Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Deniz Gayrimenkul Yatirim Ortakligi AS stock TRY 5.52, price TRY 7.07, that is 21.9% below the price, quality 55 out of 100. Rating: overvalued. Calculated from audited financials with 9 of our 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 1, 2026.
How to read this chart
60‑month range 1.57 TRY – 13.68 TRY · fair‑value band 5.21 TRY – 5.77 TRY · the 7.07 TRY price screens above the 5.52 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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Deniz Gayrimenkul Yatirim Ortakligi A.S. operates as a real estate investment trust in Turkey. The company engages in real estate investment and development activities. Its property portfolio consists of residential units, hotels, and commercial units in Istanbul, Ankara, and Mugla.
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The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders.
The company was incorporated in 1995 and is headquartered in Istanbul, Turkey. Deniz Gayrimenkul Yatirim Ortakligi A.S. is a subsidiary of Denizbank Anonim Sirketi.
Stock analysis
Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO) currently trades at 7.07 TRY, while our model-based Fair Value estimate is 5.52 TRY, 22% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 8.98 TRY per share, and 4 of the 9 models we run sit above the 7.07 TRY price.
Bear case: the Multiples group reads lowest at 0.6900 TRY, and 5 of the 9 models stay below the price. Data coverage for this calculation is low.
Scenario range: 5.21 TRY (bear) to 5.77 TRY (bull), the price of 7.07 TRY sits above 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 55/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Deniz Gayrimenkul Yatirim Ortakligi AS reported revenue of 111M TRY in FY2025 versus 467M TRY in FY2021, a compound −30.2%/yr. Reported net income was 284M TRY in FY2025, compounding +30.4%/yr from FY2021.
Key figures
Market cap 2.8B TRY (≈ $56.4M) Micro · P/E ratio 11.2 · P/S ratio 28.8 · EPS (TTM) 0.6300 TRY · Return on equity 4.1% · Return on assets (EBIT) 4.1% · Operating margin 2.4% · Revenue (TTM) 263M TRY.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 4% fair-value upside, at −22%, DZGYO screens richer than that median.
Fair Value models
Bear5.21 TRYFair Value 5.52 TRYBull5.77 TRY
Price 7.07 TRY · Downside -21.9%
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 (0.5351 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.87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+44.1%
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.
+138.0%
Revenue growth 18 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.
+22.3%
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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.
≈ +63.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +63.9%
Dividend (yield on the price)0.0%
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.2% → −49%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.060 per share, median 0.12 in 2017 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+0.1%
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 −16.1% a year for the price.
Compare Deniz 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 - Diversified · 138 stocks
Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Below median
Fair Value upside−21.9% · Below median
Profitability
Return on equity (12 months)4.1% · Below median
Return on assets4.1% · Above median
Net margin (12 months)95.4% · Top 25%
Operating margin (12 months)2.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)204.9% · Top 25%
Valuation Multiplesvs REIT - Diversified 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). "Deniz Gayrimenkul Yatirim Ortakligi AS Fair Value". https://www.fairvalue-calculator.com/stock/DZGYO
Frequently asked questions
Is Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of 5.52 TRY versus a price of 7.07 TRY, about 22% lower (overvalued).
What is the fair value of DZGYO?
Our model-based fair value for Deniz Gayrimenkul Yatirim Ortakligi AS is 5.52 TRY (as of Nov 1, 2026), built from audited fundamentals. The current price: 7.07 TRY.
What is the quality score of DZGYO?
Deniz Gayrimenkul Yatirim Ortakligi AS has a Quality Score of 55/100. 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 Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
Our model-based price target is the fair value of 5.52 TRY (as of Nov 1, 2026) from 9 valuation models. Cautious scenario 5.21 TRY, optimistic scenario 5.77 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Deniz Gayrimenkul Yatirim Ortakligi AS stock forecast for 2026?
Our models put fair value at 5.52 TRY, about 22% lower versus a price of 7.07 TRY (overvalued). Cautious scenario 5.21 TRY, optimistic scenario 5.77 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
Deniz Gayrimenkul Yatirim Ortakligi AS reported trailing-twelve-month revenue of about 263M TRY (latest available figure, as of Nov 1, 2026).
What growth is priced into Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
For today's price to be fair in a discounted-cash-flow model, Deniz Gayrimenkul Yatirim Ortakligi AS would have to grow free cash flow by +0.1 % per year for five years (discount rate 15.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -21.3 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of DZGYO use?
Our models discount Deniz Gayrimenkul Yatirim Ortakligi AS at 15.9 %: a base by market capitalisation (micro), damped by beta 0.69, 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 Deniz Gayrimenkul Yatirim Ortakligi AS that is +0.1 % per year a year over ten years, using the same discount rate (15.9 %) and the same formula as our fair value.
How much growth has Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO) delivered so far?
Over the past 5 years revenue at Deniz Gayrimenkul Yatirim Ortakligi AS grew -21.3 % a year. The price currently implies +0.1 % 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 Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Deniz Gayrimenkul Yatirim Ortakligi AS (+0.1 % 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 Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
The free-cash-flow yield on the price is 13.38 %: that much free cash flow Deniz Gayrimenkul Yatirim Ortakligi AS produces per unit of market value. When it exceeds the discount rate of our models (15.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Deniz Gayrimenkul Yatirim Ortakligi AS it is 5.52 TRY per share (as of Nov 1, 2026), against a price of 7.07 TRY. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Deniz Gayrimenkul Yatirim Ortakligi AS stock overvalued or undervalued in 2026?
As of Nov 1, 2026, DZGYO trades above its calculated fair value: price 7.07 TRY, fair value 5.52 TRY, a gap of about −22% (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 DZGYO?
No. The price is what the market pays today (7.07 TRY); the fair value is what the company's own numbers justify (5.52 TRY). For Deniz Gayrimenkul Yatirim Ortakligi AS the two are 1.55 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Deniz Gayrimenkul Yatirim Ortakligi AS worth?
The market values Deniz Gayrimenkul Yatirim Ortakligi AS at about 2.8B TRY (market capitalisation, as of Nov 1, 2026). Per share that is 7.07 TRY; our models calculate a fair value of 5.52 TRY per share.
What do the bullish and bearish scenarios say about DZGYO?
Our models span a range for Deniz Gayrimenkul Yatirim Ortakligi AS: cautious scenario 5.21 TRY, base 5.52 TRY, optimistic 5.77 TRY per share (as of Nov 1, 2026, price 7.07 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DZGYO?
Deniz Gayrimenkul Yatirim Ortakligi AS trades at a price-to-earnings ratio of 11.2 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 5.52 TRY is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 15.4. Other multiples: P/B 0.5, P/S 10.8.
How solid is the balance sheet of Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
Balance-sheet figures for Deniz Gayrimenkul Yatirim Ortakligi AS (as of Nov 1, 2026): return on equity 4.1%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is DZGYO from its 52-week high?
Deniz Gayrimenkul Yatirim Ortakligi AS trades at 7.07 TRY, about 30% below its 52-week high of 10.12 TRY and 12% above the low of 6.34 TRY (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 5.52 TRY is for.
Which stocks are comparable to Deniz Gayrimenkul Yatirim Ortakligi AS?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, 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 Deniz Gayrimenkul Yatirim Ortakligi AS stock attractive at the current price?
The data as of Nov 1, 2026: price 7.07 TRY, calculated fair value 5.52 TRY (−22%), Quality Score 55/100, from 9 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 DZGYO calculated?
We run Deniz Gayrimenkul Yatirim Ortakligi AS through 9 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 5.52 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 15.5% above its aggregate fair value. Deniz 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 Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
The closing price on Nov 6, 2026 was 7.07 TRY. Our model-based fair value is 5.52 TRY, about 22% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Deniz Gayrimenkul Yatirim Ortakligi AS right now?
The price sits above even our optimistic bull case (5.77 TRY). The favourable scenario is already priced in. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (5.21 TRY to 5.77 TRY), unusually little disagreement for a valuation. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Deniz Gayrimenkul Yatirim Ortakligi AS
How large is the market capitalisation of Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
The market capitalisation of Deniz Gayrimenkul Yatirim Ortakligi AS is 2.8B TRY (≈ $56.4M). 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 Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
The price-to-sales ratio of Deniz Gayrimenkul Yatirim Ortakligi AS is 28.8 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
Earnings per share at Deniz Gayrimenkul Yatirim Ortakligi AS are 0.6300 TRY (price ÷ EPS = P/E 11.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
The return on equity (ROE) of Deniz Gayrimenkul Yatirim Ortakligi AS is 4.1% (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 Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
On an EBIT basis the return on assets of Deniz Gayrimenkul Yatirim Ortakligi AS is 4.1% (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 Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
The operating margin of Deniz Gayrimenkul Yatirim Ortakligi AS is 2.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
Revenue at Deniz Gayrimenkul Yatirim Ortakligi AS is growing +205% versus a year earlier (3y avg +44.1%). 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 Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO)?
Earnings per share at Deniz Gayrimenkul Yatirim Ortakligi AS are growing −56.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Deniz Gayrimenkul Yatirim Ortakligi AS (DZGYO) carry?
The net debt of Deniz Gayrimenkul Yatirim Ortakligi AS is 13.6M TRY (fiscal year 2021, ≈ 0.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 1, 2026