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Data-driven stock valuation

ICBC Turkey Bank AS (ICBCT) fair value: what the stock is really worth

As of Oct 28, 2026: fair value (intrinsic value) of ICBC Turkey Bank AS stock TRY 4.49, price TRY 12.92, upside -65.2%, quality 68 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value 30%+ above price?No
  2. Quality 50+?Yes
  3. In an uptrend?Yes
  4. Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Financial Services TR · ISIN TRATEKST91N0

IT ICBC Turkey Bank AS logo Thin data Oct 26, 2026

ICBC Turkey Bank AS

ICBCT · IS

Stretched ValuationStrong overvaluation with only moderate quality.

Our calculation puts a fair price 65% below what the stock costs today.

Quality 68/100
Healthy Growth (revenue 5y +32.9 %/yr in TRY)
Highly profitable · 35.3% net margin (TTM)
Generates free cash flow
Ranks above peers (8/13)
Moderate debt
Wide moat 75/100 · thin data
Fair value 4.49 TRY · Strongly overvalued (−65.2%)
Thin data
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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

26.00 TRY 4.57 TRY Fair Value 4.49 TRY Aug 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 26, 2026.

How to read this chart

60‑month range 4.57 TRY – 26.00 TRY · fair‑value band 3.37 TRY – 5.61 TRY · the 12.92 TRY price screens above the 4.49 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Oct 26, 2026.

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Company profile

ICBC Turkey Bank A.S., together with its subsidiaries, provides various banking products and services in Turkey. The company provides savings deposit, daily time deposit, rates, and time deposit accounts.

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It also offers consumer loans; and online banking, campaigns, citizenship applications, cards, payments, investment, safe deposit boxes, life insurance, and individual pension system (IPS) for individuals.

In addition, it provides domestic financing, export financing, eximbank loans, foreign credit, non-cash loans, trade finance and RMB loans; and money transfer, POS and merchant services, domestic financing, risk management, investment, organization, cash management, and insurance services for corporates.

Further, it provides foreign currency loans, corporate deposit transactions, foreign exchange trading, clearing and custody services. The company was formerly known as Tekstil Bankasi Anonim Sirketi and changed its name to ICBC Turkey Bank A.S. in November 2015.

The company was founded in 1986 and is headquartered in Istanbul, Turkey. ICBC Turkey Bank A.S. is a subsidiary of Industrial and Commercial Bank of China Limited.

Stock analysis

ICBC Turkey Bank AS (ICBCT) currently trades at 12.92 TRY, while our model-based Fair Value estimate is 4.49 TRY, 65.2% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 3.68 TRY per share, and 0 of the 4 models we run sit above the 12.92 TRY price.

Bear case: the Multiples group reads lowest at 1.29 TRY, and 4 of the 4 models stay below the price. Data coverage for this calculation is low.

Scenario range: 3.37 TRY (bear) to 5.61 TRY (bull), the price of 12.92 TRY sits above 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 68/100 (solid quality), in the Financial Services sector.

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

ICBC Turkey Bank AS reported revenue of 3.6B TRL in FY2025 versus 1.5B TRL in FY2021, a compound +24.5%/yr. Reported net income was 85.4M TRL in FY2025, compounding −17.8%/yr from FY2021.

Key figures

Market cap 11.1B TRY (≈ $223M) Micro · P/E ratio 4.2 · P/S ratio 1.49 · EPS (TTM) 3.07 TRY · Net margin 35.3% · Return on equity 49.9% · Return on assets (EBIT) 0.5% · Operating margin 61.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (low confidence).

What moves the price

The share trades about 50% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at −65%, ICBCT screens richer than that median.

Fair Value models

Bear 3.37 TRY Fair Value 4.49 TRY Bull 5.61 TRY
Price 12.92 TRY · Upside -65.2%
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 (2.54 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 3.26 TRY 3.02 TRY 2.82 TRY 71
P/E Multiple 0.9700 TRY 1.29 TRY 1.61 TRY 63
P/B Multiple 5.77 TRY 7.69 TRY 9.61 TRY 55
All 4 models by family
Multiples
P/E Multiple 0.9700 TRY 1.29 TRY 1.61 TRY 63
P/B Multiple 5.77 TRY 7.69 TRY 9.61 TRY 55
Asset-Based
NCAV (Graham) 2.75 TRY 3.68 TRY 5.49 TRY 54
Economic Profit
Residual Income 3.26 TRY 3.02 TRY 2.82 TRY 71

Open the full fair value analysis →

Quality Score breakdown

Overall quality 68/100

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

Profitability 12
How much profit the company makes from its sales and capital
Quality Growth 53
Are margins and returns getting better?
Cashflow 100
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 43
Does it invest with discipline instead of growing at any price?
Low Volatility 60
How calm the share price moves, does not count
Momentum 17
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 12
Distance to the 52-week high, does not count
New shares 82
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
+120.1%
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.
+6.0%
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.
+32.9%
Start year 2020 (pandemic). Over 10 years: +35.4% a year
Revenue growth 24 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.
−39.8%
What shareholders gained per year (last 5 years) ⓘ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.
−1.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.2%
Dividend (yield on the price)0.0%

ICBCT screens overvalued: fair value 65% below the price. Compare with DBS Group →

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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 · 1064 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 68 · Top 25%
Fair Value upside −65.2% · Bottom 25%
Profitability
Return on equity (12 months) 49.9% · Top 25%
Return on assets 0.1% · Bottom 25%
Net margin (12 months) 35.3% · Above median
Operating margin (12 months) 61.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 11.5% · Above median
Balance sheet
Debt / equity 1.13× · Highest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 4.2× · Cheapest 25%
P/B 2.32× · Priciest 25%
P/S (12 months) 1.49× · Cheapest 25%
Price / free cash flow 1.4× · Cheapest 25%
PEG 1.96× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 11
FUTURE (revenue growth)58 · sector 48
PAST (return on equity)100 · sector 41
HEALTH (low debt)44 · sector 84
DIVIDEND (yield)0 · sector 52

VALUE 0: the price sits above our fair-value range.

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
China Merchants Bank Co 600036 ¥42.50 ¥52.73 +24% vs ICBCT
BNP Paribas SA BNP €85.55 €106.06 +24% vs ICBCT
Itaú Unibanco Holding ITUB $7.70 $6.95 −10% vs ICBCT
Mizuho Financial Group MFG $9.51 $6.85 −28% vs ICBCT
Intesa Sanpaolo S.p.A ISP €6.02 €4.15 −31% vs ICBCT
Oversea-Chinese Banking Corporation O39 28.96 SGD 19.78 SGD −32% vs ICBCT
UniCredit S.p.A UCG €74.56 €50.44 −32% vs ICBCT
HDFC Bank Limited HDFCBANK ₹688.05 ₹406.39 −41% vs ICBCT
DBS Group D05 74.21 SGD 40.39 SGD −46% vs ICBCT
ICICI Bank Limited ICICIBANK ₹1,387 ₹615.63 −56% vs ICBCT

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ICBC Turkey Bank AS · Fair Value
4.49 TRY −65%Fair Value
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Cite: Fair Value Calculator (2026). "ICBC Turkey Bank AS Fair Value". https://www.fairvalue-calculator.com/stock/ICBCT

Frequently asked questions

Is ICBC Turkey Bank AS (ICBCT) overvalued or undervalued?
As of Oct 26, 2026, our model estimates a fair value of 4.49 TRY versus a price of 12.92 TRY, about −65% upside (overvalued).
What is the fair value of ICBCT?
Our model-based fair value for ICBC Turkey Bank AS is 4.49 TRY (as of Oct 26, 2026), built from audited fundamentals. The current price: 12.92 TRY.
What is the quality score of ICBCT?
ICBC Turkey Bank AS has a Quality Score of 68/100. 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 ICBC Turkey Bank AS (ICBCT)?
Our model-based price target is the fair value of 4.49 TRY (as of Oct 26, 2026) from 4 valuation models. Cautious scenario 3.37 TRY, optimistic scenario 5.61 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the ICBC Turkey Bank AS stock forecast for 2026?
Our models put fair value at 4.49 TRY, about −65% upside versus a price of 12.92 TRY (overvalued). Cautious scenario 3.37 TRY, optimistic scenario 5.61 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of ICBC Turkey Bank AS (ICBCT)?
ICBC Turkey Bank AS reported trailing-twelve-month revenue of about 7.5B TRY (latest available figure, as of Oct 26, 2026).
What is the intrinsic value of ICBC Turkey Bank AS (ICBCT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ICBC Turkey Bank AS it is 4.49 TRY per share (as of Oct 26, 2026), against a price of 12.92 TRY. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is ICBC Turkey Bank AS stock overvalued or undervalued in 2026?
As of Oct 26, 2026, ICBCT trades above its calculated fair value: price 12.92 TRY, fair value 4.49 TRY, a gap of about −65% (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 ICBCT?
No. The price is what the market pays today (12.92 TRY); the fair value is what the company's own numbers justify (4.49 TRY). For ICBC Turkey Bank AS the two are 8.43 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is ICBC Turkey Bank AS worth?
The market values ICBC Turkey Bank AS at about 11.1B TRY (market capitalisation, as of Oct 26, 2026). Per share that is 12.92 TRY; our models calculate a fair value of 4.49 TRY per share.
What do the bullish and bearish scenarios say about ICBCT?
Our models span a range for ICBC Turkey Bank AS: cautious scenario 3.37 TRY, base 4.49 TRY, optimistic 5.61 TRY per share (as of Oct 26, 2026, price 12.92 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ICBCT?
ICBC Turkey Bank AS trades at a price-to-earnings ratio of 4.2 (as of Oct 26, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 4.49 TRY is built from several models across several years. Other multiples: PEG 2.0, P/B 2.3, P/S 1.5.
What is the PEG ratio of ICBCT?
The PEG ratio of ICBC Turkey Bank AS is 1.96 (P/E divided by earnings growth, as of Oct 26, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of ICBC Turkey Bank AS (ICBCT)?
Balance-sheet figures for ICBC Turkey Bank AS (as of Oct 26, 2026): return on equity 49.9%, debt of 1.13 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is ICBCT from its 52-week high?
ICBC Turkey Bank AS trades at 12.92 TRY, about 50% below its 52-week high of 26.00 TRY and 3% above the low of 12.57 TRY (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 4.49 TRY is for.
Which stocks are comparable to ICBC Turkey Bank AS?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, 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 ICBC Turkey Bank AS stock attractive at the current price?
The data as of Oct 26, 2026: price 12.92 TRY, calculated fair value 4.49 TRY (−65%), Quality Score 68/100, 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 ICBCT calculated?
We run ICBC Turkey Bank AS 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 4.49 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 13.4 % above its aggregate fair value. ICBC Turkey Bank AS 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 ICBC Turkey Bank AS (ICBCT)?
The closing price on Oct 28, 2026 was 12.92 TRY. Our model-based fair value is 4.49 TRY, about −65% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ICBC Turkey Bank AS right now?
The price sits above even our optimistic bull case (5.61 TRY). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder. 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 ICBC Turkey Bank AS

How large is the market capitalisation of ICBC Turkey Bank AS (ICBCT)?
The market capitalisation of ICBC Turkey Bank AS is 11.1B TRY (≈ $223M). 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 ICBC Turkey Bank AS (ICBCT)?
The price-to-sales ratio of ICBC Turkey Bank AS is 1.49 (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 ICBC Turkey Bank AS (ICBCT)?
Earnings per share at ICBC Turkey Bank AS are 3.07 TRY (price ÷ EPS = P/E 4.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ICBC Turkey Bank AS (ICBCT)?
The net margin of ICBC Turkey Bank AS is 35.3% (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 ICBC Turkey Bank AS (ICBCT)?
The return on equity (ROE) of ICBC Turkey Bank AS is 49.9% (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 ICBC Turkey Bank AS (ICBCT)?
On an EBIT basis the return on assets of ICBC Turkey Bank AS is 0.5% (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 ICBC Turkey Bank AS (ICBCT)?
The operating margin of ICBC Turkey Bank AS is 61.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ICBC Turkey Bank AS (ICBCT)?
Revenue at ICBC Turkey Bank AS is growing +11.5% versus a year earlier (3y avg +6.0%). 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 ICBC Turkey Bank AS (ICBCT)?
Earnings per share at ICBC Turkey Bank AS are growing −93.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ICBC Turkey Bank AS (ICBCT) generate?
The free cash flow of ICBC Turkey Bank AS is 7.9B 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 ICBC Turkey Bank AS (ICBCT) carry?
The net debt of ICBC Turkey Bank AS is 26.8B TRY (fiscal year 2025, ≈ 3.4 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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