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Turk Telekomunikasyon AS (TTKOM) Fair Value & Analysis

Communication Services · TR · Market cap 177B TRY (≈ $3.7B) · ISIN TRETTLK00013

What is Turk Telekomunikasyon AS really worth?

TT Turk Telekomunikasyon AS TTKOM · IS
Price51.90 TRY
Fair Value144.45 TRY
Upside+178.3%
Quality50/100

A solid business, trading 64% below our fair value of 144.45 TRY.

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Strengths

✓Solidly profitable · 10.8% net margin
✓Low debt · generates free cash flow
✓Ranks above peers (12/15)

Risks

!Expensive Growth (revenue 5y +53.6 %/yr)
!Moderate moat 57/100
Evidence: High Range 90.72 TRY – 180.56 TRY

Fair value as of: Aug 23, 2026

From 25 valuation models · updated 13 days ago

Share price +1.8% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (90.72 TRY). The market is more pessimistic than our downside scenario.
  • Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (90.72 TRY to 180.56 TRY) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

72.90 TRY 5.42 TRY Fair Value 144.45 TRY May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range 5.42 TRY – 72.90 TRY · fair‑value band 90.72 TRY – 180.56 TRY · the 51.90 TRY price screens below the 144.45 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Turk Telekomunikasyon AS (TTKOM) currently trades at 51.90 TRY, while our model-based Fair Value estimate is 144.45 TRY, implying the stock looks roughly 64.1% undervalued today. The Quality Score stands at 50/100 (solid quality), in the Communication Services sector. Bull case: the DCF Models group reads highest at a median of 246.66 TRY per share, and 22 of the 25 models we run sit above the 51.90 TRY price. Bear case: the Dividend Discount group reads lowest at 22.79 TRY, and 3 of the 25 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Turk Telekomunikasyon AS generated revenue of 247B TRY at a net margin of 10.8%. Revenue grew 8.7% year over year. It earns a return on equity of 13.1%. Net debt stands at 52.6B TRY. Fundamentals as of Aug 23, 2026

Our scenario range runs from 90.72 TRY (bear case) to 180.56 TRY (bull case); at 51.90 TRY, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 31% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at 178%, TTKOM screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 5.19 TRY per share, which is 3.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

Model 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
Highest evidence
FCF DCF 95.79 TRY 156.61 TRY 350.29 TRY 75
EPV 117.95 TRY 139.31 TRY 158.01 TRY 74
Growth DCF 89.49 TRY 175.28 TRY 348.69 TRY 74
All 25 models by family
DCF Models
FCF DCF 95.79 TRY 156.61 TRY 350.29 TRY 75
5Y Revenue Exit 128.91 TRY 246.66 TRY 494.45 TRY 68
5Y EBITDA Exit 212.10 TRY 414.89 TRY 813.78 TRY 71
5Y P/E Exit 100.59 TRY 239.70 TRY 429.66 TRY 67
10Y Revenue Exit 115.77 TRY 303.53 TRY 434.55 TRY 65
10Y EBITDA Exit 182.66 TRY 482.68 TRY 1,026 TRY 63
10Y P/E Exit 101.29 TRY 242.55 TRY 475.68 TRY 59
Earnings-Based
Graham-Dodd 44.65 TRY 311.37 TRY 436.96 TRY 63
Lynch FV 124.00 TRY 177.15 TRY 230.29 TRY 61
PEG = 1.0 124.00 TRY 177.15 TRY 230.29 TRY 57
EPV 117.95 TRY 139.31 TRY 158.01 TRY 74
Dividend Discount
Gordon GGM 13.00 TRY 27.02 TRY 42.87 TRY 66
DDM Multi-Stage 13.00 TRY 22.79 TRY 28.36 TRY 66
Multiples
P/E Multiple 108.34 TRY 144.45 TRY 180.56 TRY 63
P/S Multiple 83.71 TRY 111.62 TRY 139.52 TRY 58
P/B Multiple 83.71 TRY 111.62 TRY 139.52 TRY 55
EV/EBIT 169.23 TRY 229.06 TRY 288.89 TRY 66
EV/EBITDA 245.73 TRY 331.06 TRY 416.39 TRY 67
EV/Revenue 125.85 TRY 184.18 TRY 242.52 TRY 53
Asset-Based
NCAV (Graham) 30.35 TRY 40.67 TRY 60.70 TRY 54
Growth DCF
Growth DCF 89.49 TRY 175.28 TRY 348.69 TRY 74
Rev-Margin DCF 132.46 TRY 283.34 TRY 572.86 TRY 68
Economic Profit
Residual Income 54.44 TRY 62.02 TRY 118.01 TRY 73
ROIC Compounder 160.69 TRY 255.09 TRY 313.71 TRY 71
Growth Earnings
Growth-Adj P/E 158.99 TRY 227.13 TRY 295.27 TRY 67

Widest divergence: DCF Models (246.66 TRY) versus Dividend Discount (22.79 TRY). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 6.8
P/S ratio 0.64 P/E × margin
EPS (TTM) 7.64 TRY price ÷ EPS = P/E 6.8
Dividend yield 2.8% payout 19.0%
Net margin 9.5% FY2025
Return on equity 13.1% TTM
More key figures
Profitability
Return on assets (EBIT) 10.8% avg 5y
Operating margin 20.0% TTM
Growth
Revenue (TTM) 247B TRY TTM
Revenue growth (YoY) +8.7% 3y avg +71.5%
EPS growth (YoY) +55.6%
Balance sheet & cash flow
Free cash flow 22.1B TRY FY2025
Net debt 52.6B TRY FY2025 · ≈ 2.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 51 · Market factors (momentum, volatility) 40

Profitability 43
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 24
Distance to the 52-week high (market factor)
Net Issuance 82
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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. 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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
242B TRY
Latest YoY
+14.5%
Avg. revenue growth/yr (3Y) ⓘ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.
+71.5%
Avg. revenue growth/yr (5Y) ⓘ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.
+53.6%
Avg. revenue growth/yr (18Y) ⓘ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.
+19.8%
Value creation/yr (5Y, in TRY) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+51.3% (48.5 + 2.8)
Revenue +63.0%/yr
FY21 34.3B TRY
FY22 48.0B TRY
FY23 145B TRY
FY24 212B TRY
FY25 242B TRY
Net income +41.3%/yr
FY21 5.8B TRY
FY22 4.1B TRY
FY23 23.7B TRY
FY24 11.1B TRY
FY25 23.0B TRY

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144.45 TRY +64%Fair Value
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Cite: Fair Value Calculator (2026). "Turk Telekomunikasyon AS Fair Value". https://www.fairvalue-calculator.com/stock/TTKOM

Peer Group

Telecom Services · 248 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 50 · Below median
Fair Value upside +178% · Top 25%
Return on equity (TTM) 13% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 11% · Above median
Operating margin (TTM) 20% · Above median
Revenue growth 9% · Above median
Dividend yield (TTM) 2.8% · Below median
Debt / equity 0.48× · Higher than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 6.8× · Cheaper than 75% of peers
P/B 0.84× · Cheaper than median
P/S (TTM) 0.72× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 2.2× · Cheaper than 75% of peers
PEG 0.78× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 28
FUTURE44 · sector 16
PAST52 · sector 28
HEALTH76 · sector 89
DIVIDEND56 · sector 76

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

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
T-Mobile US, Inc TMUS $177.75 $172.67 −3%
Verizon Communications Inc VZ $49.43 $64.43 +30%
AT&T Inc T $26.01 $43.97 +69%
Bharti Airtel Limited BHARTIARTL ₹1,935 ₹941.48 −51%
Comcast Corporation CMCSA $26.41 $95.42 +261%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMX $23.50 $39.45 +68%
Singapore Telecommunications Limited Z77 4.29 SGD 3.03 SGD −29%
Swisscom AG SCMN CHF 627.50 CHF 463.92 −26%

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Frequently asked questions

Is Turk Telekomunikasyon AS (TTKOM) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of 144.45 TRY versus a price of 51.90 TRY, about +178% upside (undervalued).
What is the fair value of TTKOM?
Our model-based fair value for Turk Telekomunikasyon AS is 144.45 TRY (as of Aug 23, 2026), built from audited fundamentals. The current price: 51.90 TRY.
What is the quality score of TTKOM?
Turk Telekomunikasyon AS has a Quality Score of 50/100. 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 revenue of Turk Telekomunikasyon AS (TTKOM)?
Turk Telekomunikasyon AS reported trailing-twelve-month revenue of about 247B TRY (latest available figure, as of Aug 23, 2026).
What is the net profit margin of TTKOM?
The net profit margin of Turk Telekomunikasyon AS is about 10.8%, meaning it keeps roughly 10.8% of revenue as net income. Based on the latest reported figures.
Does Turk Telekomunikasyon AS pay a dividend?
Turk Telekomunikasyon AS currently shows a dividend yield of about 2.79% relative to its recent price (as of Aug 23, 2026).
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