Only one of our models could value this stock with confidence, so use it as a guide.
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Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionTurkcell Iletisim Hizmetleri AS Common Stock (TKC)
Fair value (2 models)
Not available
ACCE price target
$5.40
Rating
Not rated
Horizon
12 months
ACCE price target published on 11 Oct 2026, 00:00 CEST.
Price used: $4.61 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
43
out of 100
Analysts
100% buy
2 covering
P/E
9.4x
forward 31.1x
1-year return
-21.7%
Dividend yield
2.21%
Turkcell Iletisim Hizmetleri AS Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Turkcell is Turkey's largest mobile operator, selling prepaid and postpaid mobile plans, fixed broadband, and fintech and digital services such as its Paycell payments business. Its moat is scale in a three-operator Turkish market, where it holds the largest subscriber base and the strongest network position, which has kept it the leading earner in its home market. Revenue growth is only 2.5%, and the trailing P/E of 9.4 sits well below the forward P/E of 31.1, a gap that signals analysts expect earnings to fall or to be depressed by one-off effects, so the near-term catalyst is whether margins recover from the current 0.0% operating margin. The stock is cheap on trailing earnings and carries 4.3 billion dollars of market value, but the 6.8% ROE and absent index membership mean the case rests on a margin recovery that the data does not yet show. A deeper look should start with the reconciliation between trailing and forward earnings and with Turkish inflation accounting, which drives reported figures in lira.