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Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi (FZLGY) Fair Value & Analysis

Real Estate · TR · Market cap 13.6B TRY

FG Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi FZLGY · IS
Price10.36 TRY
Fair Value1.62 TRY
Upside-84.4%
Quality31/100
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Expensive Growth
Loss-making · -19.6% net margin
Low debt · negative free cash flow
Mixed vs. peers (4/10)
Narrow moat 0/100
Evidence: Low Range 1.07 TRY – 2.02 TRY Share as image

Fair value as of: Aug 8, 2026

From 4 valuation models · updated yesterday

Share price −20.6% over the past month.

Below-average quality, and screening another 84% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (2.02 TRY). The favourable scenario is already priced in.
  • Weak quality (31/100) 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.
  • A fairly wide model range (1.07 TRY to 2.02 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (3 years)

18.74 TRY 2.49 TRY Fair Value 1.62 TRY Jul 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 8, 2026.

How to read this chart

36‑month range 2.49 TRY – 18.74 TRY · fair‑value band 1.07 TRY – 2.02 TRY · the 10.36 TRY price screens above the 1.62 TRY fair value. Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi (FZLGY) currently trades at 10.36 TRY, while our model-based Fair Value estimate is 1.62 TRY, implying the stock looks roughly 84.4% overvalued today. The Quality Score stands at 31/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi generated revenue of 2.9B TRY at a net margin of -19.6%. It earns a return on equity of -13.4%. Net debt stands at 1.1B TRY. Fundamentals as of Aug 8, 2026

Our scenario range runs from 1.07 TRY (bear case) to 2.02 TRY (bull case); at 10.36 TRY, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 49% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -44% fair-value upside, at -84%, FZLGY screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
EV/EBITDA 0.6480 TRY 1.62 TRY 2.43 TRY 54
EV/EBIT 0.6480 TRY 1.62 TRY 2.43 TRY 53
NCAV (Graham) 26.57 TRY 35.48 TRY 52.97 TRY 50
All 4 models by family
Multiples
EV/EBIT 0.6480 TRY 1.62 TRY 2.43 TRY 53
EV/EBITDA 0.6480 TRY 1.62 TRY 2.43 TRY 54
EV/Revenue 0.1620 TRY 0.8100 TRY 43
Asset-Based
NCAV (Graham) 26.57 TRY 35.48 TRY 52.97 TRY 50

Widest divergence: Asset-Based (35.48 TRY) versus Multiples (1.62 TRY). Highest evidence: EV/EBITDA (54).

Key figures & financial health

Revenue (TTM) 2.9B TRY
Revenue growth (YoY) +2,927%
Net margin -19.6%
Return on equity -13.4%
Free cash flow −1.0B TRY FY2026
Operating margin -50.2%
More key figures
EPS (TTM) -0.4500 TRY
EPS growth (YoY) +32.3%
Net debt 1.1B TRY FY2026

Figures from reported company fundamentals · as of Aug 8, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 31/100

Of which business quality 37 · Market factors (momentum, volatility) 30

Profitability 2
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 30
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi develops residential and commercial properties. The company was incorporated in 1992 and is based in Istanbul, Turkey

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi reported revenue of 1.3B TRY in FY2026 versus 571M TRY in FY2022, a compound +23.5%/yr. Reported net income was −425M TRY in FY2026.

Growth Quality 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
1.3B TRY
Latest YoY
+10.3%
Avg. growth/yr (3Y)
+70.4%
Avg. growth/yr (5Y)
+37.3%
Revenue +23.5%/yr
FY22 571M TRY
FY23 268M TRY
FY24 4.0B TRY
FY25 1.2B TRY
FY26 1.3B TRY
Net income
FY22 293M TRY
FY23 605M TRY
FY24 356M TRY
FY25 −340M TRY
FY26 −425M TRY

FZLGY screens 84% overvalued. Compare with AvalonBay Communities, Inc →

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Cite: Fair Value Calculator (2026). "Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi Fair Value". https://www.fairvalue-calculator.com/stock/FZLGY

Peer Group

REIT - Residential · 56 stocks

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.

Quality Score 31 · Bottom 25%
Fair Value upside −84% · Bottom 25%
Return on assets -4% · Bottom 25%
Net margin (TTM) -20% · Bottom 25%
Operating margin (TTM) -50% · Bottom 25%
Revenue growth 2927% · Top 25%
Debt / equity 0.05× · Lower than 75% of peers

Valuation Multiples vs REIT - Residential median · lower = cheaper

P/B 0.07× · Cheaper than 75% of peers
P/S (TTM) 0.10× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 100 · sector 10
PAST 0 · sector 4
HEALTH 97 · sector 61
DIVIDEND 0 · sector 75

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Residential stocks, each showing price versus our Fair Value estimate (as of Aug 8, 2026).

Stock Price Fair Value vs Fair Value
AvalonBay Communities, Inc AVB $190.80 $126.12 -34%
EQR EQR $67.86 $38.10 -44%
Essex Property Trust, Inc ESS $293.46 $177.90 -39%
Invitation Homes INVH $29.78 $16.82 -44%
Mid-America Apartment Communities, Inc MAA $133.88 $65.28 -51%
Sun Communities, Inc SUI $121.83 $114.79 -6%
UDR, Inc UDR $39.59 $19.76 -50%
American Homes 4 Rent (AMH or the General Partner) AMH $33.11 $21.44 -35%
Equity LifeStyle Properties, Inc ELS $66.05 $21.27 -68%
Camden Property Trust, an S&P 500 Company CPT $113.73 $41.87 -63%

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Frequently asked questions

Is Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi (FZLGY) overvalued or undervalued?
As of Aug 8, 2026, our model estimates a fair value of 1.62 TRY versus a price of 10.36 TRY, about −84% (overvalued).
What is the fair value of FZLGY?
Our model-based fair value for Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi is 1.62 TRY (as of Aug 8, 2026), built from audited fundamentals. The current price is 10.36 TRY.
What is the quality score of FZLGY?
Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi has a Quality Score of 31/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi (FZLGY)?
Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi reported trailing-twelve-month revenue of about 2.9B TRY (latest available figure, as of Aug 8, 2026).
What is the net profit margin of FZLGY?
The net profit margin of Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi is about -19.6%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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