Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Akfen Gayrimenkul Yatirim Ortakligi AS stock TRY 3.13, price TRY 2.22, upside +41.0%, quality 51 out of 100. Rating: undervalued. 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 27, 2026.
How to read this chart
60‑month range 0.6964 TRY – 4.41 TRY · fair‑value band 1.92 TRY – 4.68 TRY · the 2.22 TRY price screens below the 3.13 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 27, 2026.
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Akfen Gayrimenkul Yatirim Ortakligi A.S. was formed because of the name change and restructuring of Aksel Tourism Investments and Management Inc. (Aksel) into a real estate investment partnership.
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Aksel was initially established as a partnership between Hamdi Akin and Yüksel Insaat A.S. with the aim of investing in the domestic tourism sector.
Subsequently, the shares of Yüksel Insaat A.S. were acquired by Akfen Holding A.S. (Akfen Holding) in 2006, and the Company became a subsidiary of Akfen Holding.
The restructuring was finalized with the transformation of the Company into a (Real Estate Investment Trust) following the Board of Directors' decision dated April 25, 2006, and the Capital Markets Board's (CMB) decision numbered 31/894 dated July 14, 2006, which was registered on August 25, 2006.
The adoption of the title (Real Estate Investment Trust) and the change in the scope of activity were published in the Trade Registry Gazette on August 31, 2006.
On August 6, 2018, 1000 Class A and 1000 Class D preferred shares of Akfen GYO, owned by Akfen Holding, were transferred to Hamdi Akin, who is the indirect ultimate owner of management control of these shares.
The company's main activity is investing in real estate-based capital market instruments, creating and developing a real estate portfolio, and engaging in the purposes and activities described in Articles 5, 23, and 25 of the Capital Markets Board's Communiqué on Principles Regarding Real Estate Investment Trusts (Series III, No: 48.1). In 2005, the company signed a framework agreement with ACCOR SA, one of the world's leading hotel chains, to develop hotel projects in Türkiye under the Novotel and Ibis Hotel brands.
The company primarily develops Novotel and Ibis branded hotel projects and leases them to Tamaris Turizm A.S. (Tamaris), a wholly owned subsidiary of ACCOR SA operating in Türkiye. The company was listed on the Istanbul Stock Exchange (BIST) on May 11, 2011.
Akfen Gayrimenkul Yatirim Ortakligi A.S. was established on June 25, 1997.
Stock analysis
Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY) currently trades at 2.22 TRY, while our model-based Fair Value estimate is 3.13 TRY, implying the stock looks roughly 29.1% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 5.67 TRY per share, and 12 of the 13 models we run sit above the 2.22 TRY price.
Bear case: the Growth DCF group reads lowest at 2.91 TRY, and 1 of the 13 models stay below the price. Data coverage for this calculation is low.
Scenario range: 1.92 TRY (bear) to 4.68 TRY (bull), the price of 2.22 TRY sits inside 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 51/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Akfen Gayrimenkul Yatirim Ortakligi AS reported revenue of 1.6B TRY in FY2025 versus 191M TRY in FY2021, a compound +71.2%/yr. Reported net income was 2.6B TRY in FY2025, compounding +5.8%/yr from FY2021.
Key figures
Market cap 8.7B TRY (≈ $174M) Micro · P/E ratio 5.3 · P/S ratio 5.01 · EPS (TTM) 0.4200 TRY · Net margin 80.8% · Return on equity 4.4% · Return on assets (EBIT) 3.4% · Operating margin 82.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (low confidence).
What moves the price
The share trades about 29% 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 −14% fair-value upside, at 41%, AKFGY screens cheaper than that median.
Fair Value models
Bear1.92 TRYFair Value 3.13 TRYBull4.68 TRY
Price 2.22 TRY · Upside +41.0%
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 (0.3475 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.78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+3.4%
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.
+47.6%
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.
+16.7%
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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.
+4.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.8%
Dividend (yield on the price)0.0%
Profit margin 2019 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.31% → 83%
⚠ Revenue per share shrinking 4.7%/yr over ~6Y (margins intact) ⓘ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).
+9.5%
Yearly growth needed for the next five years to justify today's price.
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 −8.2% a year for the price.
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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 - Hotel & Motel · 33 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside+41.0% · Above median
Profitability
Return on equity (12 months)4.4% · Above median
Return on assets5.8% · Top 25%
Net margin (12 months)80.8% · Top 25%
Operating margin (12 months)82.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−8.1% · Bottom 25%
Dividend yield (12 months)0.0% · Bottom 25%
Balance sheet
Debt / equity0.14× · Lowest 25%
Valuation Multiplesvs REIT - Hotel & Motel 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). "Akfen Gayrimenkul Yatirim Ortakligi AS Fair Value". https://www.fairvalue-calculator.com/stock/AKFGY
Frequently asked questions
Is Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY) overvalued or undervalued?
As of Oct 27, 2026, our model estimates a fair value of 3.13 TRY versus a price of 2.22 TRY, about +41% upside (undervalued).
What is the fair value of AKFGY?
Our model-based fair value for Akfen Gayrimenkul Yatirim Ortakligi AS is 3.13 TRY (as of Oct 27, 2026), built from audited fundamentals. The current price: 2.22 TRY.
What is the quality score of AKFGY?
Akfen Gayrimenkul Yatirim Ortakligi AS has a Quality Score of 51/100. 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 Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
Our model-based price target is the fair value of 3.13 TRY (as of Oct 27, 2026) from 13 valuation models. Cautious scenario 1.92 TRY, optimistic scenario 4.68 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Akfen Gayrimenkul Yatirim Ortakligi AS stock forecast for 2026?
Our models put fair value at 3.13 TRY, about +41% upside versus a price of 2.22 TRY (undervalued). Cautious scenario 1.92 TRY, optimistic scenario 4.68 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
Akfen Gayrimenkul Yatirim Ortakligi AS reported trailing-twelve-month revenue of about 1.7B TRY (latest available figure, as of Oct 27, 2026).
What growth is priced into Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
For today's price to be fair in a discounted-cash-flow model, Akfen Gayrimenkul Yatirim Ortakligi AS would have to grow free cash flow by +9.5 % 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 +90.8 % per year. As of Oct 27, 2026.
What discount rate (WACC) does the fair value of AKFGY use?
Our models discount Akfen Gayrimenkul Yatirim Ortakligi AS at 15.7 %: a base by market capitalisation (micro), damped by beta 0.51, 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 Akfen Gayrimenkul Yatirim Ortakligi AS that is +9.5 % per year a year over ten years, using the same discount rate (15.7 %) and the same formula as our fair value.
How much growth has Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY) delivered so far?
Over the past 5 years revenue at Akfen Gayrimenkul Yatirim Ortakligi AS grew +90.8 % a year. The price currently implies +9.5 % 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 Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY) growing?
The median revenue growth in the sector is +2.4 % a year. That is the yardstick for the growth priced into Akfen Gayrimenkul Yatirim Ortakligi AS (+9.5 % 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 Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
The free-cash-flow yield on the price is 13.74 %: that much free cash flow Akfen 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 Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Akfen Gayrimenkul Yatirim Ortakligi AS it is 3.13 TRY per share (as of Oct 27, 2026), against a price of 2.22 TRY. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Akfen Gayrimenkul Yatirim Ortakligi AS stock overvalued or undervalued in 2026?
As of Oct 27, 2026, AKFGY trades below its calculated fair value: price 2.22 TRY, fair value 3.13 TRY, a gap of about +41% (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 AKFGY?
No. The price is what the market pays today (2.22 TRY); the fair value is what the company's own numbers justify (3.13 TRY). For Akfen Gayrimenkul Yatirim Ortakligi AS the two are 0.9100 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Akfen Gayrimenkul Yatirim Ortakligi AS worth?
The market values Akfen Gayrimenkul Yatirim Ortakligi AS at about 8.7B TRY (market capitalisation, as of Oct 27, 2026). Per share that is 2.22 TRY; our models calculate a fair value of 3.13 TRY per share.
What do the bullish and bearish scenarios say about AKFGY?
Our models span a range for Akfen Gayrimenkul Yatirim Ortakligi AS: cautious scenario 1.92 TRY, base 3.13 TRY, optimistic 4.68 TRY per share (as of Oct 27, 2026, price 2.22 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AKFGY?
Akfen Gayrimenkul Yatirim Ortakligi AS trades at a price-to-earnings ratio of 5.3 (as of Oct 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.13 TRY is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 4.3. Other multiples: P/B 0.3, P/S 5.0, EV/EBITDA 8.1.
How solid is the balance sheet of Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
Balance-sheet figures for Akfen Gayrimenkul Yatirim Ortakligi AS (as of Oct 27, 2026): return on equity 4.4%, debt of 0.14 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is AKFGY from its 52-week high?
Akfen Gayrimenkul Yatirim Ortakligi AS trades at 2.22 TRY, about 29% below its 52-week high of 3.12 TRY and at the low of 2.21 TRY (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 3.13 TRY is for.
Which stocks are comparable to Akfen Gayrimenkul Yatirim Ortakligi AS?
From the same area (Real Estate) we also value Host Hotels & Resorts, Inc, Ryman Hospitality Properties, Inc, Apple Hospitality REIT, Inc, COVH, 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 Akfen Gayrimenkul Yatirim Ortakligi AS stock attractive at the current price?
The data as of Oct 27, 2026: price 2.22 TRY, calculated fair value 3.13 TRY (+41%), Quality Score 51/100, 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 AKFGY calculated?
We run Akfen Gayrimenkul Yatirim Ortakligi AS through 13 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 3.13 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. Akfen Gayrimenkul Yatirim Ortakligi AS currently trades 29 % 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 Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
The closing price on Oct 28, 2026 was 2.22 TRY. Our model-based fair value is 3.13 TRY, about +41% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Akfen Gayrimenkul Yatirim Ortakligi AS right now?
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 (51/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (1.92 TRY to 4.68 TRY) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Akfen Gayrimenkul Yatirim Ortakligi AS
How large is the market capitalisation of Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
The market capitalisation of Akfen Gayrimenkul Yatirim Ortakligi AS is 8.7B TRY (≈ $174M). 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 Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
The price-to-sales ratio of Akfen Gayrimenkul Yatirim Ortakligi AS is 5.01 (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 Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
Earnings per share at Akfen Gayrimenkul Yatirim Ortakligi AS are 0.4200 TRY (price ÷ EPS = P/E 5.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
The net margin of Akfen Gayrimenkul Yatirim Ortakligi AS is 80.8% (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 Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
The return on equity (ROE) of Akfen Gayrimenkul Yatirim Ortakligi AS is 4.4% (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 Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
On an EBIT basis the return on assets of Akfen Gayrimenkul Yatirim Ortakligi AS is 3.4% (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 Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
The operating margin of Akfen Gayrimenkul Yatirim Ortakligi AS is 82.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
Revenue at Akfen Gayrimenkul Yatirim Ortakligi AS is growing −8.1% versus a year earlier (3y avg +47.6%). 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 Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)?
Earnings per share at Akfen Gayrimenkul Yatirim Ortakligi AS are growing −87.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY) carry?
The net debt of Akfen Gayrimenkul Yatirim Ortakligi AS is 4.1B TRY (fiscal year 2025, ≈ 3.4 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 27, 2026