Turk Telekomunikasyon AS (TTKOM) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of Turk Telekomunikasyon AS stock TRY 102, price TRY 46.16, upside +121.1%, quality 49 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 29, 2026.
How to read this chart
60‑month range 5.74 TRY – 72.90 TRY · fair‑value band 76.37 TRY – 134.12 TRY · the 46.16 TRY price screens below the 102.05 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 29, 2026.
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Türk Telekomünikasyon Anonim Sirketi, together with its subsidiaries, operates as an integrated telecommunication company in Turkey. The company operates in two segments, Fixed Line and Mobile. The company offers mobile, Internet, phone and TV products and services under the Türk Telekom brand.
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It also provides PSTN and wholesale broadband services; retail internet services, IPTV, satellite TV, Web TV, mobile TV, and smart TV services; convergence technologies; IT solutions; online education software; call center services; project development and corporate venture capital services; electric supply and sales services; combined facilities support services; wholesale data and capacity services; and financial technology services.
In addition, the company offers TV broadcasting and VOD services; telecommunications devices; payment and e-money services; and web portal and computer programming services. The company was founded in 1840 and is headquartered in Ankara, Turkey.
Türk Telekomünikasyon Anonim Sirketi is a subsidiary of LYY Telekomünikasyon A.S.
Stock analysis
Turk Telekomunikasyon AS (TTKOM) currently trades at 46.16 TRY, while our model-based Fair Value estimate is 102.05 TRY, implying the stock looks roughly 54.8% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 144.45 TRY per share, and 20 of the 21 models we run sit above the 46.16 TRY price.
Bear case: the Asset-Based group reads lowest at 15.42 TRY, and 1 of the 21 models stay below the price. Data coverage for this calculation is low.
Scenario range: 76.37 TRY (bear) to 134.12 TRY (bull), the price of 46.16 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 49/100 (below-average quality), in the Communication Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Turk Telekomunikasyon AS reported revenue of 242B TRY in FY2025 versus 34.3B TRY in FY2021, a compound +63.0%/yr. Reported net income was 23.0B TRY in FY2025, compounding +41.3%/yr from FY2021.
Key figures
Market cap 162B TRY (≈ $3.2B) Mid · P/E ratio 5.6 · P/S ratio 0.64 · EPS (TTM) 8.30 TRY · Net margin 10.4% · Return on equity 11.9% · Return on assets (EBIT) 10.8% · Operating margin 16.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 19% fair-value upside, at 121%, TTKOM screens cheaper than that median.
Fair Value models
Bear76.37 TRYFair Value 102.05 TRYBull134.12 TRY
Price 46.16 TRY · Upside +121.1%
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 (6.91 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
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+14.5%
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.
+71.5%
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.
+53.6%
Start year 2020 (pandemic). Over 10 years: +32.5% a year
Revenue growth 18 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.
+19.8%
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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.
+48.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+48.5%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘ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.27% → 22%
2025 sits 108% 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).
+2.3%
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.
+21.7%
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 −14.3% a year for the price and +2.0% for the forecasts.
Compare Turk Telekomunikasyon 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.Telecom Services · 240 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+121.1% · Top 25%
Profitability
Return on equity (12 months)11.9% · Above median
Return on assets5.4% · Above median
Net margin (12 months)10.4% · Above median
Operating margin (12 months)16.7% · Above median
Growth and dividend
Revenue growth (quarter YoY)9.3% · Above median
Balance sheet
Debt / equity0.48× · Above median
Valuation Multiplesvs Telecom Services median · lower = cheaper
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). "Turk Telekomunikasyon AS Fair Value". https://www.fairvalue-calculator.com/stock/TTKOM
Frequently asked questions
Is Turk Telekomunikasyon AS (TTKOM) overvalued or undervalued?
As of Oct 29, 2026, our model estimates a fair value of 102.05 TRY versus a price of 46.16 TRY, about +121% upside (undervalued).
What is the fair value of TTKOM?
Our model-based fair value for Turk Telekomunikasyon AS is 102.05 TRY (as of Oct 29, 2026), built from audited fundamentals. The current price: 46.16 TRY.
What is the quality score of TTKOM?
Turk Telekomunikasyon AS 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 Turk Telekomunikasyon AS (TTKOM)?
Our model-based price target is the fair value of 102.05 TRY (as of Oct 29, 2026) from 21 valuation models. Cautious scenario 76.37 TRY, optimistic scenario 134.12 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Turk Telekomunikasyon AS stock forecast for 2026?
Our models put fair value at 102.05 TRY, about +121% upside versus a price of 46.16 TRY (undervalued). Cautious scenario 76.37 TRY, optimistic scenario 134.12 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Turk Telekomunikasyon AS (TTKOM)?
Turk Telekomunikasyon AS reported trailing-twelve-month revenue of about 254B TRY (latest available figure, as of Oct 29, 2026).
What growth is priced into Turk Telekomunikasyon AS (TTKOM)?
For today's price to be fair in a discounted-cash-flow model, Turk Telekomunikasyon AS would have to grow free cash flow by +2.3 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +53.7 % per year. As of Oct 29, 2026.
What discount rate (WACC) does the fair value of TTKOM use?
Our models discount Turk Telekomunikasyon AS at 12.7 %: a base by market capitalisation (mid), damped by beta 0.50, 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 Turk Telekomunikasyon AS that is +2.3 % per year a year over ten years, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has Turk Telekomunikasyon AS (TTKOM) delivered so far?
Over the past 5 years revenue at Turk Telekomunikasyon AS grew +53.7 % a year. The price currently implies +2.3 % 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 Turk Telekomunikasyon AS (TTKOM) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Turk Telekomunikasyon AS (+2.3 % 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 Turk Telekomunikasyon AS (TTKOM)?
The free-cash-flow yield on the price is 13.65 %: that much free cash flow Turk Telekomunikasyon AS produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Turk Telekomunikasyon AS (TTKOM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Turk Telekomunikasyon AS it is 102.05 TRY per share (as of Oct 29, 2026), against a price of 46.16 TRY. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Turk Telekomunikasyon AS stock overvalued or undervalued in 2026?
As of Oct 29, 2026, TTKOM trades below its calculated fair value: price 46.16 TRY, fair value 102.05 TRY, a gap of about +121% (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 TTKOM?
No. The price is what the market pays today (46.16 TRY); the fair value is what the company's own numbers justify (102.05 TRY). For Turk Telekomunikasyon AS the two are 55.89 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Turk Telekomunikasyon AS worth?
The market values Turk Telekomunikasyon AS at about 162B TRY (market capitalisation, as of Oct 29, 2026). Per share that is 46.16 TRY; our models calculate a fair value of 102.05 TRY per share.
What do the bullish and bearish scenarios say about TTKOM?
Our models span a range for Turk Telekomunikasyon AS: cautious scenario 76.37 TRY, base 102.05 TRY, optimistic 134.12 TRY per share (as of Oct 29, 2026, price 46.16 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TTKOM?
Turk Telekomunikasyon AS trades at a price-to-earnings ratio of 5.6 (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 102.05 TRY is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2025), reported earnings, FY2025 ex one-offs: 10.1. Other multiples: PEG 0.8, P/B 0.8, P/S 0.6, EV/EBITDA 2.0.
What is the PEG ratio of TTKOM?
The PEG ratio of Turk Telekomunikasyon AS is 0.78 (P/E divided by earnings growth, as of Oct 29, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Turk Telekomunikasyon AS (TTKOM)?
Balance-sheet figures for Turk Telekomunikasyon AS (as of Oct 29, 2026): return on equity 11.9%, debt of 0.48 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is TTKOM from its 52-week high?
Turk Telekomunikasyon AS trades at 46.16 TRY, about 37% below its 52-week high of 72.90 TRY and at the low of 46.04 TRY (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of 102.05 TRY is for.
Which stocks are comparable to Turk Telekomunikasyon AS?
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 Turk Telekomunikasyon AS stock attractive at the current price?
The data as of Oct 29, 2026: price 46.16 TRY, calculated fair value 102.05 TRY (+121%), Quality Score 49/100, from 21 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 TTKOM calculated?
We run Turk Telekomunikasyon AS through 21 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 102.05 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 13.4 % above its aggregate fair value. Turk Telekomunikasyon AS currently trades 55 % 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 Turk Telekomunikasyon AS (TTKOM)?
The closing price on Oct 30, 2026 was 46.16 TRY. Our model-based fair value is 102.05 TRY, about +121% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Turk Telekomunikasyon AS right now?
The price is below even our cautious bear case (76.37 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 (49/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Turk Telekomunikasyon AS
How large is the market capitalisation of Turk Telekomunikasyon AS (TTKOM)?
The market capitalisation of Turk Telekomunikasyon AS is 162B TRY (≈ $3.2B). 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 Turk Telekomunikasyon AS (TTKOM)?
The price-to-sales ratio of Turk Telekomunikasyon AS is 0.64 (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 Turk Telekomunikasyon AS (TTKOM)?
Earnings per share at Turk Telekomunikasyon AS are 8.30 TRY (price ÷ EPS = P/E 5.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Turk Telekomunikasyon AS (TTKOM)?
The net margin of Turk Telekomunikasyon AS is 10.4% (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 Turk Telekomunikasyon AS (TTKOM)?
The return on equity (ROE) of Turk Telekomunikasyon AS is 11.9% (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 Turk Telekomunikasyon AS (TTKOM)?
On an EBIT basis the return on assets of Turk Telekomunikasyon AS is 10.8% (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 Turk Telekomunikasyon AS (TTKOM)?
The operating margin of Turk Telekomunikasyon AS is 16.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Turk Telekomunikasyon AS (TTKOM)?
Revenue at Turk Telekomunikasyon AS is growing +9.3% versus a year earlier (3y avg +71.5%). 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 Turk Telekomunikasyon AS (TTKOM)?
Earnings per share at Turk Telekomunikasyon AS are growing −7.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Turk Telekomunikasyon AS (TTKOM) carry?
The net debt of Turk Telekomunikasyon AS is 52.6B TRY (fiscal year 2025, ≈ 2.4 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
Oct 29, 2026