ICBC Turkey Bank AS (ICBCT) fair value: what the stock is really worth
We calculate from audited financials what ICBC Turkey Bank AS is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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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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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. 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 19.25 TRY, while our model-based Fair Value estimate is 3.19 TRY, implying the stock looks roughly 503.5% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 3.73 TRY per share, and 0 of the 4 models we run sit above the 19.25 TRY price.
Bear case: the Multiples group reads lowest at 1.29 TRY, and 4 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: 2.75 TRY (bear) to 3.19 TRY (bull), the price of 19.25 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 56/100 (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 18.8B TRY (≈ $388M) · P/E ratio 12.2 · P/S ratio 0.29 · EPS (TTM) 1.58 TRY · Net margin 2.4% · Return on equity 27.2% · Return on assets (EBIT) 0.5% · Operating margin 54.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 56% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −33% fair-value upside, at −83%, ICBCT screens richer than that median.
Fair Value models
Bear 2.75 TRYFair Value 3.19 TRYBull 3.19 TRY
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (1.11 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.Evidence ⓘEvidence = 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.
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%
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%
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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%
Profit margin 2014 to 2019 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.48% → 20%
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
Price, fair value, quality and upside side by side.
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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 · 1077 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Profitability
Return on equity (TTM)27% · Top 25%
Return on assets1% · Above median
Net margin (TTM)25% · Below median
Operating margin (TTM)55% · Top 25%
Growth and dividend
Revenue growth545% · Top 25%
Balance sheet
Debt / equity1.13× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (TTM)12.2× · Cheaper than median
P/B3.93× · Priciest 25%
P/S (TTM)3.42× · Cheaper than median
P/FCF0.0× · Cheapest 25%
PEG1.96× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 11
FUTURE (revenue growth)100· sector 44
PAST (return on equity)100· sector 41
HEALTH (low debt)44· sector 85
DIVIDEND (yield)0· sector 52
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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 Sep 13, 2026, our model estimates a fair value of 3.19 TRY versus a price of 19.25 TRY, about −83% upside (overvalued).
What is the fair value of ICBCT?
Our model-based fair value for ICBC Turkey Bank AS is 3.19 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 19.25 TRY.
What is the quality score of ICBCT?
ICBC Turkey Bank AS has a Quality Score of 56/100. 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 3.19 TRY (as of Sep 13, 2026) from 4 valuation models. Cautious scenario 2.75 TRY, optimistic scenario 3.19 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 3.19 TRY, about −83% upside versus a price of 19.25 TRY (overvalued). Cautious scenario 2.75 TRY, optimistic scenario 3.19 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 5.5B TRY (latest available figure, as of Sep 13, 2026).
What growth is priced into ICBC Turkey Bank AS (ICBCT)?
For today's price to be fair in a discounted-cash-flow model, ICBC Turkey Bank AS would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 14.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +32.9 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of ICBCT use?
Our models discount ICBC Turkey Bank AS at 14.2 %: a base by market capitalisation (small), damped by beta 0.61, country premium for Turkey. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For ICBC Turkey Bank AS that is less than minus 40 % per year a year over ten years, using the same discount rate (14.2 %) and the same formula as our fair value.
How much growth has ICBC Turkey Bank AS (ICBCT) delivered so far?
Over the past 5 years revenue at ICBC Turkey Bank AS grew +32.9 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of ICBC Turkey Bank AS (ICBCT) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into ICBC Turkey Bank AS (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of ICBC Turkey Bank AS (ICBCT)?
The free-cash-flow yield on the price is 47.45 %: that much free cash flow ICBC Turkey Bank AS produces per unit of market value. When it exceeds the discount rate of our models (14.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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 3.19 TRY per share (as of Sep 13, 2026), against a price of 19.25 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 Sep 13, 2026, ICBCT trades above its calculated fair value: price 19.25 TRY, fair value 3.19 TRY, a gap of about −83% (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 (19.25 TRY); the fair value is what the company's own numbers justify (3.19 TRY). For ICBC Turkey Bank AS the two are 16.06 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 18.8B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 19.25 TRY; our models calculate a fair value of 3.19 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 2.75 TRY, base 3.19 TRY, optimistic 3.19 TRY per share (as of Sep 13, 2026, price 19.25 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 12.2 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.19 TRY is built from several models across several years. Other multiples: PEG 2.0, P/B 3.9, P/S 3.4.
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 Sep 13, 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 Sep 13, 2026): return on equity 27.2%, debt of 1.13 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is ICBCT from its 52-week high?
ICBC Turkey Bank AS trades at 19.25 TRY, about 31% below its 52-week high of 28.08 TRY and 56% above the low of 12.31 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 3.19 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, Intesa Sanpaolo S.p.A, HDFC Bank Limited, 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 Sep 13, 2026: price 19.25 TRY, calculated fair value 3.19 TRY (−83%), Quality Score 56/100, 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 3.19 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 15.8 % 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 should I pay attention to with ICBC Turkey Bank AS right now?
The price sits above even our optimistic bull case (3.19 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 (56/100) 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 18.8B TRY (≈ $388M). 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 0.29 (P/E × margin). 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 1.58 TRY (price ÷ EPS = P/E 12.2). 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 2.4% (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 ICBC Turkey Bank AS (ICBCT)?
The return on equity (ROE) of ICBC Turkey Bank AS is 27.2% (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 54.7% (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 +545% 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 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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