The disparity between market value and book value in the automotive sector is widening.

Introduction: Valuation Dynamics in the Automotive Sector

The automotive sector continues to attract investors' attention throughout 2025 with fundamental elements such as sales volume, export capability, and exchange rates. However, when examining stock prices, it is clear that not all players in the sector share the same growth story.

P/B Ratio: Intra-Sector Differences

The Price to Book (P/B) ratio stands out as a critical indicator in financial analysis. Automotive companies with a P/B ratio below 1 indicate that the market is approaching the company's equity cautiously, while ratios exceeding 3 suggest that these companies reflect growth potential, profitability, and brand strength. This situation increases the importance of a more company-focused approach when investors evaluate individual firms.

Companies with Low P/B Ratios

Starting with Doğuş Otomotiv (#DOAS), the company has a market value of 42.46 billion TL and a P/B ratio of 0.63. This indicates that the market is showing a cautious approach to the company's profitability performance.

Tümosan Motor ve Traktör (#TMSN), with a market value of 11.74 billion TL and a P/B ratio of 0.67, also attracts attention. Despite its activities in agriculture and defense sectors, its value remains relatively low.

Companies with High P/B Ratios

On the other hand, Anadolu Isuzu (#ASUZU) shows a balanced yet limited growth expectation with a P/B ratio of 1.11. Karsan (#KARSN), with a market value of 8.48 billion TL and a P/B ratio of 1.39, achieves a high pricing thanks to its electric vehicle and export theme.

Additionally, Ford Otosan (#FROTO) has a market value of 335.47 billion TL; its P/B ratio is 2.11, supporting its scale and export strength. Tofaş (#TOASO) has a market value of 129.38 billion TL and a strong balance sheet ratio of 2.45.

Türk Traktör (#TTRAK) has a market value of 52.54 billion TL with a P/B ratio of 3.18, which draws attention due to high profitability and dividend expectations. Finally, Otokar (#OTKAR), with a market value of 57.72 billion TL and a high P/B ratio of 6.13, stands out as the most remarkable company in the sector. Defense industry projects and long-term contracts contribute to this high ratio.

Conclusion: Importance of Company-Based Valuation

In conclusion, the P/B ratios in the automotive sector reflect not only the current assets but also future expectations. Stocks in the 0.6–0.7 band indicate a cautious market perception, while multiples above 3 clearly show the impact of growth and profitability stories on pricing. Therefore, the importance of company-based analyses in automotive stocks is increasing day by day.