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Türkiye Sigorta A.S. (TURSG) Fair Value & Analysis

Financial Services · TR · Market cap 126B TRY

TS Türkiye Sigorta A.S. TURSG · IS
Price6.29 TRY
Fair Value12.58 TRY
Upside+100.0%
Quality61/100
Mixed Growth
Highly profitable · 23.5% net margin
generates free cash flow
2.39% dividend yield
Ranks above peers (11/13)
Wide moat 94/100
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Evidence: High Range 9.44 TRY – 15.73 TRY Share as image

Fair value as of: Aug 2, 2026

From 26 valuation models · updated today

Share price +4.0% over the past month.

A solid business, and the price sits 100% below our fair value.

What matters now

  • The price is below even our cautious bear case (9.44 TRY). The market is more pessimistic than our downside scenario.
  • Solid quality (61/100) 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.
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Price vs Fair Value (5 years)

7.44 TRY 0.2194 TRY Fair Value 12.58 TRY Apr 2021 Jul 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range 0.2194 TRY – 7.44 TRY · fair‑value band 9.44 TRY – 15.73 TRY · the 6.29 TRY price screens below the 12.58 TRY fair value. Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Türkiye Sigorta A.S. (TURSG) currently trades at 6.29 TRY, while our model-based Fair Value estimate is 12.58 TRY, implying the stock looks roughly 100.0% undervalued today. We read business quality at 61/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Türkiye Sigorta A.S. generated revenue of 101B TRY at a net margin of 23.5%. Revenue grew 32.0% year over year. It earns a return on equity of 50.0%. The balance sheet holds a net cash position of 9.1B TRY. Fundamentals as of Aug 2, 2026

Our scenario range runs from 9.44 TRY (bear case) to 15.73 TRY (bull case); at 6.29 TRY, the current price sits below that range. The share trades about 16% below its 52-week high and 45% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 8% fair-value upside, at 100%, TURSG screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income 8.64 TRY 14.20 TRY 243.64 TRY 76
Growth DCF 7.72 TRY 14.77 TRY 26.32 TRY 72
Gordon GGM 0.9200 TRY 1.91 TRY 3.03 TRY 70
All 26 models by family
DCF Models
FCF DCF 8.17 TRY 12.53 TRY 26.43 TRY 38
Owner Earnings 15.62 TRY 34.84 TRY 75.19 TRY 31
5Y Revenue Exit 9.52 TRY 16.93 TRY 32.50 TRY 39
5Y EBITDA Exit 11.37 TRY 20.67 TRY 38.94 TRY 41
5Y P/E Exit 13.70 TRY 31.83 TRY 56.86 TRY 38
10Y Revenue Exit 8.91 TRY 20.88 TRY 29.10 TRY 36
10Y EBITDA Exit 10.65 TRY 24.86 TRY 50.22 TRY 37
10Y P/E Exit 12.35 TRY 29.87 TRY 59.44 TRY 35
Earnings-Based
Graham-Dodd 6.64 TRY 46.30 TRY 64.98 TRY 54
Lynch FV 23.92 TRY 34.17 TRY 44.42 TRY 50
PEG = 1.0 23.92 TRY 34.17 TRY 44.42 TRY 46
EPV 10.69 TRY 12.38 TRY 13.86 TRY 59
Dividend Discount
Gordon GGM 0.9200 TRY 1.91 TRY 3.03 TRY 70
DDM Multi-Stage 0.9200 TRY 1.61 TRY 2.00 TRY 61
Multiples
P/E Multiple 14.65 TRY 19.53 TRY 24.41 TRY 63
P/S Multiple 9.11 TRY 12.15 TRY 15.19 TRY 58
P/B Multiple 5.81 TRY 7.74 TRY 9.68 TRY 55
EV/EBIT 16.52 TRY 21.84 TRY 27.16 TRY 53
EV/EBITDA 12.12 TRY 15.97 TRY 19.83 TRY 54
EV/Revenue 9.06 TRY 12.71 TRY 16.35 TRY 43
Asset-Based
NCAV (Graham) 1.29 TRY 1.73 TRY 2.58 TRY 50
Growth DCF
Growth DCF 7.72 TRY 14.77 TRY 26.32 TRY 72
Rev-Margin DCF 10.51 TRY 19.27 TRY 37.53 TRY 67
Economic Profit
Residual Income 8.64 TRY 14.20 TRY 243.64 TRY 76
ROIC Compounder 13.18 TRY 19.09 TRY 26.72 TRY 67
Growth Earnings
Growth-Adj P/E 30.82 TRY 44.03 TRY 57.24 TRY 68

Widest divergence: Growth Earnings (44.03 TRY) versus Dividend Discount (1.61 TRY). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 101B TRY
Revenue growth (YoY) +32.0%
Net margin 23.5%
Return on equity 50.0%
Free cash flow 9.0B TRY FY2025
P/E ratio 5.8
More key figures
Operating margin 31.5%
EPS (TTM) 1.08 TRY
Dividend yield 2.4%
EPS growth (YoY) +45.0%
Net cash 9.1B TRY FY2023

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 55 · Market factors (momentum, volatility) 60

Profitability 65
Margins and returns on capital today
Quality Growth 72
Are margins and returns improving?
Cashflow 45
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 64
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Türkiye Sigorta A.S. operates as a non-life insurance company in Turkey. It offers auto and non-auto accident, fire, transportation, engineering, health, agriculture, liability, financial losses, credit, and legal protection insurance products. Türkiye Sigorta A.S.

Full company description

Türkiye Sigorta A.S. operates as a non-life insurance company in Turkey. It offers auto and non-auto accident, fire, transportation, engineering, health, agriculture, liability, financial losses, credit, and legal protection insurance products. Türkiye Sigorta A.S. was formerly known as Günes Sigorta Anonim Sirketi and changed its name to Türkiye Sigorta A.S. in August 2020. The company was incorporated in 1957 and is based in Istanbul, Turkey. Türkiye Sigorta A.S. operates as a subsidiary of TVF Finansal Yatirimlar AS.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Türkiye Sigorta A.S. reported revenue of 97.2B TRY in FY2025 versus 5.4B TRY in FY2021, a compound +106.1%/yr. Reported net income was 19.5B TRY in FY2025, compounding +105.9%/yr from FY2021.

Growth Quality 83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
97.2B TRY
Latest YoY
+47.9%
Avg. growth/yr (3Y)
+110.7%
Avg. growth/yr (5Y)
+80.3%
Avg. growth/yr (17Y)
+55.2%
Revenue +106.1%/yr
FY21 5.4B TRY
FY22 10.4B TRY
FY23 28.9B TRY
FY24 65.7B TRY
FY25 97.2B TRY
Net income +105.9%/yr
FY21 1.1B TRY
FY22 962M TRY
FY23 6.2B TRY
FY24 12.8B TRY
FY25 19.5B TRY

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Cite: Fair Value Calculator (2026). "Türkiye Sigorta A.S. Fair Value". https://www.fairvalue-calculator.com/stock/TURSG

Peer Group

Insurance - Property & Casualty · 123 stocks

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.

Quality Score 62 · Above median
Fair Value upside +100% · Top 25%
Return on equity (TTM) 50% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 23% · Top 25%
Operating margin (TTM) 31% · Top 25%
Revenue growth 32% · Top 25%
Dividend yield (TTM) 2.4% · Above median

Valuation Multiples vs Insurance - Property & Casualty median · lower = cheaper

P/E (TTM) 5.8× · Cheaper than 75% of peers
P/B 2.44× · Pricier than 75% of peers
P/S (TTM) 1.25× · Pricier than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 3.7× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 / 41
FUTURE 100 / 32
PAST 100 / 56
HEALTH 0 / 92
DIVIDEND 48 / 46

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Insurance - Property & Casualty stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
The Progressive Corporation PGR $234.48 $252.50 +8%
Chubb Limited CB $337.44 $345.56 +2%
The Travelers Companies, Inc TRV $368.98 $384.42 +4%
The Allstate Corporation ALL $251.61 $503.22 +100%
The People's Insurance Company 601319 ¥7.06 ¥13.71 +94%
PICC Property and Casualty Company 2328 HK$14.07 HK$26.53 +89%
Intact Financial Corporation IFC C$294.02 C$247.44 -16%
Fairfax Financial Holdings FFH C$2,327 C$3,252 +40%
QBE Insurance Group QBE A$25.47 A$19.42 -24%
Samsung Fire & Marine Insurance Co 000810 648,000 KRW 658,771 KRW +2%

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Frequently asked questions

Is Türkiye Sigorta A.S. (TURSG) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of 12.58 TRY versus a price of 6.29 TRY, about +100% (undervalued).
What is the fair value of TURSG?
Our model-based fair value for Türkiye Sigorta A.S. is 12.58 TRY (as of Aug 2, 2026), built from audited fundamentals. The current price is 6.29 TRY.
What is the quality score of TURSG?
Türkiye Sigorta A.S. has a Quality Score of 61/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Türkiye Sigorta A.S. (TURSG)?
Türkiye Sigorta A.S. reported trailing-twelve-month revenue of about 101B TRY (latest available figure, as of Aug 2, 2026).
What is the net profit margin of TURSG?
The net profit margin of Türkiye Sigorta A.S. is about 23.5%, meaning it keeps roughly 23.5% of revenue as net income. Based on the latest reported figures.
Does Türkiye Sigorta A.S. pay a dividend?
Türkiye Sigorta A.S. currently shows a dividend yield of about 2.39% relative to its recent price (as of Aug 2, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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