Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO) fair value: what the stock is really worth
As of Nov 10, 2026: fair value (intrinsic value) of Vakif Gayrimenkul Yatirim Ortakligi AS stock TRY 3.75, price TRY 1.58, upside +137.3%, quality 53 out of 100. Rating: strongly undervalued. Calculated from audited financials with 13 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 6, 2026.
How to read this chart
60‑month range 0.3604 TRY – 2.37 TRY · fair‑value band 2.60 TRY – 5.64 TRY · the 1.58 TRY price screens below the 3.75 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Vakif Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust. Vakif Gayrimenkul Yatirim Ortakligi AS is based in Turkey. Vakif Gayrimenkul Yatirim Ortakligi AS operates as a subsidiary of Türkiye Vakiflar Bankasi Türk Anonim Ortakligi.
Stock analysis
Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO) currently trades at 1.58 TRY, while our model-based Fair Value estimate is 3.75 TRY, implying the stock looks roughly 58% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 6.69 TRY per share, and 13 of the 13 models we run sit above the 1.58 TRY price.
Bear case: the Economic Profit group reads lowest at 2.87 TRY, and 0 of the 13 models stay below the price. Data coverage for this calculation is low.
Scenario range: 2.60 TRY (bear) to 5.64 TRY (bull), the price of 1.58 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 53/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Vakif Gayrimenkul Yatirim Ortakligi AS reported revenue of 2.7B TRY in FY2025 versus 248M TRY in FY2021, a compound +81.2%/yr. Reported net income was 781M TRY in FY2025, compounding +13.2%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 7.0B TRY (≈ $138M) Micro · P/E ratio 14.4 · P/S ratio 4.19 · EPS (TTM) 0.1100 TRY · Dividend yield 5.1% · Net margin 29.2% · Return on equity 1.4% · Return on assets (EBIT) 5.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (low confidence).
What moves the price
The share trades about 33% below its 52-week high and 14% 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 137%, VKGYO screens cheaper than that median.
Fair Value models
Bear2.60 TRYFair Value 3.75 TRYBull5.64 TRY
Price 1.58 TRY · Upside +137.3%
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 (0.0259 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.
+217.7%
Revenue growth 17 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.
+51.0%
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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. Basis: EBIT basis. 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.
+37.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.4%
Dividend (yield on the price)5.1%
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.10% → 53%
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).
−29.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −40.9% a year for the price.
Compare Vakif 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 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside+137.3% · Top 25%
Profitability
Return on equity (12 months)1.4% · Below median
Return on assets2.5% · Below median
Net margin (12 months)25.9% · Below median
Operating margin (12 months)34.7% · Below median
Growth and dividend
Revenue growth (quarter YoY)5.6% · Above median
Dividend yield (12 months)5.1% · Below median
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). "Vakif Gayrimenkul Yatirim Ortakligi AS Fair Value". https://www.fairvalue-calculator.com/stock/VKGYO
Frequently asked questions
Is Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 3.75 TRY versus a price of 1.58 TRY, about +137% upside (undervalued).
What is the fair value of VKGYO?
Our model-based fair value for Vakif Gayrimenkul Yatirim Ortakligi AS is 3.75 TRY (as of Nov 6, 2026), built from audited fundamentals. The current price: 1.58 TRY.
What is the quality score of VKGYO?
Vakif Gayrimenkul Yatirim Ortakligi AS has a Quality Score of 53/100. 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 Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
Our model-based price target is the fair value of 3.75 TRY (as of Nov 6, 2026) from 13 valuation models. Cautious scenario 2.60 TRY, optimistic scenario 5.64 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Vakif Gayrimenkul Yatirim Ortakligi AS stock forecast for 2026?
Our models put fair value at 3.75 TRY, about +137% upside versus a price of 1.58 TRY (undervalued). Cautious scenario 2.60 TRY, optimistic scenario 5.64 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
Vakif Gayrimenkul Yatirim Ortakligi AS reported trailing-twelve-month revenue of about 1.4B TRY (latest available figure, as of Nov 6, 2026).
Does Vakif Gayrimenkul Yatirim Ortakligi AS pay a dividend?
Vakif Gayrimenkul Yatirim Ortakligi AS currently shows a dividend yield of 5.06% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO) and when is the ex-dividend date?
Vakif Gayrimenkul Yatirim Ortakligi AS pays a dividend of 0.08 TRY per share a year, a dividend yield of 5.1%. The last ex-dividend date was Jun 24, 2026. The payout ratio is 72.7% of earnings. Free cash flow covers the dividend 5.94 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
For today's price to be fair in a discounted-cash-flow model, Vakif Gayrimenkul Yatirim Ortakligi AS would have to grow free cash flow by -29.5 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +102.9 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of VKGYO use?
Our models discount Vakif Gayrimenkul Yatirim Ortakligi AS at 15.7 %: a base by market capitalisation (micro), damped by beta 0.01, 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 Vakif Gayrimenkul Yatirim Ortakligi AS that is -29.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (15.7 %) and the same formula as our fair value.
How much growth has Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO) delivered so far?
Over the past 5 years revenue at Vakif Gayrimenkul Yatirim Ortakligi AS grew +102.9 % a year. The price currently implies free-cash-flow growth of -29.5 % 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 Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Vakif Gayrimenkul Yatirim Ortakligi AS (-29.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
The free-cash-flow yield on the price is 30.06 %: that much free cash flow Vakif Gayrimenkul Yatirim Ortakligi AS produces per unit of market value. When it exceeds the discount rate of our models (15.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vakif Gayrimenkul Yatirim Ortakligi AS it is 3.75 TRY per share (as of Nov 6, 2026), against a price of 1.58 TRY. It is the blended result of 13 valuation models in 5 families (DCF Models, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Vakif Gayrimenkul Yatirim Ortakligi AS stock overvalued or undervalued in 2026?
As of Nov 6, 2026, VKGYO trades below its calculated fair value: price 1.58 TRY, fair value 3.75 TRY, a gap of about +137% (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 VKGYO?
No. The price is what the market pays today (1.58 TRY); the fair value is what the company's own numbers justify (3.75 TRY). For Vakif Gayrimenkul Yatirim Ortakligi AS the two are 2.17 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Vakif Gayrimenkul Yatirim Ortakligi AS worth?
The market values Vakif Gayrimenkul Yatirim Ortakligi AS at about 7.0B TRY (market capitalisation, as of Nov 6, 2026). Per share that is 1.58 TRY; our models calculate a fair value of 3.75 TRY per share.
What do the bullish and bearish scenarios say about VKGYO?
Our models span a range for Vakif Gayrimenkul Yatirim Ortakligi AS: cautious scenario 2.60 TRY, base 3.75 TRY, optimistic 5.64 TRY per share (as of Nov 6, 2026, price 1.58 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VKGYO?
Vakif Gayrimenkul Yatirim Ortakligi AS trades at a price-to-earnings ratio of 14.4 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.75 TRY is built from several models across several years. Other multiples: PEG 0.4, P/B 0.3, P/S 5.0.
What is the PEG ratio of VKGYO?
The PEG ratio of Vakif Gayrimenkul Yatirim Ortakligi AS is 0.43 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
Balance-sheet figures for Vakif Gayrimenkul Yatirim Ortakligi AS (as of Nov 6, 2026): return on equity 1.4%. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is VKGYO from its 52-week high?
Vakif Gayrimenkul Yatirim Ortakligi AS trades at 1.58 TRY, about 33% below its 52-week high of 2.37 TRY and 14% above the low of 1.38 TRY (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 3.75 TRY is for.
Which stocks are comparable to Vakif 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 Vakif Gayrimenkul Yatirim Ortakligi AS stock attractive at the current price?
The data as of Nov 6, 2026: price 1.58 TRY, calculated fair value 3.75 TRY (+137%), Quality Score 53/100, from 13 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 VKGYO calculated?
We run Vakif Gayrimenkul Yatirim Ortakligi AS through 13 models from 5 families: DCF Models, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 3.75 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. Vakif Gayrimenkul Yatirim Ortakligi AS currently trades 58% 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 Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
The closing price on Nov 10, 2026 was 1.58 TRY. Our model-based fair value is 3.75 TRY, about +137% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vakif Gayrimenkul Yatirim Ortakligi AS right now?
The price is below even our cautious bear case (2.60 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. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (2.60 TRY to 5.64 TRY) leaves room in how you read the outcome.
Key figures of Vakif Gayrimenkul Yatirim Ortakligi AS
How large is the market capitalisation of Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
The market capitalisation of Vakif Gayrimenkul Yatirim Ortakligi AS is 7.0B TRY (≈ $138M). 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 Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
The price-to-sales ratio of Vakif Gayrimenkul Yatirim Ortakligi AS is 4.19 (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 Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
Earnings per share at Vakif Gayrimenkul Yatirim Ortakligi AS are 0.1100 TRY (price ÷ EPS = P/E 14.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
The dividend yield of Vakif Gayrimenkul Yatirim Ortakligi AS is 5.1% (payout 72.7%). 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 Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
The net margin of Vakif Gayrimenkul Yatirim Ortakligi AS is 29.2% (fiscal year 2025). 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 Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
The return on equity (ROE) of Vakif Gayrimenkul Yatirim Ortakligi AS is 1.4% (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 Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
On an EBIT basis the return on assets of Vakif Gayrimenkul Yatirim Ortakligi AS is 5.4% (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 Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
The operating margin of Vakif Gayrimenkul Yatirim Ortakligi AS is 34.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
Revenue at Vakif Gayrimenkul Yatirim Ortakligi AS is growing +5.6% versus a year earlier (3y avg +218%). 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 Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO)?
Earnings per share at Vakif Gayrimenkul Yatirim Ortakligi AS are growing −71.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vakif Gayrimenkul Yatirim Ortakligi AS (VKGYO) carry?
The net debt of Vakif Gayrimenkul Yatirim Ortakligi AS is 335M TRY (fiscal year 2019, ≈ 0.2 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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Thin data
Nov 6, 2026