Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of Akmerkez Gayrimenkul Yatirim Ortakligi AS stock TRY 151, price TRY 176, that is 14.4% below the price, quality 63 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
60‑month range 27.57 TRY – 338.75 TRY · fair‑value band 119.67 TRY – 184.21 TRY · the 176.40 TRY price screens above the 151.04 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
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Akmerkez Gayrimenkul Yatirim Ortakligi A.S. operates as a real estate investment association in Turkey. It engages in the investment, ownership, development, and rental of real estate properties, primarily shopping centers.
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The company was formerly known as Akmerkez Gayrimenkul Yatirimi A.S. and changed its name to Akmerkez Gayrimenkul Yatirim Ortakligi A.S. in February 2005. Akmerkez Gayrimenkul Yatirim Ortakligi A.S. is based in Istanbul, Turkey.
Stock analysis
Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY) currently trades at 176.40 TRY, while our model-based Fair Value estimate is 151.04 TRY, 14.4% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 333.57 TRY per share, and 6 of the 16 models we run sit above the 176.40 TRY price.
Bear case: the Dividend Discount group reads lowest at 97.50 TRY, and 10 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: 119.67 TRY (bear) to 184.21 TRY (bull), the price of 176.40 TRY sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Akmerkez Gayrimenkul Yatirim Ortakligi AS reported revenue of 1.1B TRY in FY2025 versus 121M TRY in FY2021, a compound +73.8%/yr. Reported net income was 664M TRY in FY2025, compounding +62.7%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 6.6B TRY (≈ $132M) Micro · P/E ratio 8.7 · P/S ratio 5.86 · EPS (TTM) 20.34 TRY · Dividend yield 7.0% · Net margin 63.3% · Return on equity 7.3% · Return on assets (EBIT) 10.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (medium confidence).
What moves the price
The share trades about 43% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −29% fair-value upside, at −14%, AKMGY screens cheaper than that median.
Fair Value models
Bear119.67 TRYFair Value 151.04 TRYBull184.21 TRY
Price 176.40 TRY · Downside -14.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (6.69 TRY per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+70.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+66.0%
Start year 2020 (pandemic). Over 10 years: +26.5% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.1%
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What shareholders gained per year (last 5 years), in TRY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TRY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+59.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+52.1%
Dividend (yield on the price)7.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.54% → 63%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+12.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about −6.1% a year for the price.
Compare Akmerkez Gayrimenkul Yatirim Ortakligi AS with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Retail · 89 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside−14.4% · Below median
Profitability
Return on equity (12 months)7.3% · Below median
Return on assets5.6% · Above median
Net margin (12 months)63.3% · Above median
Operating margin (12 months)59.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)−0.1% · Bottom 25%
Dividend yield (12 months)7.0% · Above median
Valuation Multiplesvs REIT - Retail median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Akmerkez Gayrimenkul Yatirim Ortakligi AS Fair Value". https://www.fairvalue-calculator.com/stock/AKMGY
Frequently asked questions
Is Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of 151.04 TRY versus a price of 176.40 TRY, about 14% lower (overvalued).
What is the fair value of AKMGY?
Our model-based fair value for Akmerkez Gayrimenkul Yatirim Ortakligi AS is 151.04 TRY (as of Nov 2, 2026), built from audited fundamentals. The current price: 176.40 TRY.
What is the quality score of AKMGY?
Akmerkez Gayrimenkul Yatirim Ortakligi AS has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
Our model-based price target is the fair value of 151.04 TRY (as of Nov 2, 2026) from 16 valuation models. Cautious scenario 119.67 TRY, optimistic scenario 184.21 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Akmerkez Gayrimenkul Yatirim Ortakligi AS stock forecast for 2026?
Our models put fair value at 151.04 TRY, about 14% lower versus a price of 176.40 TRY (overvalued). Cautious scenario 119.67 TRY, optimistic scenario 184.21 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
Akmerkez Gayrimenkul Yatirim Ortakligi AS reported trailing-twelve-month revenue of about 1.1B TRY (latest available figure, as of Nov 2, 2026).
Does Akmerkez Gayrimenkul Yatirim Ortakligi AS pay a dividend?
Akmerkez Gayrimenkul Yatirim Ortakligi AS currently shows a dividend yield of 7.01% relative to its recent price (as of Nov 2, 2026).
What growth is priced into Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
For today's price to be fair in a discounted-cash-flow model, Akmerkez Gayrimenkul Yatirim Ortakligi AS would have to grow free cash flow by +12.0 % per year for five years (discount rate 17.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +66.0 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of AKMGY use?
Our models discount Akmerkez Gayrimenkul Yatirim Ortakligi AS at 17.2 %: a base by market capitalisation (micro), country premium for Turkey. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Akmerkez Gayrimenkul Yatirim Ortakligi AS that is +12.0 % per year a year over ten years, using the same discount rate (17.2 %) and the same formula as our fair value.
How much growth has Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY) delivered so far?
Over the past 5 years revenue at Akmerkez Gayrimenkul Yatirim Ortakligi AS grew +66.0 % a year. The price currently implies +12.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Akmerkez Gayrimenkul Yatirim Ortakligi AS (+12.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
The free-cash-flow yield on the price is 8.41 %: that much free cash flow Akmerkez Gayrimenkul Yatirim Ortakligi AS produces per unit of market value. When it exceeds the discount rate of our models (17.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Akmerkez Gayrimenkul Yatirim Ortakligi AS it is 151.04 TRY per share (as of Nov 2, 2026), against a price of 176.40 TRY. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Akmerkez Gayrimenkul Yatirim Ortakligi AS stock overvalued or undervalued in 2026?
As of Nov 2, 2026, AKMGY trades above its calculated fair value: price 176.40 TRY, fair value 151.04 TRY, a gap of about −14% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AKMGY?
No. The price is what the market pays today (176.40 TRY); the fair value is what the company's own numbers justify (151.04 TRY). For Akmerkez Gayrimenkul Yatirim Ortakligi AS the two are 25.36 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Akmerkez Gayrimenkul Yatirim Ortakligi AS worth?
The market values Akmerkez Gayrimenkul Yatirim Ortakligi AS at about 6.6B TRY (market capitalisation, as of Nov 2, 2026). Per share that is 176.40 TRY; our models calculate a fair value of 151.04 TRY per share.
What do the bullish and bearish scenarios say about AKMGY?
Our models span a range for Akmerkez Gayrimenkul Yatirim Ortakligi AS: cautious scenario 119.67 TRY, base 151.04 TRY, optimistic 184.21 TRY per share (as of Nov 2, 2026, price 176.40 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AKMGY?
Akmerkez Gayrimenkul Yatirim Ortakligi AS trades at a price-to-earnings ratio of 8.7 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 151.04 TRY is built from several models across several years. Other multiples: P/B 0.7, P/S 5.9, EV/EBITDA 8.8.
How solid is the balance sheet of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
Balance-sheet figures for Akmerkez Gayrimenkul Yatirim Ortakligi AS (as of Nov 2, 2026): return on equity 7.3%. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is AKMGY from its 52-week high?
Akmerkez Gayrimenkul Yatirim Ortakligi AS trades at 176.40 TRY, about 43% below its 52-week high of 307.67 TRY and at the low of 176.40 TRY (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of 151.04 TRY is for.
Which stocks are comparable to Akmerkez Gayrimenkul Yatirim Ortakligi AS?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Akmerkez Gayrimenkul Yatirim Ortakligi AS stock attractive at the current price?
The data as of Nov 2, 2026: price 176.40 TRY, calculated fair value 151.04 TRY (−14%), Quality Score 63/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AKMGY calculated?
We run Akmerkez Gayrimenkul Yatirim Ortakligi AS through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 151.04 TRY, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Akmerkez Gayrimenkul Yatirim Ortakligi AS itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
The closing price on Oct 30, 2026 was 176.40 TRY. Our model-based fair value is 151.04 TRY, about 14% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Akmerkez Gayrimenkul Yatirim Ortakligi AS right now?
Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Akmerkez Gayrimenkul Yatirim Ortakligi AS
How large is the market capitalisation of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
The market capitalisation of Akmerkez Gayrimenkul Yatirim Ortakligi AS is 6.6B TRY (≈ $132M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
The price-to-sales ratio of Akmerkez Gayrimenkul Yatirim Ortakligi AS is 5.86 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
Earnings per share at Akmerkez Gayrimenkul Yatirim Ortakligi AS are 20.34 TRY (price ÷ EPS = P/E 8.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
The dividend yield of Akmerkez Gayrimenkul Yatirim Ortakligi AS is 7.0% (payout 60.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
The net margin of Akmerkez Gayrimenkul Yatirim Ortakligi AS is 63.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
The return on equity (ROE) of Akmerkez Gayrimenkul Yatirim Ortakligi AS is 7.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
On an EBIT basis the return on assets of Akmerkez Gayrimenkul Yatirim Ortakligi AS is 10.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
The operating margin of Akmerkez Gayrimenkul Yatirim Ortakligi AS is 59.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
Revenue at Akmerkez Gayrimenkul Yatirim Ortakligi AS is growing −0.1% versus a year earlier (3y avg +70.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Akmerkez Gayrimenkul Yatirim Ortakligi AS (AKMGY)?
Earnings per share at Akmerkez Gayrimenkul Yatirim Ortakligi AS are growing +47.5% versus a year earlier. How much earnings per share grew versus a year earlier.
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Broad data
Nov 2, 2026