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STOCK COMPARISON

Merlin Properties SOCIMI vs TSKB Gayrimenkul Yatirim Ortakligi AS: Fair Value & Quality

Both stocks run through our valuation models. Here is how Merlin Properties SOCIMI (MRL) and TSKB Gayrimenkul Yatirim Ortakligi AS (TSGYO) compare, as of Sep 16, 2026.

As of Sep 16, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Merlin Properties SOCIMI trades at €12.40 versus a fair value of €4.80 (-61%), while TSKB Gayrimenkul Yatirim Ortakligi AS trades at TRY 5.56 versus TRY 1.39 (-75%).
Merlin Properties SOCIMI
MRL.MC · EUR · Real Estate
-61%
upside to fair value
overvalued
Price€12.40
Fair Value€4.80
Quality53/100
TSKB Gayrimenkul Yatirim Ortakligi AS
TSGYO.IS · TRY · Real Estate
-75%
upside to fair value
overvalued
PriceTRY 5.56
Fair ValueTRY 1.39
Quality53/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Merlin Properties SOCIMITSKB Gayrimenkul Yatirim Ortakligi AS
Valuation
9.7×P/E (TTM)41.5×
18.73×P/S (TTM)
1.35×P/B
32.0×EV/EBITDA
1.31×PEG
−61.3%Fair value upside−75.0%
1.3%Dividend yield
Profitability
74%Operating margin10%
2.26×EBIT margin trend (5Y)0.37×
9%Return on equity0%
2%Return on assets1%
Growth
10%Revenue growth (YoY)-5%
7.1%Avg. growth/yr (3Y)68.7%
3.9%Avg. growth/yr (5Y)57.3%
+42.3%Value creation/yr−31.4%
Balance & size
6.6×Interest coverage (EBIT/interest)0.4×
0.52×Debt / equity
$11BMarket cap$75M
mixedGrowth qualitymixed

Merlin Properties SOCIMI leads: 7 to 2 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Merlin Properties SOCIMIof which business quality 54 · market factors 43 TSKB Gayrimenkul Yatirim Ortakligi ASof which business quality 56 · market factors 26
ProfitabilityMargins and returns on capital today
39
15
Quality GrowthAre margins and returns improving?
63
57
CashflowEarnings quality: real cash, not paper profit
76
97
Fin. StrengthBalance sheet, leverage, solvency risk
57
52
InvestmentDisciplined investing over empire-building
81
33
Low VolatilityCalm price path (market factor)
74
60
MomentumPrice trend over the last 3–12 months (market factor)
31
18
52W MomentumDistance to the 52-week high (market factor)
28
1
Net IssuanceShare count: buybacks or dilution?
8
82

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyMerlin Properties SOCIMIPrice €12.40TSKB Gayrimenkul Yatirim Ortakligi ASPrice TRY 5.56
DCF Models-37%below the price€7.82-61%below the priceTRY 2.15
Dividend Discount-74%below the price€3.25n/a
Multiples+61%above the price€19.96-82%below the priceTRY 1.01
Asset-Based-30%below the price€8.74+15%close to the priceTRY 6.39
Growth DCF-39%below the price€7.52-62%below the priceTRY 2.14
Economic Profit-1%close to the price€12.30+2%close to the priceTRY 5.68
Minimum-74%below the price€3.25-82%below the priceTRY 1.01
Maximum+61%above the price€19.96+15%close to the priceTRY 6.39
Median-33%below the price€8.28-61%below the priceTRY 2.15
Geometric mean-30%below the price€8.62-50%below the priceTRY 2.79

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Merlin Properties SOCIMI: 10 of 15 models see the stock below the current price.

TSKB Gayrimenkul Yatirim Ortakligi AS: 12 of 14 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Merlin Properties SOCIMI
Price €12.40
Fair Value €4.80
Bear €1.55Bull €9.54
TSKB Gayrimenkul Yatirim Ortakligi AS
Price TRY 5.56
Fair Value TRY 1.39
Bear TRY 0.92Bull TRY 2.12

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Merlin Properties SOCIMI · Real Estate

Quality score53 · above median
Fair value upside-61% · bottom 25%

TSKB Gayrimenkul Yatirim Ortakligi AS · Real Estate

Quality score53 · above median
Fair value upside-75% · bottom 25%

Bottom line

As of Sep 16, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Merlin Properties SOCIMI trades at €12.40 versus a fair value of €4.80 (-61%), while TSKB Gayrimenkul Yatirim Ortakligi AS trades at TRY 5.56 versus TRY 1.39 (-75%).

TSKB Gayrimenkul Yatirim Ortakligi AS has the higher quality score (53/100).

See the full analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.