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Qnb Finansbank AS (QNBTR) fair value: what the stock is really worth

As of Oct 28, 2026: fair value (intrinsic value) of Qnb Finansbank AS stock TRY 56.10, price TRY 115, upside -51.2%, quality 51 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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Financial Services TR · ISIN TRAFINBN91N3

QF Qnb Finansbank AS logo Some data Oct 28, 2026

Qnb Finansbank AS

QNBTR · IS
Very expensive, in a downtrend

Our calculation puts a fair price 51% below what the stock costs today.

Highly profitable · 39.4% net margin (TTM)
Last quarter vs. a year ago: revenue +27%, profit +26%.
Quality 51/100
Expensive Growth (revenue 5y +73.2 %/yr in TRY)
Mixed vs. peers (5/10)
Wide moat 76/100 · thin data
Some data
Fair value 56.10 TRY · Strongly overvalued (−51.2%)
Negative free cash flow
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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

979.00 TRY 32.08 TRY Fair Value 56.10 TRY Aug 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 28, 2026.

How to read this chart

60‑month range 32.08 TRY – 979.00 TRY · fair‑value band 40.16 TRY – 96.91 TRY · the 115.00 TRY price screens above the 56.10 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 28, 2026.

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Company profile

QNB Bank A.S. provides various banking and financial services in Turkey. It operates through three segments: Retail Banking, Corporate and Commercial Banking, and Treasury and General Directorate.

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The company offers savings, time, and demand deposits; savings, time, accumulating account, and payroll accounts; consumer, auto, home, and mortgage loans, as well as overdraft; investment products, such as bills and bonds, deposit fund packages, derivatives, exchange rates, funds, private portfolio, repo, and stocks; life, workplace, unemployment, auto, home, professional liability, and personal accident insurance products; individual pension products; credit cards; safe deposit boxes; checks; loans; payments; and money transfer services.

The company also provides agricultural investment products; support products; cash management, cash loans, guarantee services, merchant, and agricultural banking services; corporate banking, and small and medium-sized enterprise banking services; and foreign trading, cosme programs.

The company was formerly known as QNB Finansbank A.S. and changed its name to QNB Bank A.S. in October 2024. QNB Bank A.S. was incorporated in 1987 and is headquartered in Istanbul, Turkey. QNB Bank A.S. is a subsidiary of Qatar National Bank (Q.P.S.C.).

Stock analysis

Qnb Finansbank AS (QNBTR) currently trades at 115.00 TRY, while our model-based Fair Value estimate is 56.10 TRY, 51.2% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of 56.10 TRY per share, and 0 of the 4 models we run sit above the 115.00 TRY price.

Bear case: the Asset-Based group reads lowest at 20.11 TRY, and 4 of the 4 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 40.16 TRY (bear) to 96.91 TRY (bull), the price of 115.00 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 51/100 (solid quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Qnb Finansbank AS reported revenue of 162B TRY in FY2025 versus 13.8B TRY in FY2021, a compound +85.1%/yr. Reported net income was 47.8B TRY in FY2025, compounding +87.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap 659B TRY (≈ $13.2B) Large · P/E ratio 12.4 · P/S ratio 4.70 · EPS (TTM) 9.24 TRY · Net margin 39.4% · Return on equity 32.5% · Return on assets 2.7% · Operating margin 49.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 76 out of 100 (low confidence).

What moves the price

The share trades about 78% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −32% fair-value upside, at −51%, QNBTR screens richer than that median.

Fair Value models

Bear 40.16 TRY Fair Value 56.10 TRY Bull 96.91 TRY
Price 115.00 TRY · Upside -51.2%
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 (7.67 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 40.16 TRY 56.10 TRY 99.54 TRY 67
P/E Multiple 84.76 TRY 113.02 TRY 141.27 TRY 63
P/B Multiple 31.52 TRY 42.03 TRY 52.54 TRY 55
All 4 models by family
Multiples
P/E Multiple 84.76 TRY 113.02 TRY 141.27 TRY 63
P/B Multiple 31.52 TRY 42.03 TRY 52.54 TRY 55
Asset-Based
NCAV (Graham) 15.01 TRY 20.11 TRY 30.02 TRY 51
Economic Profit
Residual Income 40.16 TRY 56.10 TRY 99.54 TRY 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 51/100

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

Profitability 57
How much profit the company makes from its sales and capital
Quality Growth 71
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 53
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Momentum 0
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 40
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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+59.9%
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.
+51.4%
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.
+73.2%
Start year 2020 (pandemic)
Revenue growth 9 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.
+45.0%
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.
+59.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+59.0%
Dividend (yield on the price)0.0%

QNBTR screens overvalued: fair value 51% below the price. Compare with DBS Group →

Note from the team Oct 19, 2026
AI conclusion: High return on equity and margins indicate durable profitability, while negative operating and free cash flows reveal material cash conversion weaknesses.
Main risk: Negative operating and free cash flows despite positive net income threaten the bank's liquidity position and ability to sustain its lending operations.
QNB Finansbank posted sharply higher profits in the first half while gaining approval for up to five billion lira in green or sustainable bonds that open a fresh domestic funding route. Our models see the shares as overvalued. Does the combination of stronger earnings and diversified financing strengthen the business enough to close that gap, or do Turkish banking sector headwinds still dominate?
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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 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside −51.2% · Bottom 25%
Profitability
Return on equity (12 months) 32.5% · Top 25%
Return on assets 2.5% · Top 25%
Net margin (12 months) 39.4% · Top 25%
Operating margin (12 months) 49.5% · Above median
Growth and dividend
Revenue growth (quarter YoY) 27.3% · Top 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 12.4× · Pricier than median
P/B 3.81× · Priciest 25%
P/S (12 months) 4.70× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 10
FUTURE (revenue growth)100 · sector 48
PAST (return on equity)100 · sector 42
HEALTH (low debt)0 · sector 84
DIVIDEND (yield)0 · sector 51

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 QNBTR
BNP Paribas SA BNP €87.20 €106.06 +22% vs QNBTR
Itaú Unibanco Holding ITUB $7.37 $6.94 −6% vs QNBTR
Intesa Sanpaolo S.p.A ISP €5.96 €4.15 −30% vs QNBTR
Oversea-Chinese Banking Corporation O39 28.96 SGD 19.78 SGD −32% vs QNBTR
UniCredit S.p.A UCG €74.56 €50.44 −32% vs QNBTR
HDFC Bank Limited HDFCBANK ₹683.30 ₹406.39 −41% vs QNBTR
Mizuho Financial Group MFG $9.99 $5.92 −41% vs QNBTR
DBS Group D05 73.80 SGD 40.39 SGD −45% vs QNBTR
ICICI Bank Limited ICICIBANK ₹1,387 ₹615.63 −56% vs QNBTR

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Qnb Finansbank AS · Fair Value
56.10 TRY −51%Fair Value
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Cite: Fair Value Calculator (2026). "Qnb Finansbank AS Fair Value". https://www.fairvalue-calculator.com/stock/QNBTR

Frequently asked questions

Is Qnb Finansbank AS (QNBTR) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of 56.10 TRY versus a price of 115.00 TRY, about −51% upside (overvalued).
What is the fair value of QNBTR?
Our model-based fair value for Qnb Finansbank AS is 56.10 TRY (as of Oct 28, 2026), built from audited fundamentals. The current price: 115.00 TRY.
What is the quality score of QNBTR?
Qnb Finansbank AS has a Quality Score of 51/100. 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 Qnb Finansbank AS (QNBTR)?
Our model-based price target is the fair value of 56.10 TRY (as of Oct 28, 2026) from 4 valuation models. Cautious scenario 40.16 TRY, optimistic scenario 96.91 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Qnb Finansbank AS stock forecast for 2026?
Our models put fair value at 56.10 TRY, about −51% upside versus a price of 115.00 TRY (overvalued). Cautious scenario 40.16 TRY, optimistic scenario 96.91 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Qnb Finansbank AS (QNBTR)?
Qnb Finansbank AS reported trailing-twelve-month revenue of about 140B TRY (latest available figure, as of Oct 28, 2026).
What is the intrinsic value of Qnb Finansbank AS (QNBTR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Qnb Finansbank AS it is 56.10 TRY per share (as of Oct 28, 2026), against a price of 115.00 TRY. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Qnb Finansbank AS stock overvalued or undervalued in 2026?
As of Oct 28, 2026, QNBTR trades above its calculated fair value: price 115.00 TRY, fair value 56.10 TRY, a gap of about −51% (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 QNBTR?
No. The price is what the market pays today (115.00 TRY); the fair value is what the company's own numbers justify (56.10 TRY). For Qnb Finansbank AS the two are 58.90 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Qnb Finansbank AS worth?
The market values Qnb Finansbank AS at about 659B TRY (market capitalisation, as of Oct 28, 2026). Per share that is 115.00 TRY; our models calculate a fair value of 56.10 TRY per share.
What do the bullish and bearish scenarios say about QNBTR?
Our models span a range for Qnb Finansbank AS: cautious scenario 40.16 TRY, base 56.10 TRY, optimistic 96.91 TRY per share (as of Oct 28, 2026, price 115.00 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of QNBTR?
Qnb Finansbank AS trades at a price-to-earnings ratio of 12.4 (as of Oct 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 56.10 TRY is built from several models across several years. Other multiples: P/B 3.8, P/S 4.7.
How solid is the balance sheet of Qnb Finansbank AS (QNBTR)?
Balance-sheet figures for Qnb Finansbank AS (as of Oct 28, 2026): return on equity 32.5%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is QNBTR from its 52-week high?
Qnb Finansbank AS trades at 115.00 TRY, about 78% below its 52-week high of 531.00 TRY and 2% above the low of 113.00 TRY (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 56.10 TRY is for.
Which stocks are comparable to Qnb Finansbank 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 Qnb Finansbank AS stock attractive at the current price?
The data as of Oct 28, 2026: price 115.00 TRY, calculated fair value 56.10 TRY (−51%), Quality Score 51/100, 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 QNBTR calculated?
We run Qnb Finansbank 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 56.10 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 13.1 % above its aggregate fair value. Qnb Finansbank 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 Qnb Finansbank AS (QNBTR)?
The closing price on Oct 28, 2026 was 115.00 TRY. Our model-based fair value is 56.10 TRY, about −51% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Qnb Finansbank AS right now?
The price sits above even our optimistic bull case (96.91 TRY). The favourable scenario is already priced in. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (40.16 TRY to 96.91 TRY) leaves room in how you read the outcome. 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 Qnb Finansbank AS

How large is the market capitalisation of Qnb Finansbank AS (QNBTR)?
The market capitalisation of Qnb Finansbank AS is 659B TRY (≈ $13.2B). 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 Qnb Finansbank AS (QNBTR)?
The price-to-sales ratio of Qnb Finansbank AS is 4.70 (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 Qnb Finansbank AS (QNBTR)?
Earnings per share at Qnb Finansbank AS are 9.24 TRY (price ÷ EPS = P/E 12.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Qnb Finansbank AS (QNBTR)?
The net margin of Qnb Finansbank AS is 39.4% (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 Qnb Finansbank AS (QNBTR)?
The return on equity (ROE) of Qnb Finansbank AS is 32.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Qnb Finansbank AS (QNBTR)?
The return on assets (ROA) of Qnb Finansbank AS is 2.7% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of Qnb Finansbank AS (QNBTR)?
The operating margin of Qnb Finansbank AS is 49.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Qnb Finansbank AS (QNBTR)?
Revenue at Qnb Finansbank AS is growing +27.3% versus a year earlier (3y avg +51.4%). 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 Qnb Finansbank AS (QNBTR)?
Earnings per share at Qnb Finansbank AS are growing +26.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Qnb Finansbank AS (QNBTR) generate?
The free cash flow of Qnb Finansbank AS is −96.4B 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 Qnb Finansbank AS (QNBTR) carry?
The net debt of Qnb Finansbank AS is 265B TRY (fiscal year 2025). 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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