Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS stock TRY 2.23, price TRY 0.98, upside +127.6%, quality 56 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 3, 2026.
How to read this chart
60‑month range 0.6500 TRY – 3.53 TRY · fair‑value band 1.30 TRY – 3.46 TRY · the 0.9800 TRY price screens below the 2.23 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Ihlas Gayrimenkul Proje Gelistirme ve Ticaret A.S. engages in the construction and real estate activities. It constructs residential, workplaces, and social facilities. The company is also involved in the mining, marketing, and energy businesses.
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Ihlas Gayrimenkul Proje Gelistirme ve Ticaret A.S. was incorporated in 1985 and is headquartered in Istanbul, Turkey.
Stock analysis
Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM) currently trades at 0.9800 TRY, while our model-based Fair Value estimate is 2.23 TRY, implying the stock looks roughly 56% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 4.71 TRY per share, and 8 of the 9 models we run sit above the 0.9800 TRY price.
Bear case: the Asset-Based group reads lowest at 1.00 TRY, and 1 of the 9 models stay below the price. Data coverage for this calculation is low.
Scenario range: 1.30 TRY (bear) to 3.46 TRY (bull), the price of 0.9800 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 56/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS reported revenue of 1.7B TRY in FY2025 versus 953M TRY in FY2021, a compound +15.9%/yr. Reported net income was 655M TRY in FY2025, compounding +57.1%/yr from FY2021.
Key figures
Market cap 980M TRY (≈ $19.5M) Micro · P/E ratio 1.2 · P/S ratio 0.52 · EPS (TTM) 0.8400 TRY · Net margin 43.0% · Return on equity 45.8% · Return on assets (EBIT) −5.3% (5-year average) · Operating margin −78.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 66% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −51% fair-value upside, at 128%, IHLGM screens cheaper than that median.
Fair Value models
Bear1.30 TRYFair Value 2.23 TRYBull3.46 TRY
Price 0.9800 TRY · Upside +127.6%
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 (0.7157 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
+173.4%
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.
+44.4%
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.
+38.5%
Start year 2020 (pandemic)
Revenue growth 7 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.
+92.1%
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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.
+64.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+64.2%
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.7% → −52%
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).
+49.0%
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 +24.9% a year for the price.
Compare Ihlas Gayrimenkul Proje Gelistirme ve Ticaret 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.Real Estate - Diversified · 114 stocks
Beats the industry median on 8/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Below median
Fair Value upside+127.6% · Top 25%
Profitability
Return on equity (12 months)45.8% · Top 25%
Return on assets13.4% · Top 25%
Net margin (12 months)43.0% · Top 25%
Operating margin (12 months)−78.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)78.8% · Top 25%
Valuation Multiplesvs Real Estate - 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). "Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS Fair Value". https://www.fairvalue-calculator.com/stock/IHLGM
Frequently asked questions
Is Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 2.23 TRY versus a price of 0.9800 TRY, about +128% upside (undervalued).
What is the fair value of IHLGM?
Our model-based fair value for Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS is 2.23 TRY (as of Nov 3, 2026), built from audited fundamentals. The current price: 0.9800 TRY.
What is the quality score of IHLGM?
Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS has a Quality Score of 56/100. 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 Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
Our model-based price target is the fair value of 2.23 TRY (as of Nov 3, 2026) from 9 valuation models. Cautious scenario 1.30 TRY, optimistic scenario 3.46 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS stock forecast for 2026?
Our models put fair value at 2.23 TRY, about +128% upside versus a price of 0.9800 TRY (undervalued). Cautious scenario 1.30 TRY, optimistic scenario 3.46 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS reported trailing-twelve-month revenue of about 1.9B TRY (latest available figure, as of Nov 3, 2026).
What growth is priced into Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
For today's price to be fair in a discounted-cash-flow model, Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS would have to grow free cash flow by +49.0 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +38.5 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of IHLGM use?
Our models discount Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS at 12.7 %: a base by market capitalisation (nano), damped by beta 0.54, 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 Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS that is +49.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM) delivered so far?
Over the past 5 years revenue at Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS grew +38.5 % a year. The price currently implies free-cash-flow growth of +49.0 % per 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 Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (+49.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
The free-cash-flow yield on the price is 1.02 %: that much free cash flow Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS it is 2.23 TRY per share (as of Nov 3, 2026), against a price of 0.9800 TRY. It is the blended result of 9 valuation models in 5 families (DCF Models, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS stock overvalued or undervalued in 2026?
As of Nov 3, 2026, IHLGM trades below its calculated fair value: price 0.9800 TRY, fair value 2.23 TRY, a gap of about +128% (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 IHLGM?
No. The price is what the market pays today (0.9800 TRY); the fair value is what the company's own numbers justify (2.23 TRY). For Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS the two are 1.25 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS worth?
The market values Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS at about 980M TRY (market capitalisation, as of Nov 3, 2026). Per share that is 0.9800 TRY; our models calculate a fair value of 2.23 TRY per share.
What do the bullish and bearish scenarios say about IHLGM?
Our models span a range for Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS: cautious scenario 1.30 TRY, base 2.23 TRY, optimistic 3.46 TRY per share (as of Nov 3, 2026, price 0.9800 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IHLGM?
Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS trades at a price-to-earnings ratio of 1.2 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.23 TRY is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2019 to 2025), reported earnings: 9.5. Other multiples: P/B 0.6, P/S 0.5.
How solid is the balance sheet of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
Balance-sheet figures for Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (as of Nov 3, 2026): return on equity 45.8%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is IHLGM from its 52-week high?
Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS trades at 0.9800 TRY, about 66% below its 52-week high of 2.92 TRY and 10% above the low of 0.8900 TRY (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 2.23 TRY is for.
Which stocks are comparable to Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS?
From the same area (Real Estate) we also value Swiss Prime Site AG, The Phoenix Mills Limited, Prestige Estates Projects Limited, Umm Al Qura for Development and Construction Company, 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 Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS stock attractive at the current price?
The data as of Nov 3, 2026: price 0.9800 TRY, calculated fair value 2.23 TRY (+128%), Quality Score 56/100, 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 IHLGM calculated?
We run Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS through 9 models from 5 families: DCF Models, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 2.23 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. Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS currently trades 56% 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 Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
The closing price on Nov 6, 2026 was 0.9800 TRY. Our model-based fair value is 2.23 TRY, about +128% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS right now?
The price is below even our cautious bear case (1.30 TRY). The market is more pessimistic than our downside scenario. The model range is unusually wide (1.30 TRY to 3.46 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS
How large is the market capitalisation of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
The market capitalisation of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS is 980M TRY (≈ $19.5M). 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 Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
The price-to-sales ratio of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS is 0.52 (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 Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
Earnings per share at Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS are 0.8400 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 Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
The net margin of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS is 43.0% (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 Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
The return on equity (ROE) of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS is 45.8% (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 Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
On an EBIT basis the return on assets of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS is −5.3% (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 Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
The operating margin of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS is −78.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
Revenue at Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS is growing +78.8% versus a year earlier (3y avg +44.4%). 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 Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM)?
Earnings per share at Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS are growing −37.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS (IHLGM) carry?
The net debt of Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS is 54.8M TRY (fiscal year 2019, ≈ 5.5 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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