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+82.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+82.4%
Dividend (yield on the price)0.0%
2025 sits 61% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1000 stocks

Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 59 · Above median
Fair Value upside +10.3% · Top 25%
Profitability
Return on equity (12 months) 15.3% · Top 25%
Return on assets 0.6% · Bottom 25%
Net margin (12 months) 17.5% · Bottom 25%
Operating margin (12 months) 12.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 46.1% · Top 25%
Balance sheet
Debt / equity 0.15× · Below median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 9.2× · Cheaper than median
P/B 1.35× · Pricier than median
P/S (12 months) 1.60× · Cheapest 25%
Price / free cash flow (fiscal year) 1.3× · Cheapest 25%
PEG 0.32× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)47 · sector 8
FUTURE (revenue growth)100 · sector 47
PAST (return on equity)61 · sector 43
HEALTH (low debt)93 · sector 85
DIVIDEND (yield)0 · sector 53

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs HALKB
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs HALKB
BNP Paribas SA BNP €91.93 €106.01 +15% vs HALKB
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs HALKB
UniCredit S.p.A UCG €76.80 €50.44 −34% vs HALKB
Oversea-Chinese Banking Corporation O39 27.73 SGD 18.20 SGD −34% vs HALKB
Mizuho Financial Group MFG $9.40 $5.90 −37% vs HALKB
DBS Group D05 69.72 SGD 40.39 SGD −42% vs HALKB
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs HALKB
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs HALKB

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Turkiye Halk Bankasi: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Turkiye Halk Bankasi Fair Value". https://www.fairvalue-calculator.com/stock/HALKB

Frequently asked questions

Is Turkiye Halk Bankasi (HALKB) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 45.26 TRY versus a price of 41.04 TRY, about +10% upside (fairly valued).
What is the fair value of HALKB?
Our model-based fair value for Turkiye Halk Bankasi is 45.26 TRY (as of Nov 6, 2026), built from audited fundamentals. The current price: 41.04 TRY.
What is the quality score of HALKB?
Turkiye Halk Bankasi has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Turkiye Halk Bankasi (HALKB)?
Our model-based price target is the fair value of 45.26 TRY (as of Nov 6, 2026) from 4 valuation models. Cautious scenario 33.95 TRY, optimistic scenario 56.58 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Turkiye Halk Bankasi stock forecast for 2026?
Our models put fair value at 45.26 TRY, about +10% upside versus a price of 41.04 TRY (fairly valued). Cautious scenario 33.95 TRY, optimistic scenario 56.58 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Turkiye Halk Bankasi (HALKB)?
Turkiye Halk Bankasi reported trailing-twelve-month revenue of about 185B TRY (latest available figure, as of Nov 6, 2026).
What is the intrinsic value of Turkiye Halk Bankasi (HALKB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Turkiye Halk Bankasi it is 45.26 TRY per share (as of Nov 6, 2026), against a price of 41.04 TRY. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Turkiye Halk Bankasi stock overvalued or undervalued in 2026?
As of Nov 6, 2026, HALKB trades below its calculated fair value: price 41.04 TRY, fair value 45.26 TRY, a gap of about +10% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HALKB?
No. The price is what the market pays today (41.04 TRY); the fair value is what the company's own numbers justify (45.26 TRY). For Turkiye Halk Bankasi the two are 4.22 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Turkiye Halk Bankasi worth?
The market values Turkiye Halk Bankasi at about 295B TRY (market capitalisation, as of Nov 6, 2026). Per share that is 41.04 TRY; our models calculate a fair value of 45.26 TRY per share.
What do the bullish and bearish scenarios say about HALKB?
Our models span a range for Turkiye Halk Bankasi: cautious scenario 33.95 TRY, base 45.26 TRY, optimistic 56.58 TRY per share (as of Nov 6, 2026, price 41.04 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HALKB?
Turkiye Halk Bankasi trades at a price-to-earnings ratio of 9.2 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 45.26 TRY is built from several models across several years. Other multiples: PEG 0.3, P/B 1.4, P/S 1.6.
What is the PEG ratio of HALKB?
The PEG ratio of Turkiye Halk Bankasi is 0.32 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Turkiye Halk Bankasi (HALKB)?
Balance-sheet figures for Turkiye Halk Bankasi (as of Nov 6, 2026): return on equity 15.3%, debt of 0.15 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is HALKB from its 52-week high?
Turkiye Halk Bankasi trades at 41.04 TRY, about 24% below its 52-week high of 54.35 TRY and 53% above the low of 26.78 TRY (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 45.26 TRY is for.
Which stocks are comparable to Turkiye Halk Bankasi?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Turkiye Halk Bankasi stock attractive at the current price?
The data as of Nov 6, 2026: price 41.04 TRY, calculated fair value 45.26 TRY (+10%), Quality Score 59/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HALKB calculated?
We run Turkiye Halk Bankasi through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 45.26 TRY, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 12.7% above its aggregate fair value. Turkiye Halk Bankasi currently trades 9% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Turkiye Halk Bankasi (HALKB)?
The closing price on Nov 6, 2026 was 41.04 TRY. Our model-based fair value is 45.26 TRY, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Turkiye Halk Bankasi right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Turkiye Halk Bankasi

How large is the market capitalisation of Turkiye Halk Bankasi (HALKB)?
The market capitalisation of Turkiye Halk Bankasi is 295B TRY (≈ $5.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Turkiye Halk Bankasi (HALKB)?
The price-to-sales ratio of Turkiye Halk Bankasi is 1.60 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Turkiye Halk Bankasi (HALKB)?
Earnings per share at Turkiye Halk Bankasi are 4.48 TRY (price ÷ EPS = P/E 9.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Turkiye Halk Bankasi (HALKB)?
The net margin of Turkiye Halk Bankasi is 17.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Turkiye Halk Bankasi (HALKB)?
The return on equity (ROE) of Turkiye Halk Bankasi is 15.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Turkiye Halk Bankasi (HALKB)?
On an EBIT basis the return on assets of Turkiye Halk Bankasi is 1.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Turkiye Halk Bankasi (HALKB)?
The operating margin of Turkiye Halk Bankasi is 12.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Turkiye Halk Bankasi (HALKB)?
Revenue at Turkiye Halk Bankasi is growing +46.1% versus a year earlier (3y avg +30.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Turkiye Halk Bankasi (HALKB)?
Earnings per share at Turkiye Halk Bankasi are growing +31.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Turkiye Halk Bankasi (HALKB) generate?
The free cash flow of Turkiye Halk Bankasi is 221B TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Turkiye Halk Bankasi (HALKB) carry?
The net debt of Turkiye Halk Bankasi is 57.1B TRY (fiscal year 2021, ≈ 0.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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