Turkiye Sinai Kalkinma Bankasi AS (TSKB) fair value: what the stock is really worth
We calculate from audited financials what Turkiye Sinai Kalkinma Bankasi AS is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Türkiye Sinai Kalkinma Bankasi A.S. operates as a development and investment bank in Turkey.
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Türkiye Sinai Kalkinma Bankasi A.S. operates as a development and investment bank in Turkey. The company offers corporate loans for renewable energy, industrial investments, energy and resource efficiency, women's employment and equal opportunity, environmental investments, investments in developing regions, research and development and innovation, occupational health and safety, education and health investments, and working capital financing. It also provides project finance for energy generation and power plants, including hydroelectric, geothermal, wind, solar, biomass, and combined cycle natural gas plants; electricity and natural gas distribution projects; mergers and acquisitions; logistics, transportation, and telecommunications; and public - private partnership projects. In addition, the company offers other loan products, such as financial leasing, foreign trade finance, letter of guarantees/external guarantees/letter of credits, export credits / Eximbank aval credits, and country loans. Further, the company provides corporate finance products and services consisting of public offering preparation and brokerage, debt instrument issues, and mergers and acquisitions advisory; derivatives products comprising forward contracts, options, caps and floors, swap transactions, and swaptions; derivative transactions; brokerage for stock and bonds trading; currency exchange, repo, warrant, and foreign derivative transactions; securities loans; and portfolio management and investment consulting services. Additionally, it provides financial planning and strategy, feasibility, valuation, and restructuring services, as well as sectoral analysis studies; engineering and technical consultancy services; and financial technical advisory, real estate appraisal, economic research, and sustainability consultancy services. Türkiye Sinai Kalkinma Bankasi A.S. was incorporated in 1950 and is headquartered in Istanbul, Turkey.
Stock analysis
Turkiye Sinai Kalkinma Bankasi AS (TSKB) currently trades at 10.87 TRY, while our model-based Fair Value estimate is 22.72 TRY, implying the stock looks roughly 52.2% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 44.47 TRY per share, and 4 of the 6 models we run sit above the 10.87 TRY price.
Bear case: the Asset-Based group reads lowest at 10.93 TRY, and 2 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: 15.38 TRY (bear) to 33.38 TRY (bull), the price of 10.87 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 58/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Turkiye Sinai Kalkinma Bankasi AS reported revenue of 21.1B TRL in FY2025 versus 3.5B TRL in FY2021, a compound +56.1%/yr. Reported net income was 11.3B TRL in FY2025, compounding +79.9%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 30.4B TRY (≈ $624M) · P/E ratio 2.7 · P/S ratio 1.47 · EPS (TTM) 3.97 TRY · Dividend yield 4.9% · Net margin 53.7% · Return on equity 27.0% · Return on assets (EBIT) 2.2%.
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 23% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at 109%, TSKB screens cheaper than that median.
Fair Value models
Bear 15.38 TRYFair Value 22.72 TRYBull 33.38 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 (2.47 TRY per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+29.7%
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.
+34.7%
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.
+57.8%
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.
−32.9%
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What shareholders gained per year (last 5 years) (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.
+79.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+75.0%
Dividend (yield on the price)4.9%
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.95% → 59%
2025 sits 63% 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.
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).
−19.1%
Yearly growth needed for the next five years to justify today's price.
Compare Turkiye Sinai Kalkinma Bankasi AS 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.Banks - Regional · 1074 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+106% · Top 25%
Profitability
Return on equity (TTM)27% · Top 25%
Return on assets4% · Top 25%
Net margin (TTM)59% · Top 25%
Operating margin (TTM)71% · Top 25%
Growth and dividend
Revenue growth9% · Below median
Dividend yield (TTM)4.9% · Top 25%
Balance sheet
Debt / equity0.71× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Turkiye Sinai Kalkinma Bankasi AS Fair Value". https://www.fairvalue-calculator.com/stock/TSKB
Frequently asked questions
Is Turkiye Sinai Kalkinma Bankasi AS (TSKB) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 22.72 TRY versus a price of 10.87 TRY, about +109% upside (undervalued).
What is the fair value of TSKB?
Our model-based fair value for Turkiye Sinai Kalkinma Bankasi AS is 22.72 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 10.87 TRY.
What is the quality score of TSKB?
Turkiye Sinai Kalkinma Bankasi AS has a Quality Score of 58/100. 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 Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
Our model-based price target is the fair value of 22.72 TRY (as of Sep 13, 2026) from 6 valuation models. Cautious scenario 15.38 TRY, optimistic scenario 33.38 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Turkiye Sinai Kalkinma Bankasi AS stock forecast for 2026?
Our models put fair value at 22.72 TRY, about +109% upside versus a price of 10.87 TRY (undervalued). Cautious scenario 15.38 TRY, optimistic scenario 33.38 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
Turkiye Sinai Kalkinma Bankasi AS reported trailing-twelve-month revenue of about 18.8B TRY (latest available figure, as of Sep 13, 2026).
Does Turkiye Sinai Kalkinma Bankasi AS pay a dividend?
Turkiye Sinai Kalkinma Bankasi AS currently shows a dividend yield of about 4.93% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
For today's price to be fair in a discounted-cash-flow model, Turkiye Sinai Kalkinma Bankasi AS would have to grow free cash flow by -19.1 % per year for five years (discount rate 14.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +57.8 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of TSKB use?
Our models discount Turkiye Sinai Kalkinma Bankasi AS at 14.3 %: a base by market capitalisation (small), damped by beta 0.66, 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 Turkiye Sinai Kalkinma Bankasi AS that is -19.1 % per year a year over ten years, using the same discount rate (14.3 %) and the same formula as our fair value.
How much growth has Turkiye Sinai Kalkinma Bankasi AS (TSKB) delivered so far?
Over the past 5 years revenue at Turkiye Sinai Kalkinma Bankasi AS grew +57.8 % a year. The price currently implies -19.1 % 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 Turkiye Sinai Kalkinma Bankasi AS (TSKB) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Turkiye Sinai Kalkinma Bankasi AS (-19.1 % 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 Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
The free-cash-flow yield on the price is 44.50 %: that much free cash flow Turkiye Sinai Kalkinma Bankasi AS produces per unit of market value. When it exceeds the discount rate of our models (14.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Turkiye Sinai Kalkinma Bankasi AS it is 22.72 TRY per share (as of Sep 13, 2026), against a price of 10.87 TRY. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Turkiye Sinai Kalkinma Bankasi AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, TSKB trades below its calculated fair value: price 10.87 TRY, fair value 22.72 TRY, a gap of about +109% (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 TSKB?
No. The price is what the market pays today (10.87 TRY); the fair value is what the company's own numbers justify (22.72 TRY). For Turkiye Sinai Kalkinma Bankasi AS the two are 11.85 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Turkiye Sinai Kalkinma Bankasi AS worth?
The market values Turkiye Sinai Kalkinma Bankasi AS at about 30.4B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 10.87 TRY; our models calculate a fair value of 22.72 TRY per share.
What do the bullish and bearish scenarios say about TSKB?
Our models span a range for Turkiye Sinai Kalkinma Bankasi AS: cautious scenario 15.38 TRY, base 22.72 TRY, optimistic 33.38 TRY per share (as of Sep 13, 2026, price 10.87 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TSKB?
Turkiye Sinai Kalkinma Bankasi AS trades at a price-to-earnings ratio of 2.7 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 22.72 TRY is built from several models across several years. Other multiples: PEG 0.7, P/B 0.7, P/S 1.6.
What is the PEG ratio of TSKB?
The PEG ratio of Turkiye Sinai Kalkinma Bankasi AS is 0.70 (P/E divided by earnings growth, as of Sep 13, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
Balance-sheet figures for Turkiye Sinai Kalkinma Bankasi AS (as of Sep 13, 2026): return on equity 27.0%, debt of 0.71 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is TSKB from its 52-week high?
Turkiye Sinai Kalkinma Bankasi AS trades at 10.87 TRY, about 23% below its 52-week high of 14.05 TRY and 3% above the low of 10.58 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 22.72 TRY is for.
Which stocks are comparable to Turkiye Sinai Kalkinma Bankasi AS?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Turkiye Sinai Kalkinma Bankasi AS stock attractive at the current price?
The data as of Sep 13, 2026: price 10.87 TRY, calculated fair value 22.72 TRY (+109%), Quality Score 58/100, 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 TSKB calculated?
We run Turkiye Sinai Kalkinma Bankasi AS 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 22.72 TRY, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. Turkiye Sinai Kalkinma Bankasi AS currently trades 109 % 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 Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
The closing price on Sep 18, 2026 was 10.87 TRY. Our model-based fair value is 22.72 TRY, about +109% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Turkiye Sinai Kalkinma Bankasi AS right now?
The price is below even our cautious bear case (15.38 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 (58/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (15.38 TRY to 33.38 TRY) leaves room in how you read the outcome.
Key figures of Turkiye Sinai Kalkinma Bankasi AS
How large is the market capitalisation of Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
The market capitalisation of Turkiye Sinai Kalkinma Bankasi AS is 30.4B TRY (≈ $624M). 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 Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
The price-to-sales ratio of Turkiye Sinai Kalkinma Bankasi AS is 1.47 (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 Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
Earnings per share at Turkiye Sinai Kalkinma Bankasi AS are 3.97 TRY (price ÷ EPS = P/E 2.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
The dividend yield of Turkiye Sinai Kalkinma Bankasi AS is 4.9% (payout 13.5%). 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 Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
The net margin of Turkiye Sinai Kalkinma Bankasi AS is 53.7% (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 Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
The return on equity (ROE) of Turkiye Sinai Kalkinma Bankasi AS is 27.0% (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 Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
On an EBIT basis the return on assets of Turkiye Sinai Kalkinma Bankasi AS is 2.2% (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 Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
The operating margin of Turkiye Sinai Kalkinma Bankasi AS is 70.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
Revenue at Turkiye Sinai Kalkinma Bankasi AS is growing +8.6% versus a year earlier (3y avg +34.7%). 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 Turkiye Sinai Kalkinma Bankasi AS (TSKB)?
Earnings per share at Turkiye Sinai Kalkinma Bankasi AS are growing −7.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Turkiye Sinai Kalkinma Bankasi AS (TSKB) carry?
The net debt of Turkiye Sinai Kalkinma Bankasi AS is 254B TRY (fiscal year 2025, ≈ 18.8 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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Thin data
Sep 13, 2026