Adese Gayrimenkul Yatirim AS (ADESE) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Adese Gayrimenkul Yatirim AS stock TRY 0.24, price TRY 0.45, upside -47.1%, quality 37 out of 100. Rating: strongly overvalued. Calculated from audited financials with 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 Oct 29, 2026.
How to read this chart
60‑month range 0.1260 TRY – 4.46 TRY · fair‑value band 0.1700 TRY – 0.2975 TRY · the 0.4500 TRY price screens above the 0.2380 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 29, 2026.
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Adese Gayrimenkul Yatirim A.S. engages in real estate investment activities in Turkey.
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The company is involved in the development, sale, leasing, and facility management of real estate projects, such as housing, residences, offices, business centers, industrial centers, and shopping malls, as well as acquisition of land.
Adese Gayrimenkul Yatirim A.S. was incorporated in 1991 and is based in Konya, Turkey.
Stock analysis
Adese Gayrimenkul Yatirim AS (ADESE) currently trades at 0.4500 TRY, while our model-based Fair Value estimate is 0.2380 TRY, 47.1% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 1.61 TRY per share, and 4 of the 14 models we run sit above the 0.4500 TRY price.
Bear case: the Growth DCF group reads lowest at 0.2200 TRY, and 10 of the 14 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.1700 TRY (bear) to 0.2975 TRY (bull), the price of 0.4500 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 37/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Adese Gayrimenkul Yatirim AS reported revenue of 1.3B TRY in FY2025 versus 50.2M TRY in FY2021, a compound +124.2%/yr. Reported net income was 157M TRY in FY2025, compounding −20.0%/yr from FY2021.
Key figures
Market cap 2.3B TRY (≈ $45.5M) Micro · P/E ratio 2.9 · P/S ratio 0.36 · EPS (TTM) −0.0900 TRY · Net margin 12.4% · Return on equity 1.6% · Return on assets (EBIT) 1.1% · Operating margin 9.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 30 out of 100 (low confidence).
What moves the price
The share trades about 89% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −49% fair-value upside, at −47%, ADESE screens cheaper than that median.
Fair Value models
Bear0.1700 TRYFair Value 0.2380 TRYBull0.2975 TRY
Price 0.4500 TRY · Upside -47.1%
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.
Best data coverage
FCF DCF0.2100 TRY0.2600 TRY0.3300 TRY81
Growth DCF0.2200 TRY0.2600 TRY0.3200 TRY79
5Y EBITDA Exit0.2000 TRY0.2700 TRY0.3700 TRY75
All 14 models by family
DCF Models
FCF DCF0.2100 TRY0.2600 TRY0.3300 TRY81
5Y Revenue Exit0.1700 TRY0.2100 TRY0.2800 TRY73
5Y EBITDA Exit0.2000 TRY0.2700 TRY0.3700 TRY75
10Y Revenue Exit0.1900 TRY0.2200 TRY0.2500 TRY67
10Y EBITDA Exit0.2100 TRY0.2500 TRY0.2900 TRY69
Multiples
P/S Multiple0.3400 TRY0.4600 TRY0.5700 TRY57
P/B Multiple3.78 TRY5.04 TRY6.30 TRY55
EV/EBIT0.2000 TRY0.2800 TRY0.3500 TRY65
EV/EBITDA0.1900 TRY0.2600 TRY0.3400 TRY66
EV/Revenue0.1000 TRY0.1600 TRY0.2100 TRY52
Asset-Based
NCAV (Graham)1.06 TRY1.61 TRY2.02 TRY54
Growth DCF
Growth DCF0.2200 TRY0.2600 TRY0.3200 TRY79
Rev-Margin DCF0.1700 TRY0.2200 TRY0.2900 TRY73
Economic Profit
Residual Income1.50 TRY1.38 TRY1.28 TRY71
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+85.4%
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.
+141.6%
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.
+42.9%
Start year 2020 (pandemic). Over 10 years: +7.0% a year
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.
+6.2%
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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.
−39.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−39.4%
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.−34% → 19%
⚠ Revenue per share shrinking 30.8%/yr over ~6Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
−13.1%
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 −27.1% a year for the price.
Compare Adese Gayrimenkul Yatirim AS with another stock
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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 · 129 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score37 · Bottom 25%
Fair Value upside−47.1% · Bottom 25%
Profitability
Return on equity (12 months)1.6% · Below median
Return on assets0.7% · Below median
Net margin (12 months)3.5% · Below median
Operating margin (12 months)9.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)168.8% · Top 25%
Valuation Multiplesvs Real Estate - Diversified median · lower = cheaper
P/E (12 months)2.9× · Cheapest 25%
P/S (12 months)0.03× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 38
FUTURE (revenue growth)100· sector 7
PAST (return on equity)6· sector 18
HEALTH (low debt)100· sector 75
DIVIDEND (yield)0· sector 63
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). "Adese Gayrimenkul Yatirim AS Fair Value". https://www.fairvalue-calculator.com/stock/ADESE
Frequently asked questions
Is Adese Gayrimenkul Yatirim AS (ADESE) overvalued or undervalued?
As of Oct 29, 2026, our model estimates a fair value of 0.2380 TRY versus a price of 0.4500 TRY, about −47% upside (overvalued).
What is the fair value of ADESE?
Our model-based fair value for Adese Gayrimenkul Yatirim AS is 0.2380 TRY (as of Oct 29, 2026), built from audited fundamentals. The current price: 0.4500 TRY.
What is the quality score of ADESE?
Adese Gayrimenkul Yatirim AS has a Quality Score of 37/100. 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 Adese Gayrimenkul Yatirim AS (ADESE)?
Our model-based price target is the fair value of 0.2380 TRY (as of Oct 29, 2026) from 14 valuation models. Cautious scenario 0.1700 TRY, optimistic scenario 0.2975 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Adese Gayrimenkul Yatirim AS stock forecast for 2026?
Our models put fair value at 0.2380 TRY, about −47% upside versus a price of 0.4500 TRY (overvalued). Cautious scenario 0.1700 TRY, optimistic scenario 0.2975 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Adese Gayrimenkul Yatirim AS (ADESE)?
Adese Gayrimenkul Yatirim AS reported trailing-twelve-month revenue of about 1.7B TRY (latest available figure, as of Oct 29, 2026).
What growth is priced into Adese Gayrimenkul Yatirim AS (ADESE)?
For today's price to be fair in a discounted-cash-flow model, Adese Gayrimenkul Yatirim AS would have to grow free cash flow by -13.1 % per year for five years (discount rate 14.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +42.9 % per year. As of Oct 29, 2026.
What discount rate (WACC) does the fair value of ADESE use?
Our models discount Adese Gayrimenkul Yatirim AS at 14.5 %: a base by market capitalisation (nano), damped by beta 1.08, 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 Adese Gayrimenkul Yatirim AS that is -13.1 % per year a year over ten years, using the same discount rate (14.5 %) and the same formula as our fair value.
How much growth has Adese Gayrimenkul Yatirim AS (ADESE) delivered so far?
Over the past 5 years revenue at Adese Gayrimenkul Yatirim AS grew +42.9 % a year. The price currently implies -13.1 % per year free-cash-flow growth a 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 Adese Gayrimenkul Yatirim AS (ADESE) growing?
The median revenue growth in the sector is +3.2 % a year. That is the yardstick for the growth priced into Adese Gayrimenkul Yatirim AS (-13.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Adese Gayrimenkul Yatirim AS (ADESE)?
The free-cash-flow yield on the price is 24.48 %: that much free cash flow Adese Gayrimenkul Yatirim AS produces per unit of market value. When it exceeds the discount rate of our models (14.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Adese Gayrimenkul Yatirim AS (ADESE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Adese Gayrimenkul Yatirim AS it is 0.2380 TRY per share (as of Oct 29, 2026), against a price of 0.4500 TRY. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Adese Gayrimenkul Yatirim AS stock overvalued or undervalued in 2026?
As of Oct 29, 2026, ADESE trades above its calculated fair value: price 0.4500 TRY, fair value 0.2380 TRY, a gap of about −47% (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 ADESE?
No. The price is what the market pays today (0.4500 TRY); the fair value is what the company's own numbers justify (0.2380 TRY). For Adese Gayrimenkul Yatirim AS the two are 0.2120 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Adese Gayrimenkul Yatirim AS worth?
The market values Adese Gayrimenkul Yatirim AS at about 2.3B TRY (market capitalisation, as of Oct 29, 2026). Per share that is 0.4500 TRY; our models calculate a fair value of 0.2380 TRY per share.
What do the bullish and bearish scenarios say about ADESE?
Our models span a range for Adese Gayrimenkul Yatirim AS: cautious scenario 0.1700 TRY, base 0.2380 TRY, optimistic 0.2975 TRY per share (as of Oct 29, 2026, price 0.4500 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ADESE?
Adese Gayrimenkul Yatirim AS trades at a price-to-earnings ratio of 2.9 (as of Oct 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.2380 TRY is built from several models across several years. Other multiples: P/S 0.0.
How solid is the balance sheet of Adese Gayrimenkul Yatirim AS (ADESE)?
Balance-sheet figures for Adese Gayrimenkul Yatirim AS (as of Oct 29, 2026): return on equity 1.6%. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is ADESE from its 52-week high?
Adese Gayrimenkul Yatirim AS trades at 0.4500 TRY, about 89% below its 52-week high of 3.93 TRY and at the low of 0.4500 TRY (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 0.2380 TRY is for.
Which stocks are comparable to Adese Gayrimenkul Yatirim AS?
From the same area (Real Estate) we also value Henderson Land Development Company, Swiss Prime Site AG, The Phoenix Mills Limited, Prestige Estates Projects Limited, 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 Adese Gayrimenkul Yatirim AS stock attractive at the current price?
The data as of Oct 29, 2026: price 0.4500 TRY, calculated fair value 0.2380 TRY (−47%), Quality Score 37/100, from 14 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 ADESE calculated?
We run Adese Gayrimenkul Yatirim AS through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.2380 TRY, 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 13.4 % above its aggregate fair value. Adese Gayrimenkul Yatirim 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 Adese Gayrimenkul Yatirim AS (ADESE)?
The closing price on Oct 28, 2026 was 0.4500 TRY. Our model-based fair value is 0.2380 TRY, about −47% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Adese Gayrimenkul Yatirim AS right now?
The price sits above even our optimistic bull case (0.2975 TRY). The favourable scenario is already priced in. Weak quality (37/100) 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 Adese Gayrimenkul Yatirim AS
How large is the market capitalisation of Adese Gayrimenkul Yatirim AS (ADESE)?
The market capitalisation of Adese Gayrimenkul Yatirim AS is 2.3B TRY (≈ $45.5M). 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 Adese Gayrimenkul Yatirim AS (ADESE)?
The price-to-sales ratio of Adese Gayrimenkul Yatirim AS is 0.36 (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 Adese Gayrimenkul Yatirim AS (ADESE)?
Earnings per share at Adese Gayrimenkul Yatirim AS are −0.0900 TRY (price ÷ EPS = P/E 2.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Adese Gayrimenkul Yatirim AS (ADESE)?
The net margin of Adese Gayrimenkul Yatirim AS is 12.4% (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 Adese Gayrimenkul Yatirim AS (ADESE)?
The return on equity (ROE) of Adese Gayrimenkul Yatirim AS is 1.6% (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 Adese Gayrimenkul Yatirim AS (ADESE)?
On an EBIT basis the return on assets of Adese Gayrimenkul Yatirim AS is 1.1% (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 Adese Gayrimenkul Yatirim AS (ADESE)?
The operating margin of Adese Gayrimenkul Yatirim AS is 9.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Adese Gayrimenkul Yatirim AS (ADESE)?
Revenue at Adese Gayrimenkul Yatirim AS is growing +169% versus a year earlier (3y avg +142%). 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 Adese Gayrimenkul Yatirim AS (ADESE)?
Earnings per share at Adese Gayrimenkul Yatirim AS are growing −82.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Adese Gayrimenkul Yatirim AS (ADESE) carry?
The net debt of Adese Gayrimenkul Yatirim AS is 374M TRY (fiscal year 2020, ≈ 0.7 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
Oct 29, 2026