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Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Türkiye Kalkinma ve Yatirim Bankasi A.S. stock TRY 5.24, price TRY 6.83, that is 23.3% below the price, quality 53 out of 100. Rating: overvalued. 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 TRATKBNK91N6

TK Türkiye Kalkinma ve Yatirim Bankasi A.S. logo Thin data Nov 11, 2026

Türkiye Kalkinma ve Yatirim Bankasi A.S.

KLNMA · IS
Expensive, in a downtrend

Our calculation puts a fair price 23% below what the stock costs today.

Healthy Growth (revenue 5y +80.6 %/yr in TRY)
Highly profitable · 58.0% net margin (TTM)
Revenue last quarter +21% vs. a year ago.
Quality 53/100
Mixed vs. peers (5/9)
Wide moat 81/100 · thin data
Fair value 5.24 TRY · Overvalued
Thin data
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What runs behind every stock

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

Price vs Fair Value

18.85 TRY 2.66 TRY Fair Value 5.24 TRY Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range 2.66 TRY – 18.85 TRY · fair‑value band 3.81 TRY – 8.60 TRY · the 6.83 TRY price screens above the 5.24 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.

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Company profile

Türkiye Kalkinma ve Yatirim Bankasi A.S. operates as a development and investment banking company in Türkiye. It operates through Investment Banking, Corporate Banking, and Other segments.

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The company provides financial solutions and banking services to medium and large-scale joint stock company customers, investment loans, project financing, TL and foreign currency-based business loans, letters of credit, and guarantees and collateral.

It also offers treasury and government bonds, repo transactions, capital markets consultancy, transactions, money swaps and forward foreign exchange transactions, capital markets consultancy, financial consultancy, and mergers and acquisition consultancy services.

Additionally, the company provides project funding and corporate loans and development funds. Türkiye Kalkinma ve Yatirim Bankasi A.S. was incorporated in 1975 and is based in Ümraniye, Turkey.

Stock analysis

Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA) currently trades at 6.83 TRY, while our model-based Fair Value estimate is 5.24 TRY, 23% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 8.21 TRY per share, and 1 of the 4 models we run sit above the 6.83 TRY price.

Bear case: the Asset-Based group reads lowest at 2.25 TRY, and 3 of the 4 models stay below the price. Data coverage for this calculation is low.

Scenario range: 3.81 TRY (bear) to 8.60 TRY (bull), the price of 6.83 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 53/100 (solid quality), in the Financial Services sector.

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

Türkiye Kalkinma ve Yatirim Bankasi A.S. reported revenue of 15.0B TRY in FY2025 versus 1.6B TRY in FY2021, a compound +74.7%/yr. Reported net income was 9.0B TRY in FY2025, compounding +82.2%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap 68.3B TRY (≈ $1.4B) Small · P/E ratio 683.0 · EPS (TTM) 0.0100 TRY · Net margin 59.8% · Return on equity 29.7% · Return on assets (EBIT) 1.9% (5-year average) · Operating margin 82.3% · Revenue (TTM) 18.5B TRY.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 81 out of 100 (low confidence).

What moves the price

The share trades about 49% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −30% fair-value upside, at −23%, KLNMA screens cheaper than that median.

Fair Value models

Bear 3.81 TRY Fair Value 5.24 TRY Bull 8.60 TRY
Price 6.83 TRY · Downside -23.3%
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 (0.0086 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 3.81 TRY 5.24 TRY 8.60 TRY 68
P/E Multiple 8.78 TRY 11.71 TRY 14.64 TRY 63
P/B Multiple 3.52 TRY 4.70 TRY 5.87 TRY 55
All 4 models by family
Multiples
P/E Multiple 8.78 TRY 11.71 TRY 14.64 TRY 63
P/B Multiple 3.52 TRY 4.70 TRY 5.87 TRY 55
Asset-Based
NCAV (Graham) 1.68 TRY 2.25 TRY 3.36 TRY 54
Economic Profit
Residual Income 3.81 TRY 5.24 TRY 8.60 TRY 68

Open the full fair value analysis →

Quality Score breakdown

Overall quality 53/100

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

Profitability 47
How much profit the company makes from its sales and capital
Quality Growth 68
Are margins and returns getting better?
Cashflow 80
Do the profits arrive as real cash?
Financial strength 55
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 65
How calm the share price moves, does not count
Price momentum 8
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 3
Distance to the 52-week high, does not count
New shares 10
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
+40.1%
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.
+66.8%
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.
+80.6%
Start year 2020 (pandemic). Over 10 years: +57.7% a year
Revenue growth 11 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.
+53.8%
What shareholders gained per year (last 5 years), in TRY ⓘ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. Measured in TRY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+23.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.5%
Dividend (yield on the price)0.0%

KLNMA screens overvalued: fair value 23% below the price. Compare with China Merchants Bank Co →

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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 · 997 stocks

Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside −23.3% · Below median
Profitability
Return on equity (12 months) 29.7% · Top 25%
Return on assets 4.4% · Top 25%
Net margin (12 months) 58.0% · Top 25%
Operating margin (12 months) 82.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 20.7% · Top 25%
Balance sheet
Debt / equity 0.50× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 683.0× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)2 · sector 9
FUTURE (revenue growth)100 · sector 47
PAST (return on equity)100 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)0 · sector 52

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

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 ¥5.63 ¥7.59 +35% vs KLNMA
China Merchants Bank Co 600036 ¥43.01 ¥52.73 +23% vs KLNMA
BNP Paribas SA BNP €95.66 €107.43 +12% vs KLNMA
Intesa Sanpaolo S.p.A ISP €6.39 €4.91 −23% vs KLNMA
UniCredit S.p.A UCG €83.55 €58.08 −30% vs KLNMA
Oversea-Chinese Banking Corporation O39 28.60 SGD 18.20 SGD −36% vs KLNMA
Mizuho Financial Group MFG $9.93 $5.89 −41% vs KLNMA
DBS Group D05 70.37 SGD 40.39 SGD −43% vs KLNMA
HDFC Bank Limited HDFCBANK ₹798.15 ₹406.39 −49% vs KLNMA
ICICI Bank Limited ICICIBANK ₹1,589 ₹615.63 −61% vs KLNMA

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Türkiye Kalkinma ve Yatirim Bankasi A.S.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Türkiye Kalkinma ve Yatirim Bankasi A.S. Fair Value". https://www.fairvalue-calculator.com/stock/KLNMA

Frequently asked questions

Is Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of 5.24 TRY versus a price of 6.83 TRY, about 23% lower (overvalued).
What is the fair value of KLNMA?
Our model-based fair value for Türkiye Kalkinma ve Yatirim Bankasi A.S. is 5.24 TRY (as of Nov 11, 2026), built from audited fundamentals. The current price: 6.83 TRY.
What is the quality score of KLNMA?
Türkiye Kalkinma ve Yatirim Bankasi A.S. has a Quality Score of 53/100. 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 Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
Our model-based price target is the fair value of 5.24 TRY (as of Nov 11, 2026) from 4 valuation models. Cautious scenario 3.81 TRY, optimistic scenario 8.60 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Türkiye Kalkinma ve Yatirim Bankasi A.S. stock forecast for 2026?
Our models put fair value at 5.24 TRY, about 23% lower versus a price of 6.83 TRY (overvalued). Cautious scenario 3.81 TRY, optimistic scenario 8.60 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
Türkiye Kalkinma ve Yatirim Bankasi A.S. reported trailing-twelve-month revenue of about 18.5B TRY (latest available figure, as of Nov 11, 2026).
What is the intrinsic value of Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Türkiye Kalkinma ve Yatirim Bankasi A.S. it is 5.24 TRY per share (as of Nov 11, 2026), against a price of 6.83 TRY. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Türkiye Kalkinma ve Yatirim Bankasi A.S. stock overvalued or undervalued in 2026?
As of Nov 11, 2026, KLNMA trades above its calculated fair value: price 6.83 TRY, fair value 5.24 TRY, a gap of about −23% (overvalued). 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 KLNMA?
No. The price is what the market pays today (6.83 TRY); the fair value is what the company's own numbers justify (5.24 TRY). For Türkiye Kalkinma ve Yatirim Bankasi A.S. the two are 1.59 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Türkiye Kalkinma ve Yatirim Bankasi A.S. worth?
The market values Türkiye Kalkinma ve Yatirim Bankasi A.S. at about 68.3B TRY (market capitalisation, as of Nov 11, 2026). Per share that is 6.83 TRY; our models calculate a fair value of 5.24 TRY per share.
What do the bullish and bearish scenarios say about KLNMA?
Our models span a range for Türkiye Kalkinma ve Yatirim Bankasi A.S.: cautious scenario 3.81 TRY, base 5.24 TRY, optimistic 8.60 TRY per share (as of Nov 11, 2026, price 6.83 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
Balance-sheet figures for Türkiye Kalkinma ve Yatirim Bankasi A.S. (as of Nov 11, 2026): return on equity 29.7%, debt of 0.50 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is KLNMA from its 52-week high?
Türkiye Kalkinma ve Yatirim Bankasi A.S. trades at 6.83 TRY, about 49% below its 52-week high of 13.38 TRY and 6% above the low of 6.46 TRY (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 5.24 TRY is for.
Which stocks are comparable to Türkiye Kalkinma ve Yatirim Bankasi A.S.?
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 Türkiye Kalkinma ve Yatirim Bankasi A.S. stock attractive at the current price?
The data as of Nov 11, 2026: price 6.83 TRY, calculated fair value 5.24 TRY (−23%), Quality Score 53/100, 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 KLNMA calculated?
We run Türkiye Kalkinma ve Yatirim Bankasi A.S. through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 5.24 TRY builds on their evidence-weighted average, 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 15.1% above its aggregate fair value. Türkiye Kalkinma ve Yatirim Bankasi A.S. itself currently trades above fair value. 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 Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
The closing price on Nov 10, 2026 was 6.83 TRY. Our model-based fair value is 5.24 TRY, about 23% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Türkiye Kalkinma ve Yatirim Bankasi A.S. right now?
Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (3.81 TRY to 8.60 TRY) leaves room in how you read the outcome. 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 Türkiye Kalkinma ve Yatirim Bankasi A.S.

How large is the market capitalisation of Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
The market capitalisation of Türkiye Kalkinma ve Yatirim Bankasi A.S. is 68.3B TRY (≈ $1.4B). 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/E ratio of Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
The price-to-earnings ratio of Türkiye Kalkinma ve Yatirim Bankasi A.S. is 683.0 (· median at FY-end 22.8 (5 FY)). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What are the earnings per share of Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
Earnings per share at Türkiye Kalkinma ve Yatirim Bankasi A.S. are 0.0100 TRY (price ÷ EPS = P/E 683.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
The net margin of Türkiye Kalkinma ve Yatirim Bankasi A.S. is 59.8% (fiscal year 2025). 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 Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
The return on equity (ROE) of Türkiye Kalkinma ve Yatirim Bankasi A.S. is 29.7% (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 Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
On an EBIT basis the return on assets of Türkiye Kalkinma ve Yatirim Bankasi A.S. is 1.9% (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 Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
The operating margin of Türkiye Kalkinma ve Yatirim Bankasi A.S. is 82.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
Revenue at Türkiye Kalkinma ve Yatirim Bankasi A.S. is growing +20.7% versus a year earlier (3y avg +66.8%). 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 Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
Earnings per share at Türkiye Kalkinma ve Yatirim Bankasi A.S. are growing −25.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA) generate?
The free cash flow of Türkiye Kalkinma ve Yatirim Bankasi A.S. is 7.4B 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 Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA) carry?
The net debt of Türkiye Kalkinma ve Yatirim Bankasi A.S. is 106B TRY (fiscal year 2025, ≈ 14.3 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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