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STOCK COMPARISON

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

Both stocks run through our 21 valuation models. Here is how TSKB Gayrimenkul Yatirim Ortakligi AS (TSGYO) and Merlin Properties SOCIMI (MRL) compare, as of Aug 2, 2026.

As of Aug 2, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: TSKB Gayrimenkul Yatirim Ortakligi AS trades at TRY 5.61 versus a fair value of TRY 1.64 (-71%), while Merlin Properties SOCIMI trades at €15.06 versus €10.51 (-30%).
TSKB Gayrimenkul Yatirim Ortakligi AS
TSGYO.IS · TRY · Real Estate
-71%
above fair value
overvalued
PriceTRY 5.61
Fair ValueTRY 1.64
Quality44/100
Merlin Properties SOCIMI
MRL.MC · EUR · Real Estate
-30%
above fair value
overvalued
Price€15.06
Fair Value€10.51
Quality58/100

Head-to-head numbers

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

TSKB Gayrimenkul Yatirim Ortakligi ASMerlin Properties SOCIMI
Valuation
40.1×P/E (TTM)11.0×
—P/S (TTM)18.59×
—P/B1.34×
—EV/EBITDA31.8×
—PEG1.31×
Profitability
4%Net margin134%
10%Operating margin74%
0%Return on equity9%
1%Return on assets2%
Growth
-5%Revenue growth (YoY)10%
68.7%Avg. growth/yr (3Y)7.1%
57.3%Avg. growth/yr (5Y)3.9%
Balance & size
—Debt / equity0.52×
$77MMarket cap$11B
healthyGrowth qualitymixed

Merlin Properties SOCIMI leads: 2 to 6 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.

TSKB Gayrimenkul Yatirim Ortakligi ASof which business quality 56 · market factors 26 Merlin Properties SOCIMIof which business quality 54 · market factors 67
ProfitabilityMargins and returns on capital today
15
39
Quality GrowthAre margins and returns improving?
57
63
CashflowEarnings quality: real cash, not paper profit
97
76
Fin. StrengthBalance sheet, leverage, solvency risk
52
57
InvestmentDisciplined investing over empire-building
33
81
Low VolatilityCalm price path (market factor)
59
74
MomentumPrice trend over the last 3–12 months (market factor)
18
60
52W MomentumDistance to the 52-week high (market factor)
4
70
Net IssuanceBuybacks instead of dilution
82
8

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

TSKB Gayrimenkul Yatirim Ortakligi AS

DCF ModelsTRY 3.58
Earnings-BasedTRY 1.79
MultiplesTRY 1.51
Asset-BasedTRY 13.97
Growth DCFTRY 4.53
Economic ProfitTRY 7.03
Growth EarningsTRY 2.32

22 of 24 models see the stock below the current price.

Merlin Properties SOCIMI

DCF Models€13.55
Earnings-Based€12.33
Dividend Discount€3.25
Multiples€21.27
Asset-Based€8.74
Growth DCF€7.52
Economic Profit€10.61
Growth Earnings€21.01

16 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

TSKB Gayrimenkul Yatirim Ortakligi AS
Bear TRY 0.98Fair Value TRY 1.64Bull TRY 2.39
TRY 5.61 = current price (white tick)
Merlin Properties SOCIMI
Bear €9.54Fair Value €10.51Bull €15.79
€15.06 = current price (white tick)

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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.

TSKB Gayrimenkul Yatirim Ortakligi AS · Real Estate

Quality score44 · below median
Fair value upside-71% · bottom 25%

Merlin Properties SOCIMI · Real Estate

Quality score58 · above median
Fair value upside-30% · below median

Bottom line

As of Aug 2, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: TSKB Gayrimenkul Yatirim Ortakligi AS trades at TRY 5.61 versus a fair value of TRY 1.64 (-71%), while Merlin Properties SOCIMI trades at €15.06 versus €10.51 (-30%).

Merlin Properties SOCIMI has the higher quality score (58/100).

See the full analysis →
TSKB Gayrimenkul Yatirim Ortakligi AS · Merlin Properties SOCIMI

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.