Tüpraş (TUPRS) Company Report

We raise our 12-month target price to TL 352.00 from TL 271.00 and maintain our BUY recommendation. The main reason for the revision is not Brent itself, but the strengthening in middle-distillate margins (diesel and jet fuel), which has improved the outlook for net refining margins. Accordingly, we have revised our 2026 EBITDA forecast upward by 61%. Based on our updated estimates, the stock is trading at 7.1x 2026E P/E and 3.8x EV/EBITDA. We continue to keep the stock in our Model Portfolio, supported by its net cash position and dominant position in the domestic market, while it offers 38% upside from the current price.