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Sekerbank TAS (SKBNK) fair value: what the stock is really worth

As of Oct 28, 2026: fair value (intrinsic value) of Sekerbank TAS stock TRY 6.34, price TRY 3.17, upside +100.0%, quality 45 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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Financial Services TR · ISIN TRASKBNK91N8

ST Sekerbank TAS logo Thin data Oct 29, 2026

Sekerbank TAS

SKBNK · IS
Cheap, value-trap risk

The stock costs 50% less than our calculation considers fair.

Fair value 6.34 TRY · Strongly undervalued (50%)
Solidly profitable · 16.8% net margin (TTM)
Low debt
Ranks above peers (8/13)
Last quarter vs. a year ago: revenue +50%, profit +48%.
Quality 45/100
Expensive Growth (revenue 5y +51.1 %/yr in TRY)
Moderate moat 62/100 · thin data
Negative free cash flow
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

18.75 TRY 0.5456 TRY Fair Value 6.34 TRY Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 29, 2026.

How to read this chart

60‑month range 0.5456 TRY – 18.75 TRY · fair‑value band 4.75 TRY – 7.92 TRY · the 3.17 TRY price screens below the 6.34 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 29, 2026.

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Company profile

Sekerbank T.A.S. provides agricultural, business, SME, corporate, and retail banking services in Turkey and internationally. It operates through Corporate/Commercial, SME, Retail, Treasury/Investment, and Other segments.

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The company offers personal loans, ECOcredit, vehicle and home loans, and completing accounts; and credit and individual bank cards, and cash advance.

It also provides deposit products, including term and demand deposits; investment products, such as investment accounts, FX trading platforms, repo transactions, treasury bill/government bonds, Eurobonds, gold transactions, stocks, private sector debt instruments, foreign stock exchanges, investment funds, derivative products, and electronic product certificates; gold deposit products; retirement and private banking; home, business, vehicle, health and personal accident, liability, cargo, engineering, agricultural, credit and refundable life, and other insurance products; and card and diamond card campaigns.

In addition, the company offers agricultural business and investment loans, as well as family farming; TMO and harvest cards; Harvest POS; small business, enterprise, and SME loans; member merchant/POS; and cash management services.

In addition, the company offers financial inclusion and women's banking; corporate loans, including cash and non-cash loans, project financing, financing production, and e-invoice financing; foreign trade and financing; business, commercial debit, visa business, and bonus business cards; and sectoral support and collaboration products.

Further, it provides digital banking services, including internet, mobile, open, ATM, and telephone banking; money transfer; digital POS slips; and buying and selling transactions, brokerage, custody, and consultancy services.

The company was formerly known as Pancar Kooperatifleri Bankasi A.S. and changed its name to Sekerbank T.A.S. in 1956. Sekerbank T.A.S. was incorporated in 1953 and is headquartered in Istanbul, Turkey.

Stock analysis

Sekerbank TAS (SKBNK) currently trades at 3.17 TRY, while our model-based Fair Value estimate is 6.34 TRY, implying the stock looks roughly 50.0% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 8.11 TRY per share, and 4 of the 6 models we run sit above the 3.17 TRY price.

Bear case: the Asset-Based group reads lowest at 3.88 TRY, and 2 of the 6 models stay below the price. Data coverage for this calculation is low.

Scenario range: 4.75 TRY (bear) to 7.92 TRY (bull), the price of 3.17 TRY sits below 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 45/100 (below-average quality), in the Financial Services sector.

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

Sekerbank TAS reported revenue of 16.2B TRL in FY2025 versus 2.6B TRL in FY2021, a compound +57.3%/yr. Reported net income was 2.7B TRL in FY2025, compounding +59.7%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap 10.2B TRY (≈ $204M) Micro · P/E ratio 3.1 · P/S ratio 0.53 · EPS (TTM) 1.02 TRY · Net margin 16.8% · Return on equity 15.0% · Return on assets (EBIT) −0.3% · Operating margin 34.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (low confidence).

What moves the price

The share trades about 83% 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 100%, SKBNK screens cheaper than that median.

Fair Value models

Bear 4.75 TRY Fair Value 6.34 TRY Bull 7.92 TRY
Price 3.17 TRY · Upside +100.0%
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 (0.8467 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 4.85 TRY 5.33 TRY 5.99 TRY 76
Gordon GGM 0.2100 TRY 0.2200 TRY 0.2400 TRY 69
DDM Multi-Stage 0.2100 TRY 0.2400 TRY 0.2600 TRY 67
All 6 models by family
Dividend Discount
Gordon GGM 0.2100 TRY 0.2200 TRY 0.2400 TRY 69
DDM Multi-Stage 0.2100 TRY 0.2400 TRY 0.2600 TRY 67
Multiples
P/E Multiple 8.19 TRY 10.92 TRY 13.65 TRY 63
P/B Multiple 6.08 TRY 8.11 TRY 10.13 TRY 55
Asset-Based
NCAV (Graham) 2.89 TRY 3.88 TRY 5.79 TRY 54
Economic Profit
Residual Income 4.85 TRY 5.33 TRY 5.99 TRY 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 45/100

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

Profitability 30
How much profit the company makes from its sales and capital
Quality Growth 45
Are margins and returns getting better?
Cashflow 35
Do the profits arrive as real cash?
Financial strength 76
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 38
How calm the share price moves, does not count
Momentum 2
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?

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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
+34.6%
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.
+35.0%
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.
+51.1%
Start year 2020 (pandemic). Over 10 years: +32.2% a year
Revenue growth 23 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.
−37.0%
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.
+45.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+45.9%
Dividend (yield on the price)0.0%

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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 · 1063 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 45 · Bottom 25%
Fair Value upside +100.0% · Top 25%
Profitability
Return on equity (12 months) 15.0% · Top 25%
Return on assets 1.2% · Above median
Net margin (12 months) 16.8% · Bottom 25%
Operating margin (12 months) 34.0% · Below median
Growth and dividend
Revenue growth (quarter YoY) 49.6% · Top 25%
Dividend yield (12 months) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.14× · Below median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 3.1× · Cheapest 25%
P/B 0.53× · Cheapest 25%
P/S (12 months) 0.53× · Cheapest 25%
PEG 7.76× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 10
FUTURE (revenue growth)100 · sector 47
PAST (return on equity)60 · sector 42
HEALTH (low debt)93 · sector 84
DIVIDEND (yield)0 · sector 51

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

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Sekerbank TAS · Fair Value
6.34 TRY +50%Fair Value
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Cite: Fair Value Calculator (2026). "Sekerbank TAS Fair Value". https://www.fairvalue-calculator.com/stock/SKBNK

Frequently asked questions

Is Sekerbank TAS (SKBNK) overvalued or undervalued?
As of Oct 29, 2026, our model estimates a fair value of 6.34 TRY versus a price of 3.17 TRY, about +100% upside (undervalued).
What is the fair value of SKBNK?
Our model-based fair value for Sekerbank TAS is 6.34 TRY (as of Oct 29, 2026), built from audited fundamentals. The current price: 3.17 TRY.
What is the quality score of SKBNK?
Sekerbank TAS has a Quality Score of 45/100. 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 Sekerbank TAS (SKBNK)?
Our model-based price target is the fair value of 6.34 TRY (as of Oct 29, 2026) from 6 valuation models. Cautious scenario 4.75 TRY, optimistic scenario 7.92 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Sekerbank TAS stock forecast for 2026?
Our models put fair value at 6.34 TRY, about +100% upside versus a price of 3.17 TRY (undervalued). Cautious scenario 4.75 TRY, optimistic scenario 7.92 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Sekerbank TAS (SKBNK)?
Sekerbank TAS reported trailing-twelve-month revenue of about 19.1B TRY (latest available figure, as of Oct 29, 2026).
What is the intrinsic value of Sekerbank TAS (SKBNK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sekerbank TAS it is 6.34 TRY per share (as of Oct 29, 2026), against a price of 3.17 TRY. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Sekerbank TAS stock overvalued or undervalued in 2026?
As of Oct 29, 2026, SKBNK trades below its calculated fair value: price 3.17 TRY, fair value 6.34 TRY, a gap of about +100% (undervalued). 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 SKBNK?
No. The price is what the market pays today (3.17 TRY); the fair value is what the company's own numbers justify (6.34 TRY). For Sekerbank TAS the two are 3.17 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Sekerbank TAS worth?
The market values Sekerbank TAS at about 10.2B TRY (market capitalisation, as of Oct 29, 2026). Per share that is 3.17 TRY; our models calculate a fair value of 6.34 TRY per share.
What do the bullish and bearish scenarios say about SKBNK?
Our models span a range for Sekerbank TAS: cautious scenario 4.75 TRY, base 6.34 TRY, optimistic 7.92 TRY per share (as of Oct 29, 2026, price 3.17 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SKBNK?
Sekerbank TAS trades at a price-to-earnings ratio of 3.1 (as of Oct 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 6.34 TRY is built from several models across several years. Other multiples: PEG 7.8, P/B 0.5, P/S 0.5.
What is the PEG ratio of SKBNK?
The PEG ratio of Sekerbank TAS is 7.76 (P/E divided by earnings growth, as of Oct 29, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Sekerbank TAS (SKBNK)?
Balance-sheet figures for Sekerbank TAS (as of Oct 29, 2026): return on equity 15.0%, debt of 0.14 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is SKBNK from its 52-week high?
Sekerbank TAS trades at 3.17 TRY, about 83% below its 52-week high of 18.75 TRY and 2% above the low of 3.12 TRY (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 6.34 TRY is for.
Which stocks are comparable to Sekerbank TAS?
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 Sekerbank TAS stock attractive at the current price?
The data as of Oct 29, 2026: price 3.17 TRY, calculated fair value 6.34 TRY (+100%), Quality Score 45/100, from 6 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 SKBNK calculated?
We run Sekerbank TAS through 6 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 6.34 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. Sekerbank TAS currently trades 50 % below its own fair value, and the market average says nothing about that. 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 Sekerbank TAS (SKBNK)?
The closing price on Oct 28, 2026 was 3.17 TRY. Our model-based fair value is 6.34 TRY, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sekerbank TAS right now?
The price is below even our cautious bear case (4.75 TRY). The market is more pessimistic than our downside scenario. 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 quality (45/100) at a price below fair value, the discount is the argument here, not the business quality. 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 Sekerbank TAS

How large is the market capitalisation of Sekerbank TAS (SKBNK)?
The market capitalisation of Sekerbank TAS is 10.2B TRY (≈ $204M). 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 Sekerbank TAS (SKBNK)?
The price-to-sales ratio of Sekerbank TAS is 0.53 (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 Sekerbank TAS (SKBNK)?
Earnings per share at Sekerbank TAS are 1.02 TRY (price ÷ EPS = P/E 3.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Sekerbank TAS (SKBNK)?
The net margin of Sekerbank TAS is 16.8% (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 Sekerbank TAS (SKBNK)?
The return on equity (ROE) of Sekerbank TAS is 15.0% (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 Sekerbank TAS (SKBNK)?
On an EBIT basis the return on assets of Sekerbank TAS is −0.3% (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 Sekerbank TAS (SKBNK)?
The operating margin of Sekerbank TAS is 34.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sekerbank TAS (SKBNK)?
Revenue at Sekerbank TAS is growing +49.6% versus a year earlier (3y avg +35.0%). 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 Sekerbank TAS (SKBNK)?
Earnings per share at Sekerbank TAS are growing +48.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sekerbank TAS (SKBNK) generate?
The free cash flow of Sekerbank TAS is −688M 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 Sekerbank TAS (SKBNK) carry?
The net debt of Sekerbank TAS is 88.6M TRY (fiscal year 2019). 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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