Turkcell Iletisim Hizmetleri A.S. (TCELL) fair value: what the stock is really worth
As of Nov 11, 2026: fair value (intrinsic value) of Turkcell Iletisim Hizmetleri A.S. stock TRY 155, price TRY 95.30, upside +62.5%, quality 51 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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. As of Nov 11, 2026.
How to read this chart
60‑month range 12.82 TRY – 127.50 TRY · fair‑value band 110.94 TRY – 203.97 TRY · the 95.30 TRY price screens below the 154.90 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.
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Turkcell Iletisim Hizmetleri A.S., together with its subsidiaries, engages in establishing and operating a global system for mobile communications (GSM) network in Turkey, Belarus, Turkish Republic of Northern Cyprus, Germany, and the Netherlands.
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It operates through the Turkcell Turkiye, Turkcell International, and Techfin segments.
The company is involved in information technology, value added GSM, and entertainment investment, as well as research and development, digital and insurance agency, property investments, electricity energy trade, and wholesale and retail electricity sales activities.
It also provides telecommunications, television, and content; digitalization; sales, delivery, and digital sales; consumer financing; cloud solutions; online radio, television, and on-demand streaming; telecommunications infrastructure; electronic payment; and develop software products and services.
In addition, the company offers customer relations and human resources management; directory assistance; payment services and e-money; internet search engine and browser; venture capital investment fund; meal coupons and cards; data processing; data center and cloud; programming and technical support; and digital education services.
Further, it provides training software developers. Turkcell Iletisim Hizmetleri A.S. was incorporated in 1993 and is headquartered in Istanbul, Turkey.
Stock analysis
Turkcell Iletisim Hizmetleri A.S. (TCELL) currently trades at 95.30 TRY, while our model-based Fair Value estimate is 154.90 TRY, implying the stock looks roughly 38% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 235.07 TRY per share, and 20 of the 24 models we run sit above the 95.30 TRY price.
Bear case: the Dividend Discount group reads lowest at 24.99 TRY, and 4 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: 110.94 TRY (bear) to 203.97 TRY (bull), the price of 95.30 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 51/100 (solid quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Turkcell Iletisim Hizmetleri A.S., reported revenue of 218B TRY in FY2024 versus 29.1B TRY in FY2020, a compound +65.5%/yr. Reported net income was 30.8B TRY in FY2024, compounding +64.2%/yr from FY2020.
Key figures
Market cap 208B TRY (≈ $4.1B) Mid · P/E ratio 10.5 · P/S ratio 0.82 · EPS (TTM) 9.07 TRY · Dividend yield 3.4% · Net margin 7.0% · Return on equity 6.8% · Return on assets (EBIT) 11.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (medium confidence).
What moves the price
The share trades about 25% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 48% fair-value upside, at 63%, TCELL screens cheaper than that median.
Fair Value models
Bear110.94 TRYFair Value 154.90 TRYBull203.97 TRY
Price 95.30 TRY · Upside +62.5%
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 2024 figures (about 12 months old). Earnings retained since then (9.07 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.
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
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+7.8%
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.
+82.5%
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.
+54.1%
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.
+21.1%
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’24
What shareholders gained per year (last 5 years), in TRY (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+67.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+64.3%
Dividend (yield on the price)3.4%
Profit margin 2019 to 2024 ⓘ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.21% → 14%
2024 sits 179% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
+16.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+20.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about −2.0% a year for the price and +1.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Compare Turkcell Iletisim Hizmetleri A.S., with another stock
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.Telecom Services · 249 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside+62.5% · Top 25%
Profitability
Return on equity (12 months)6.8% · Below median
Return on assets8.9% · Top 25%
Net margin (12 months)7.0% · Above median
Operating margin (12 months)22.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)37.8% · Top 25%
Dividend yield (12 months)3.4% · Below median
Balance sheet
Debt / equity0.26× · Below median
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (12 months)10.5× · Cheaper than median
P/B1.11× · Cheaper than median
P/S (12 months)0.82× · Cheaper than median
Price / free cash flow (fiscal year)16.9× · Pricier than median
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Is Turkcell Iletisim Hizmetleri A.S. (TCELL) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of 154.90 TRY versus a price of 95.30 TRY, about +63% upside (undervalued).
What is the fair value of TCELL?
Our model-based fair value for Turkcell Iletisim Hizmetleri A.S. is 154.90 TRY (as of Nov 11, 2026), built from audited fundamentals. The current price: 95.30 TRY.
What is the quality score of TCELL?
Turkcell Iletisim Hizmetleri A.S. 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 Turkcell Iletisim Hizmetleri A.S. (TCELL)?
Our model-based price target is the fair value of 154.90 TRY (as of Nov 11, 2026) from 24 valuation models. Cautious scenario 110.94 TRY, optimistic scenario 203.97 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Turkcell Iletisim Hizmetleri A.S., stock forecast for 2026?
Our models put fair value at 154.90 TRY, about +63% upside versus a price of 95.30 TRY (undervalued). Cautious scenario 110.94 TRY, optimistic scenario 203.97 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Turkcell Iletisim Hizmetleri A.S. (TCELL)?
Turkcell Iletisim Hizmetleri A.S. reported trailing-twelve-month revenue of about 254B TRY (latest available figure, as of Nov 11, 2026).
Does Turkcell Iletisim Hizmetleri A.S., pay a dividend?
Turkcell Iletisim Hizmetleri A.S. currently shows a dividend yield of 3.44% relative to its recent price (as of Nov 11, 2026).
How much is the dividend of Turkcell Iletisim Hizmetleri A.S. (TCELL)?
Turkcell Iletisim Hizmetleri A.S. has a dividend yield of 3.4%.
What growth is priced into Turkcell Iletisim Hizmetleri A.S. (TCELL)?
For today's price to be fair in a discounted-cash-flow model, Turkcell Iletisim Hizmetleri A.S. would have to grow free cash flow by +16.9 % per year for five years (discount rate 13.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +54.1 % per year. As of Nov 11, 2026.
What discount rate (WACC) does the fair value of TCELL use?
Our models discount Turkcell Iletisim Hizmetleri A.S. at 13.2 %: a base by market capitalisation (mid), damped by beta 0.73, 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 Turkcell Iletisim Hizmetleri A.S. that is +16.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.2 %) and the same formula as our fair value.
How much growth has Turkcell Iletisim Hizmetleri A.S. (TCELL) delivered so far?
Over the past 5 years revenue at Turkcell Iletisim Hizmetleri A.S. grew +54.1 % a year. The price currently implies free-cash-flow growth of +16.9 % per 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 Turkcell Iletisim Hizmetleri A.S. (TCELL) growing?
The median revenue growth in the sector is +3.9 % a year. That is the yardstick for the growth priced into Turkcell Iletisim Hizmetleri A.S. (+16.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Turkcell Iletisim Hizmetleri A.S. (TCELL)?
The free-cash-flow yield on the price is 5.94 %: that much free cash flow Turkcell Iletisim Hizmetleri A.S. produces per unit of market value. When it exceeds the discount rate of our models (13.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Turkcell Iletisim Hizmetleri A.S. (TCELL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Turkcell Iletisim Hizmetleri A.S. it is 154.90 TRY per share (as of Nov 11, 2026), against a price of 95.30 TRY. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Turkcell Iletisim Hizmetleri A.S., stock overvalued or undervalued in 2026?
As of Nov 11, 2026, TCELL trades below its calculated fair value: price 95.30 TRY, fair value 154.90 TRY, a gap of about +63% (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 TCELL?
No. The price is what the market pays today (95.30 TRY); the fair value is what the company's own numbers justify (154.90 TRY). For Turkcell Iletisim Hizmetleri A.S. the two are 59.60 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Turkcell Iletisim Hizmetleri A.S., worth?
The market values Turkcell Iletisim Hizmetleri A.S. at about 208B TRY (market capitalisation, as of Nov 11, 2026). Per share that is 95.30 TRY; our models calculate a fair value of 154.90 TRY per share.
What do the bullish and bearish scenarios say about TCELL?
Our models span a range for Turkcell Iletisim Hizmetleri A.S.: cautious scenario 110.94 TRY, base 154.90 TRY, optimistic 203.97 TRY per share (as of Nov 11, 2026, price 95.30 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TCELL?
Turkcell Iletisim Hizmetleri A.S. trades at a price-to-earnings ratio of 10.5 (as of Nov 11, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 154.90 TRY is built from several models across several years. Other multiples: PEG 1.6, P/B 1.1, P/S 0.8, EV/EBITDA 5.7.
What is the PEG ratio of TCELL?
The PEG ratio of Turkcell Iletisim Hizmetleri A.S. is 1.63 (P/E divided by earnings growth, as of Nov 11, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Turkcell Iletisim Hizmetleri A.S. (TCELL)?
Balance-sheet figures for Turkcell Iletisim Hizmetleri A.S. (as of Nov 11, 2026): return on equity 6.8%, debt of 0.26 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is TCELL from its 52-week high?
Turkcell Iletisim Hizmetleri A.S. trades at 95.30 TRY, about 25% below its 52-week high of 127.50 TRY and 6% above the low of 90.00 TRY (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of 154.90 TRY is for.
Which stocks are comparable to Turkcell Iletisim Hizmetleri A.S.,?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, 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 Turkcell Iletisim Hizmetleri A.S., stock attractive at the current price?
The data as of Nov 11, 2026: price 95.30 TRY, calculated fair value 154.90 TRY (+63%), Quality Score 51/100, from 24 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 TCELL calculated?
We run Turkcell Iletisim Hizmetleri A.S. through 24 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 154.90 TRY builds on their evidence-weighted average, 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 14.0% above its aggregate fair value. Turkcell Iletisim Hizmetleri A.S. currently trades 38% 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 Turkcell Iletisim Hizmetleri A.S. (TCELL)?
The closing price on Nov 11, 2026 was 95.30 TRY. Our model-based fair value is 154.90 TRY, about +63% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Turkcell Iletisim Hizmetleri A.S., right now?
The price is below even our cautious bear case (110.94 TRY). The market is more pessimistic than our downside scenario. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (110.94 TRY to 203.97 TRY) leaves room in how you read the outcome.
Key figures of Turkcell Iletisim Hizmetleri A.S.
How large is the market capitalisation of Turkcell Iletisim Hizmetleri A.S. (TCELL)?
The market capitalisation of Turkcell Iletisim Hizmetleri A.S. is 208B TRY (≈ $4.1B). 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 Turkcell Iletisim Hizmetleri A.S. (TCELL)?
The price-to-sales ratio of Turkcell Iletisim Hizmetleri A.S. is 0.82 (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 Turkcell Iletisim Hizmetleri A.S. (TCELL)?
Earnings per share at Turkcell Iletisim Hizmetleri A.S. are 9.07 TRY (price ÷ EPS = P/E 10.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Turkcell Iletisim Hizmetleri A.S. (TCELL)?
The dividend yield of Turkcell Iletisim Hizmetleri A.S. is 3.4% (payout 36.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Turkcell Iletisim Hizmetleri A.S. (TCELL)?
The net margin of Turkcell Iletisim Hizmetleri A.S. is 7.0% (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 Turkcell Iletisim Hizmetleri A.S. (TCELL)?
The return on equity (ROE) of Turkcell Iletisim Hizmetleri A.S. is 6.8% (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 Turkcell Iletisim Hizmetleri A.S. (TCELL)?
On an EBIT basis the return on assets of Turkcell Iletisim Hizmetleri A.S. is 11.0% (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 Turkcell Iletisim Hizmetleri A.S. (TCELL)?
The operating margin of Turkcell Iletisim Hizmetleri A.S. is 22.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Turkcell Iletisim Hizmetleri A.S. (TCELL)?
Revenue at Turkcell Iletisim Hizmetleri A.S. is growing +37.8% versus a year earlier (3y avg +82.5%). 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 Turkcell Iletisim Hizmetleri A.S. (TCELL)?
Earnings per share at Turkcell Iletisim Hizmetleri 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 Turkcell Iletisim Hizmetleri A.S. (TCELL) carry?
The net debt of Turkcell Iletisim Hizmetleri A.S. is 30.6B TRY (fiscal year 2024, ≈ 2.5 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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Broad data
Nov 11, 2026