Deniz Yatirim raises target for Ulker Biskuvi stock to TRY 156.90

Published on 10/14/2026 at 02:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 revenue fell 11.40 percent to TRY 27.00 billion. Ulker Biskuvi stock last traded at TRY 84.90 on October 13, 2026 versus TRY 82.35 low.

Target and quarterly figures

Deniz Yatirim raised its 12-month target for Ulker Biskuvi to TRY 156.90 on October 13, 2026.
Second-quarter revenue fell 11.40 percent to TRY 27.00 billion, while net income rose 45.50 percent.
Ulker Biskuvi stock last traded at TRY 84.90 on Borsa Istanbul on October 13, 2026.
The 52-week range was TRY 82.35 to TRY 141.70 as of October 13, 2026.

Ulker Biskuvi, TRAULKER91D8, Illustration mit AI erstellt.

Ulker Biskuvi (ISIN TRAULKER91D8) received a TRY 156.90 12-month target, up from TRY 154.07, as Deniz Yatirim raised its rating from Hold to Buy in a report published October 13, 2026, according to Borsamatik. The upgrade puts commodity costs and margin recovery at the center of the investment debate.

Three dated milestones shape the case

On June 30, 2026, second-quarter revenue reached TRY 27.00 billion, down 11.40 percent year over year, while net income rose 45.50 percent to TRY 1.40 billion, according to Yahoo Finance.

On August 19, 2026, management maintained its adjusted EBITDA margin guidance at 13.50 percent plus or minus 1.50 percentage points while revising the 2026 net sales outlook to a low single-digit decline, as the Yahoo Finance transcript showed.

On October 13, 2026, Deniz Yatirim moved its target from TRY 154.07 to TRY 156.90 and changed the rating from Hold to Buy, according to TradingView.

What does the target increase signal?

The report points to 2027 as the more important valuation year. Deniz Yatirim cited a forward enterprise-value-to-EBITDA multiple of 4.00 times on its 2026 estimates and 2.80 times on its 2027 estimates, while the latest 12-month average stood at 4.10 times, according to Borsamatik. The gap makes margin delivery more important than the target increase itself.

The operating picture remains mixed. Second-quarter volume increased 1.30 percent year over year, but gross margin fell to 24.60 percent from 27.20 percent, and management linked pressure to promotions, category mix and cocoa-related costs, according to Yahoo Finance.

The last traded price

The last available quote was TRY 84.90 on Borsa Istanbul on October 13, 2026. The 52-week range was TRY 82.35 to TRY 141.70, putting the price 3.10 percent above the low and 40.09 percent below the high.

Market context: Market report BIST 100.