Turkiye Vakiflar Bankasi TAO (VAKBN) fair value: what the stock is really worth
We calculate from audited financials what Turkiye Vakiflar Bankasi TAO 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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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range 3.22 TRY – 42.22 TRY · fair‑value band 44.00 TRY – 92.05 TRY · the 33.88 TRY price screens below the 64.48 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.
Türkiye Vakiflar Bankasi Türk Anonim Ortakligi, together with its subsidiaries, provides corporate, commercial, SME, agricultural, and modern banking products and services in Turkey and internationally.
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Türkiye Vakiflar Bankasi Türk Anonim Ortakligi, together with its subsidiaries, provides corporate, commercial, SME, agricultural, and modern banking products and services in Turkey and internationally. It offers time, demand, and term deposits accounts; mortgage, car, personal, and private banking yacht loans; housing, comprehensive, motor, compulsory traffic, travel and complementary health, and compulsory earthquake insurance; and individual pension contract, private pension agreement, and life insurance products. The company also provides investment products, such as investment funds, Government Bonds and treasury bills, eurobond, bank bonds, gold trading, VakifBank Gold, stocks, VIOP, safe deposit boxes, options, dual currency deposit, contingent option, currency swap, and forward agreements. In addition, it offers export / import transactions, foreign currency transfer, Eximbank Loans, and foreign trade solutions; money transfer services; and factoring and leasing services, as well as digital banking services. The company was incorporated in 1954 and is headquartered in Istanbul, Turkey.
Stock analysis
Turkiye Vakiflar Bankasi TAO (VAKBN) currently trades at 33.88 TRY, while our model-based Fair Value estimate is 64.48 TRY, implying the stock looks roughly 47.5% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 87.79 TRY per share, and 3 of the 4 models we run sit above the 33.88 TRY price.
Bear case: the Asset-Based group reads lowest at 22.20 TRY, and 1 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: 44.00 TRY (bear) to 92.05 TRY (bull), the price of 33.88 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 35/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Turkiye Vakiflar Bankasi TAO reported revenue of 251B TRL in FY2025 versus 21.1B TRL in FY2021, a compound +85.6%/yr. Reported net income was 77.2B TRL in FY2025, compounding +96.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 336B TRY (≈ $6.9B) · P/E ratio 4.4 · P/S ratio 1.36 · EPS (TTM) 7.68 TRY · Net margin 30.8% · Return on equity 25.1% · Return on assets (EBIT) 1.4% · Operating margin 37.8%.
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 21% below its 52-week high and 58% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −33% fair-value upside, at 90%, VAKBN screens cheaper than that median.
Fair Value models
Bear 44.00 TRYFair Value 64.48 TRYBull 92.05 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 (5.45 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+60.1%
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.
+38.9%
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.
+61.3%
Revenue growth 25 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.
−29.8%
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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.
+88.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+88.8%
Dividend (yield on the price)0.0%
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.72% → 26%
2025 sits 114% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Compare Turkiye Vakiflar Bankasi TAO 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 · 1077 stocks
Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside+74% · Top 25%
Profitability
Return on equity (TTM)25% · Top 25%
Return on assets2% · Top 25%
Net margin (TTM)29% · Above median
Operating margin (TTM)38% · Below median
Growth and dividend
Revenue growth26% · Top 25%
Balance sheet
Debt / equity0.19× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Turkiye Vakiflar Bankasi TAO Fair Value". https://www.fairvalue-calculator.com/stock/VAKBN
Frequently asked questions
Is Turkiye Vakiflar Bankasi TAO (VAKBN) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 64.48 TRY versus a price of 33.88 TRY, about +90% upside (undervalued).
What is the fair value of VAKBN?
Our model-based fair value for Turkiye Vakiflar Bankasi TAO is 64.48 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 33.88 TRY.
What is the quality score of VAKBN?
Turkiye Vakiflar Bankasi TAO has a Quality Score of 35/100. 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 Vakiflar Bankasi TAO (VAKBN)?
Our model-based price target is the fair value of 64.48 TRY (as of Sep 13, 2026) from 4 valuation models. Cautious scenario 44.00 TRY, optimistic scenario 92.05 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Turkiye Vakiflar Bankasi TAO stock forecast for 2026?
Our models put fair value at 64.48 TRY, about +90% upside versus a price of 33.88 TRY (undervalued). Cautious scenario 44.00 TRY, optimistic scenario 92.05 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Turkiye Vakiflar Bankasi TAO (VAKBN)?
Turkiye Vakiflar Bankasi TAO reported trailing-twelve-month revenue of about 246B TRY (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of Turkiye Vakiflar Bankasi TAO (VAKBN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Turkiye Vakiflar Bankasi TAO it is 64.48 TRY per share (as of Sep 13, 2026), against a price of 33.88 TRY. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Turkiye Vakiflar Bankasi TAO stock overvalued or undervalued in 2026?
As of Sep 13, 2026, VAKBN trades below its calculated fair value: price 33.88 TRY, fair value 64.48 TRY, a gap of about +90% (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 VAKBN?
No. The price is what the market pays today (33.88 TRY); the fair value is what the company's own numbers justify (64.48 TRY). For Turkiye Vakiflar Bankasi TAO the two are 30.60 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Turkiye Vakiflar Bankasi TAO worth?
The market values Turkiye Vakiflar Bankasi TAO at about 336B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 33.88 TRY; our models calculate a fair value of 64.48 TRY per share.
What do the bullish and bearish scenarios say about VAKBN?
Our models span a range for Turkiye Vakiflar Bankasi TAO: cautious scenario 44.00 TRY, base 64.48 TRY, optimistic 92.05 TRY per share (as of Sep 13, 2026, price 33.88 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VAKBN?
Turkiye Vakiflar Bankasi TAO trades at a price-to-earnings ratio of 4.4 (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 64.48 TRY is built from several models across several years. Other multiples: PEG 0.4, P/B 0.9, P/S 1.2.
What is the PEG ratio of VAKBN?
The PEG ratio of Turkiye Vakiflar Bankasi TAO is 0.45 (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 Vakiflar Bankasi TAO (VAKBN)?
Balance-sheet figures for Turkiye Vakiflar Bankasi TAO (as of Sep 13, 2026): return on equity 25.1%, debt of 0.19 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is VAKBN from its 52-week high?
Turkiye Vakiflar Bankasi TAO trades at 33.88 TRY, about 21% below its 52-week high of 43.06 TRY and 58% above the low of 21.38 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 64.48 TRY is for.
Which stocks are comparable to Turkiye Vakiflar Bankasi TAO?
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 Vakiflar Bankasi TAO stock attractive at the current price?
The data as of Sep 13, 2026: price 33.88 TRY, calculated fair value 64.48 TRY (+90%), Quality Score 35/100, from 4 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 VAKBN calculated?
We run Turkiye Vakiflar Bankasi TAO through 4 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 64.48 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 15.6 % above its aggregate fair value. Turkiye Vakiflar Bankasi TAO currently trades 90 % 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 Vakiflar Bankasi TAO (VAKBN)?
The closing price on Sep 15, 2026 was 33.88 TRY. Our model-based fair value is 64.48 TRY, about +90% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Turkiye Vakiflar Bankasi TAO right now?
The large discount to fair value meets weak quality (35/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (44.00 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. A fairly wide model range (44.00 TRY to 92.05 TRY) leaves room in how you read the outcome.
Key figures of Turkiye Vakiflar Bankasi TAO
How large is the market capitalisation of Turkiye Vakiflar Bankasi TAO (VAKBN)?
The market capitalisation of Turkiye Vakiflar Bankasi TAO is 336B TRY (≈ $6.9B). 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 Vakiflar Bankasi TAO (VAKBN)?
The price-to-sales ratio of Turkiye Vakiflar Bankasi TAO is 1.36 (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 Vakiflar Bankasi TAO (VAKBN)?
Earnings per share at Turkiye Vakiflar Bankasi TAO are 7.68 TRY (price ÷ EPS = P/E 4.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Turkiye Vakiflar Bankasi TAO (VAKBN)?
The net margin of Turkiye Vakiflar Bankasi TAO is 30.8% (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 Vakiflar Bankasi TAO (VAKBN)?
The return on equity (ROE) of Turkiye Vakiflar Bankasi TAO is 25.1% (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 Vakiflar Bankasi TAO (VAKBN)?
On an EBIT basis the return on assets of Turkiye Vakiflar Bankasi TAO is 1.4% (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 Vakiflar Bankasi TAO (VAKBN)?
The operating margin of Turkiye Vakiflar Bankasi TAO is 37.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Turkiye Vakiflar Bankasi TAO (VAKBN)?
Revenue at Turkiye Vakiflar Bankasi TAO is growing +25.9% versus a year earlier (3y avg +38.9%). 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 Vakiflar Bankasi TAO (VAKBN)?
Earnings per share at Turkiye Vakiflar Bankasi TAO are growing −20.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Turkiye Vakiflar Bankasi TAO (VAKBN) generate?
The free cash flow of Turkiye Vakiflar Bankasi TAO is −116B 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 Turkiye Vakiflar Bankasi TAO (VAKBN) carry?
The net debt of Turkiye Vakiflar Bankasi TAO is 13.2B TRY (fiscal year 2023). 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