Top 20 BIST stocks by quarterly earnings-to-price ratio. A value portfolio systematically selecting undervalued stocks.
| # | Hisse | Skor | Ağırlık | Ay Getirisi |
|---|---|---|---|---|
| 1 | KORDS | 99 | 5% | +0.4% |
| 2 | AKFYE | 99 | 5% | +8.3% |
| 3 | AYDEM | 75 | 5% | +0.1% |
| 4 | TDGYO | 73 | 5% | +1.0% |
| 5 | PRDGS | 73 | 5% | +2.2% |
| 6 | INVEO | 69 | 5% | -10.0% |
| 7 | AVHOL | 65 | 5% | +22.1% |
| 8 | ZGYO | 65 | 5% | -10.7% |
| 9 | ENTRA | 64 | 5% | +5.8% |
| 10 | GSDDE | 64 | 5% | -7.2% |
| 11 | EUHOL | 64 | 5% | -13.4% |
| 12 | SAMAT | 63 | 5% | -5.5% |
| 13 | ULUUN | 62 | 5% | +8.6% |
| 14 | AYES | 61 | 5% | -4.8% |
| 15 | ORGE | 61 | 5% | +0.4% |
| 16 | GWIND | 61 | 5% | -4.4% |
| 17 | THYAO | 61 | 5% | -3.4% |
| 18 | VERTU | 61 | 5% | -9.9% |
| 19 | TATGD | 61 | 5% | -11.1% |
| 20 | YYLGD | 60 | 5% | -0.3% |
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