Top 20 BIST stocks by quarterly earnings-to-price ratio. A value portfolio systematically selecting undervalued stocks.
| # | Hisse | Skor | Ağırlık | Ay Getirisi |
|---|---|---|---|---|
| 1 | TATGD | 99 | 5% | +4.8% |
| 2 | ASGYO | 99 | 5% | +2.4% |
| 3 | KERVN | 99 | 5% | +2.5% |
| 4 | ERCB | 99 | 5% | -5.6% |
| 5 | METRO | 76 | 5% | +21.1% |
| 6 | ORGE | 73 | 5% | +19.3% |
| 7 | MTRYO | 72 | 5% | +0.2% |
| 8 | AKFIS | 67 | 5% | +15.9% |
| 9 | GOODY | 67 | 5% | +4.0% |
| 10 | ATLAS | 66 | 5% | -13.7% |
| 11 | ESEN | 65 | 5% | +10.0% |
| 12 | IHLGM | 64 | 5% | +0.6% |
| 13 | THYAO | 63 | 5% | -4.7% |
| 14 | TDGYO | 61 | 5% | -1.0% |
| 15 | TURSG | 60 | 5% | -5.2% |
| 16 | NATEN | 59 | 5% | -5.5% |
| 17 | PSGYO | 59 | 5% | -11.1% |
| 18 | SANEL | 59 | 5% | -19.6% |
| 19 | EGEGY | 58 | 5% | +5.0% |
| 20 | HLGYO | 58 | 5% | -6.6% |
The value factor is based on the assumption that stocks priced below their intrinsic value will deliver above-average returns over the long term. Fama and French's 1993 study documented this premium. Borsafolio's value portfolio uses quarterly earnings-to-price (E/P) ratio — using the latest quarter instead of trailing twelve months provides a more current signal in Turkey's rapidly changing economy.
In Turkey, high inflation and rapid macroeconomic shifts cause trailing twelve-month earnings to become stale quickly. Quarterly E/P uses net income from the most recently reported financial statement, providing a more current valuation signal. Companies with negative earnings are automatically excluded.
The value portfolio has delivered the highest long-term cumulative return in 10-year backtests. The value premium is cyclical — it can lag during growth-led periods, but has produced consistent alpha over the long term. It performs strongest during mean-reversion episodes.
Related articles: What Is Factor Investing?, Value Factor, P/E Ratio, P/B Ratio, Stock Valuation Methods, Value Stock Screening, Multi-Factor Portfolio