Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Halk Gayrimenkul Yatirim Ortakligi AS stock TRY 9.40, price TRY 3.76, upside +150.0%, quality 46 out of 100. Rating: strongly undervalued. 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 7, 2026.
How to read this chart
60‑month range 0.7000 TRY – 6.00 TRY · fair‑value band 6.66 TRY – 12.14 TRY · the 3.76 TRY price screens below the 9.40 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Halk Gayrimenkul Yatirim Ortakligi A.S operates as a subsidiary of Turkiye Halk Bankasi A.S.
Stock analysis
Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO) currently trades at 3.76 TRY, while our model-based Fair Value estimate is 9.40 TRY, implying the stock looks roughly 60% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 17.50 TRY per share, and 7 of the 9 models we run sit above the 3.76 TRY price.
Bear case: the Asset-Based group reads lowest at 9.69 TRY, and 2 of the 9 models stay below the price. Data coverage for this calculation is low.
Scenario range: 6.66 TRY (bear) to 12.14 TRY (bull), the price of 3.76 TRY sits below 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 46/100 (below-average quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Halk Gayrimenkul Yatirim Ortakligi AS reported revenue of 19.8B TRY in FY2025 versus 105M TRY in FY2021, a compound +270.8%/yr. Reported net income was 13.3B TRY in FY2025, compounding +143.4%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 14.1B TRY (≈ $281M) Micro · P/E ratio 1.2 · P/S ratio 0.83 · EPS (TTM) 3.20 TRY · Net margin 66.7% · Return on equity 21.4% · Return on assets (EBIT) 1.6% (5-year average) · Operating margin 23.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 78 out of 100 (low confidence).
What moves the price
The share trades about 37% 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 −10% fair-value upside, at 150%, HLGYO screens cheaper than that median.
Fair Value models
Bear6.66 TRYFair Value 9.40 TRYBull12.14 TRY
Price 3.76 TRY · Upside +150.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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 (2.73 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+762.3%
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.
+392.8%
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.
+164.8%
Start year 2020 (pandemic). Over 10 years: +69.7% a year
Revenue growth 14 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.
+65.3%
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What shareholders gained per year (last 5 years), in TRY (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+49.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+49.6%
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.38% → 10%
2025 sits 197% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Compare Halk Gayrimenkul Yatirim Ortakligi AS with another stock
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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 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score46 · Bottom 25%
Fair Value upside+150.0% · Top 25%
Profitability
Return on equity (12 months)21.4% · Top 25%
Return on assets16.4% · Top 25%
Net margin (12 months)66.7% · Above median
Operating margin (12 months)23.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)283.4% · Top 25%
Dividend yield (12 months)0.0% · Bottom 25%
Balance sheet
Debt / equity0.08× · Lowest 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). "Halk Gayrimenkul Yatirim Ortakligi AS Fair Value". https://www.fairvalue-calculator.com/stock/HLGYO
Frequently asked questions
Is Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 9.40 TRY versus a price of 3.76 TRY, about +150% upside (undervalued).
What is the fair value of HLGYO?
Our model-based fair value for Halk Gayrimenkul Yatirim Ortakligi AS is 9.40 TRY (as of Nov 7, 2026), built from audited fundamentals. The current price: 3.76 TRY.
What is the quality score of HLGYO?
Halk Gayrimenkul Yatirim Ortakligi AS has a Quality Score of 46/100. 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 Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
Our model-based price target is the fair value of 9.40 TRY (as of Nov 7, 2026) from 9 valuation models. Cautious scenario 6.66 TRY, optimistic scenario 12.14 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Halk Gayrimenkul Yatirim Ortakligi AS stock forecast for 2026?
Our models put fair value at 9.40 TRY, about +150% upside versus a price of 3.76 TRY (undervalued). Cautious scenario 6.66 TRY, optimistic scenario 12.14 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
Halk Gayrimenkul Yatirim Ortakligi AS reported trailing-twelve-month revenue of about 17.0B TRY (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Halk Gayrimenkul Yatirim Ortakligi AS it is 9.40 TRY per share (as of Nov 7, 2026), against a price of 3.76 TRY. It is the blended result of 9 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Halk Gayrimenkul Yatirim Ortakligi AS stock overvalued or undervalued in 2026?
As of Nov 7, 2026, HLGYO trades below its calculated fair value: price 3.76 TRY, fair value 9.40 TRY, a gap of about +150% (undervalued). 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 HLGYO?
No. The price is what the market pays today (3.76 TRY); the fair value is what the company's own numbers justify (9.40 TRY). For Halk Gayrimenkul Yatirim Ortakligi AS the two are 5.64 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Halk Gayrimenkul Yatirim Ortakligi AS worth?
The market values Halk Gayrimenkul Yatirim Ortakligi AS at about 14.1B TRY (market capitalisation, as of Nov 7, 2026). Per share that is 3.76 TRY; our models calculate a fair value of 9.40 TRY per share.
What do the bullish and bearish scenarios say about HLGYO?
Our models span a range for Halk Gayrimenkul Yatirim Ortakligi AS: cautious scenario 6.66 TRY, base 9.40 TRY, optimistic 12.14 TRY per share (as of Nov 7, 2026, price 3.76 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HLGYO?
Halk Gayrimenkul Yatirim Ortakligi AS trades at a price-to-earnings ratio of 1.2 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9.40 TRY is built from several models across several years. Other multiples: P/B 0.3, P/S 0.8, EV/EBITDA 5.1.
How solid is the balance sheet of Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
Balance-sheet figures for Halk Gayrimenkul Yatirim Ortakligi AS (as of Nov 7, 2026): return on equity 21.4%, debt of 0.08 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is HLGYO from its 52-week high?
Halk Gayrimenkul Yatirim Ortakligi AS trades at 3.76 TRY, about 37% below its 52-week high of 6.00 TRY and 12% above the low of 3.35 TRY (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 9.40 TRY is for.
Which stocks are comparable to Halk Gayrimenkul Yatirim Ortakligi AS?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Stockland, 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 Halk Gayrimenkul Yatirim Ortakligi AS stock attractive at the current price?
The data as of Nov 7, 2026: price 3.76 TRY, calculated fair value 9.40 TRY (+150%), Quality Score 46/100, 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 HLGYO calculated?
We run Halk Gayrimenkul Yatirim Ortakligi AS through 9 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 9.40 TRY builds on their evidence-weighted average, 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 12.7% above its aggregate fair value. Halk Gayrimenkul Yatirim Ortakligi AS currently trades 60% below its own fair value, and the market average says nothing about that. 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 Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
The closing price on Nov 6, 2026 was 3.76 TRY. Our model-based fair value is 9.40 TRY, about +150% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Halk Gayrimenkul Yatirim Ortakligi AS right now?
The large discount to fair value meets weak quality (46/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (6.66 TRY). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (6.66 TRY to 12.14 TRY) leaves room in how you read the outcome.
Key figures of Halk Gayrimenkul Yatirim Ortakligi AS
How large is the market capitalisation of Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
The market capitalisation of Halk Gayrimenkul Yatirim Ortakligi AS is 14.1B TRY (≈ $281M). 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 Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
The price-to-sales ratio of Halk Gayrimenkul Yatirim Ortakligi AS is 0.83 (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 Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
Earnings per share at Halk Gayrimenkul Yatirim Ortakligi AS are 3.20 TRY (price ÷ EPS = P/E 1.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
The net margin of Halk Gayrimenkul Yatirim Ortakligi AS is 66.7% (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 Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
The return on equity (ROE) of Halk Gayrimenkul Yatirim Ortakligi AS is 21.4% (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 Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
On an EBIT basis the return on assets of Halk Gayrimenkul Yatirim Ortakligi AS is 1.6% (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 Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
The operating margin of Halk Gayrimenkul Yatirim Ortakligi AS is 23.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
Revenue at Halk Gayrimenkul Yatirim Ortakligi AS is growing +283% versus a year earlier (3y avg +393%). 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 Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO)?
Earnings per share at Halk Gayrimenkul Yatirim Ortakligi AS are growing −30.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO) generate?
The free cash flow of Halk Gayrimenkul Yatirim Ortakligi AS is −3.8B TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Halk Gayrimenkul Yatirim Ortakligi AS (HLGYO) carry?
The net debt of Halk Gayrimenkul Yatirim Ortakligi AS is 6.3B TRY (fiscal year 2025). 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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Thin data
Nov 7, 2026