Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Türkiye Kalkinma ve Yatirim Bankasi A.S. TRY 5.24, price TRY 8.30, upside -36.9%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Türkiye Kalkinma ve Yatirim Bankasi A.S. for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 2.66 TRY – 18.85 TRY · fair‑value band 3.87 TRY – 10.26 TRY · the 8.30 TRY price screens above the 5.24 TRY fair value. Dashed = 300-day average. As of Sep 24, 2026.
Follow Türkiye Kalkinma ve Yatirim Bankasi A.S. in your weekly email
Every Wednesday you see whether Türkiye Kalkinma ve Yatirim Bankasi A.S. is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
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.
Show more
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. 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 8.30 TRY, while our model-based Fair Value estimate is 5.24 TRY, implying the stock looks roughly 58.4% overvalued today.
Show more
Valuation
Bull case: the Economic Profit group reads highest at a median of 7.17 TRY per share, and 1 of the 4 models we run sit above the 8.30 TRY price.
Bear case: the Asset-Based group reads lowest at 2.25 TRY, and 3 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: 3.87 TRY (bear) to 10.26 TRY (bull), the price of 8.30 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 49/100 (below-average 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 90.2B TRY (≈ $1.8B) · P/E ratio 9.2 · P/S ratio 5.52 · EPS (TTM) 0.9000 TRY · Net margin 59.8% · Return on equity 30.6% · Return on assets (EBIT) 1.9% · Operating margin 82.1%.
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 47% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −36% fair-value upside, at −37%, KLNMA screens richer than that median.
Fair Value models
Bear 3.87 TRYFair Value 5.24 TRYBull 10.26 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 9 months old). Earnings retained since then (0.6658 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.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
+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%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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%
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.46% → 77%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
+7.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about −9.6% a year for the price.
Compare Türkiye Kalkinma ve Yatirim Bankasi A.S. with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 1051 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside−36.9% · Bottom 25%
Profitability
Return on equity (TTM)30.6% · Top 25%
Return on assets5.1% · Top 25%
Net margin (TTM)58.1% · Top 25%
Operating margin (TTM)82.1% · Top 25%
Growth and dividend
Revenue growth26.8% · Top 25%
Balance sheet
Debt / equity0.50× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (TTM)9.2× · Cheapest 25%
P/B2.68× · Priciest 25%
P/S (TTM)5.10× · Priciest 25%
P/FCF0.2× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 11
FUTURE (revenue growth)100· sector 47
PAST (return on equity)100· sector 41
HEALTH (low debt)75· 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). "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 Sep 24, 2026, our model estimates a fair value of 5.24 TRY versus a price of 8.30 TRY, about −37% upside (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 Sep 24, 2026), built from audited fundamentals. The current price: 8.30 TRY.
What is the quality score of KLNMA?
Türkiye Kalkinma ve Yatirim Bankasi A.S. has a Quality Score of 49/100. 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 Sep 24, 2026) from 4 valuation models. Cautious scenario 3.87 TRY, optimistic scenario 10.26 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 −37% upside versus a price of 8.30 TRY (overvalued). Cautious scenario 3.87 TRY, optimistic scenario 10.26 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 17.7B TRY (latest available figure, as of Sep 24, 2026).
What growth is priced into Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
For today's price to be fair in a discounted-cash-flow model, Türkiye Kalkinma ve Yatirim Bankasi A.S. would have to grow free cash flow by +7.8 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +80.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of KLNMA use?
Our models discount Türkiye Kalkinma ve Yatirim Bankasi A.S. at 15.7 %: a base by market capitalisation (small), 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 Türkiye Kalkinma ve Yatirim Bankasi A.S. that is +7.8 % per year a year over ten years, using the same discount rate (15.7 %) and the same formula as our fair value.
How much growth has Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA) delivered so far?
Over the past 5 years revenue at Türkiye Kalkinma ve Yatirim Bankasi A.S. grew +80.7 % a year. The price currently implies +7.8 % 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 Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA) growing?
The median revenue growth in the sector is +8.9 % a year. That is the yardstick for the growth priced into Türkiye Kalkinma ve Yatirim Bankasi A.S. (+7.8 % 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 Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
The free-cash-flow yield on the price is 8.95 %: that much free cash flow Türkiye Kalkinma ve Yatirim Bankasi A.S. produces per unit of market value. When it exceeds the discount rate of our models (15.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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 Sep 24, 2026), against a price of 8.30 TRY. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Türkiye Kalkinma ve Yatirim Bankasi A.S. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, KLNMA trades above its calculated fair value: price 8.30 TRY, fair value 5.24 TRY, a gap of about −37% (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 (8.30 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 3.06 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 90.2B TRY (market capitalisation, as of Sep 24, 2026). Per share that is 8.30 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 3.87 TRY, base 5.24 TRY, optimistic 10.26 TRY per share (as of Sep 24, 2026, price 8.30 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KLNMA?
Türkiye Kalkinma ve Yatirim Bankasi A.S. trades at a price-to-earnings ratio of 9.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 5.24 TRY is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 22.8. Other multiples: P/B 2.7, P/S 5.1.
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 Sep 24, 2026): return on equity 30.6%, debt of 0.50 per unit of equity. They feed the Quality Score of 49/100, 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 8.30 TRY, about 47% below its 52-week high of 15.75 TRY and at the low of 8.26 TRY (as of Sep 25, 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 DBS Group, China Merchants Bank Co, UniCredit S.p.A, Intesa Sanpaolo S.p.A, 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 Sep 24, 2026: price 8.30 TRY, calculated fair value 5.24 TRY (−37%), Quality Score 49/100, 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 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 5.24 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 13.9 % 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 Sep 25, 2026 was 8.30 TRY. Our model-based fair value is 5.24 TRY, about −37% upside (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?
The model range is unusually wide (3.87 TRY to 10.26 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 (49/100) 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 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 90.2B TRY (≈ $1.8B). 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 Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
The price-to-sales ratio of Türkiye Kalkinma ve Yatirim Bankasi A.S. is 5.52 (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 Türkiye Kalkinma ve Yatirim Bankasi A.S. (KLNMA)?
Earnings per share at Türkiye Kalkinma ve Yatirim Bankasi A.S. are 0.9000 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 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 30.6% (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 82.1% (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 +26.8% 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 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.
Free · no account needed
Watch Türkiye Kalkinma ve Yatirim Bankasi A.S. in the live analysis
One click puts Türkiye Kalkinma ve Yatirim Bankasi A.S. on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
