Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO) fair value: what the stock is really worth
As of Nov 10, 2026: fair value (intrinsic value) of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS stock TRY 3.93, price TRY 7.68, that is 48.8% below the price, quality 35 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 0.2660 TRY – 13.65 TRY · fair‑value band 3.14 TRY – 4.93 TRY · the 7.68 TRY price screens above the 3.93 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Koray Gayrimenkul Yatirim Ortakligi A.S., a real estate investment trust (REIT), engages in the purchase, sale, and rental of real estate properties in Turkey. The company's investment portfolio of properties consists of residential and commercial real estate.
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It is also involved in the project development activities. The company was founded in 1996 and is headquartered in Istanbul, Turkey.
Stock analysis
Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO) currently trades at 7.68 TRY, while our model-based Fair Value estimate is 3.93 TRY, 49% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 4.33 TRY per share, and 0 of the 6 models we run sit above the 7.68 TRY price.
Bear case: the Asset-Based group reads lowest at 0.8100 TRY, and 6 of the 6 models stay below the price. Data coverage for this calculation is low.
Scenario range: 3.14 TRY (bear) to 4.93 TRY (bull), the price of 7.68 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 35/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS reported revenue of 420M TRY in FY2025 versus 61.0M TRY in FY2021, a compound +62.0%/yr. Reported net income was −755M TRY in FY2025.
Key figures
Market cap 7.7B TRY (≈ $153M) Micro · P/S ratio 3.60 · EPS (TTM) −0.7500 TRY · Dividend yield 0.1% · Net margin −34.5% · Return on equity −46.3% · Return on assets (EBIT) −2.0% (5-year average) · Operating margin 27.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).
What moves the price
The share trades about 44% below its 52-week high and 69% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −9% fair-value upside, at −49%, KGYO screens richer than that median.
Fair Value models
Bear3.14 TRYFair Value 3.93 TRYBull4.93 TRY
Price 7.68 TRY · Downside -48.8%
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.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.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.5%
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.
+51.3%
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.
+53.2%
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.
+37.6%
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Profit margin (trend) ⓘ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.
−6.8% (2020) → −42.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
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).
+20.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about +1.1% a year for the price.
Compare Yapi Kredi Koray 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 · 140 stocks
Beats the industry median on 2/10 measures
Overall it trails its industry peers.
Valuation
Quality Score35 · Bottom 25%
Fair Value upside−48.8% · Bottom 25%
Profitability
Return on assets−8.7% · Bottom 25%
Net margin (12 months)−34.5% · Bottom 25%
Operating margin (12 months)27.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)78.9% · Top 25%
Dividend yield (12 months)0.1% · Bottom 25%
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
P/B6.32× · Priciest 25%
P/S (12 months)3.54× · Cheaper than median
Price / free cash flow (fiscal year)13.9× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 23
FUTURE (revenue growth)100· sector 17
PAST (return on equity)0· sector 21
HEALTH (low debt)100· sector 77
DIVIDEND (yield)1· sector 100
VALUE 0: the price sits above our fair-value range.
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). "Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS Fair Value". https://www.fairvalue-calculator.com/stock/KGYO
Frequently asked questions
Is Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 3.93 TRY versus a price of 7.68 TRY, about 49% lower (overvalued).
What is the fair value of KGYO?
Our model-based fair value for Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS is 3.93 TRY (as of Nov 8, 2026), built from audited fundamentals. The current price: 7.68 TRY.
What is the quality score of KGYO?
Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS has a Quality Score of 35/100. 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 Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
Our model-based price target is the fair value of 3.93 TRY (as of Nov 8, 2026) from 6 valuation models. Cautious scenario 3.14 TRY, optimistic scenario 4.93 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS stock forecast for 2026?
Our models put fair value at 3.93 TRY, about 49% lower versus a price of 7.68 TRY (overvalued). Cautious scenario 3.14 TRY, optimistic scenario 4.93 TRY. The calculation is refreshed regularly with new filings.
Does Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS pay a dividend?
Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS currently shows a dividend yield of 0.06% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS has a dividend yield of 0.1%.
What growth is priced into Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
For today's price to be fair in a discounted-cash-flow model, Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS would have to grow free cash flow by +20.6 % per year for five years (discount rate 18.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +53.2 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of KGYO use?
Our models discount Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS at 18.1 %: a base by market capitalisation (micro), damped by beta 1.22, 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 Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS that is +20.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (18.1 %) and the same formula as our fair value.
How much growth has Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO) delivered so far?
Over the past 5 years revenue at Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS grew +53.2 % a year. The price currently implies free-cash-flow growth of +20.6 % 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 Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (+20.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
The free-cash-flow yield on the price is 7.18 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS produces per unit of market value. When it exceeds the discount rate of our models (18.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS it is 3.93 TRY per share (as of Nov 8, 2026), against a price of 7.68 TRY. It is the blended result of 6 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS stock overvalued or undervalued in 2026?
As of Nov 8, 2026, KGYO trades above its calculated fair value: price 7.68 TRY, fair value 3.93 TRY, a gap of about −49% (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 KGYO?
No. The price is what the market pays today (7.68 TRY); the fair value is what the company's own numbers justify (3.93 TRY). For Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS the two are 3.75 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS worth?
The market values Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS at about 7.7B TRY (market capitalisation, as of Nov 8, 2026). Per share that is 7.68 TRY; our models calculate a fair value of 3.93 TRY per share.
What do the bullish and bearish scenarios say about KGYO?
Our models span a range for Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS: cautious scenario 3.14 TRY, base 3.93 TRY, optimistic 4.93 TRY per share (as of Nov 8, 2026, price 7.68 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
Balance-sheet figures for Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (as of Nov 8, 2026): return on equity −46.3%. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is KGYO from its 52-week high?
Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS trades at 7.68 TRY, about 44% below its 52-week high of 13.65 TRY and 69% above the low of 4.55 TRY (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 3.93 TRY is for.
Which stocks are comparable to Yapi Kredi Koray 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 Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS stock attractive at the current price?
The data as of Nov 8, 2026: price 7.68 TRY, calculated fair value 3.93 TRY (−49%), Quality Score 35/100, from 6 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 KGYO calculated?
We run Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS through 6 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of 3.93 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 15.1% above its aggregate fair value. Yapi Kredi Koray 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 Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
The closing price on Nov 10, 2026 was 7.68 TRY. Our model-based fair value is 3.93 TRY, about 49% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS right now?
The price sits above even our optimistic bull case (4.93 TRY). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS
How large is the market capitalisation of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
The market capitalisation of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS is 7.7B TRY (≈ $153M). 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 Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
The price-to-sales ratio of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS is 3.60 (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 Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
Earnings per share at Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS are −0.7500 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
The dividend yield of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS is 0.1%. 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 Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
The net margin of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS is −34.5% (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 Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
The return on equity (ROE) of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS is −46.3% (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 Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
On an EBIT basis the return on assets of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS is −2.0% (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 Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
The operating margin of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS is 27.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
Revenue at Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS is growing +78.9% versus a year earlier (3y avg +51.3%). 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 Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO)?
Earnings per share at Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS are growing +300% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS (KGYO) carry?
The net debt of Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi AS is 531M TRY (fiscal year 2025, ≈ 1.0 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 8, 2026