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Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of Is Gayrimenkul Yatirim Ortakligi A.S. TRY 20.98, price TRY 23.76, upside -11.7%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Real Estate · TR · ISIN TRAISGYO91Q3

IG Thin data Sep 27, 2026

Is Gayrimenkul Yatirim Ortakligi A.S.

ISGYO · IS

Weak valuationQuality is weak on top of the rich price.

!Fair value 20.98 TRY · Overvalued (−11.7%)
!Quality 37/100
!Expensive Growth (revenue 5y +34.4 %/yr)
!Loss-making · -87.4% net margin (TTM)
!Low debt · negative free cash flow
!0.3% dividend yield · Token dividend
!Trails peers (4/12)
!Narrow moat 33/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 18 out of 100
!Weak on dividend: 7 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

28.36 TRY 1.80 TRY Fair Value 20.98 TRY Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range 1.80 TRY – 28.36 TRY · fair‑value band 15.53 TRY – 26.42 TRY · the 23.76 TRY price screens above the 20.98 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Is Gayrimenkul Yatirim Ortakligi A.S. is a Turkey-based real estate investment trust through the consolidation of Is Gayrimenkul Yatirim ve Proje Degerlendirme A.S. and Merkez Gayrimenkul Yatirim ve Proje Degerlendirme A.S. The company is a subsidiary of Turkiye Is Bankasi A.S.

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Is Gayrimenkul Yatirim Ortakligi A.S. is a Turkey-based real estate investment trust through the consolidation of Is Gayrimenkul Yatirim ve Proje Degerlendirme A.S. and Merkez Gayrimenkul Yatirim ve Proje Degerlendirme A.S. The company is a subsidiary of Turkiye Is Bankasi A.S. and operates under the regulations of the Capital Markets Board of Turkey applicable to real estate investment corporations. Its principal activities include investing in income-generating real estate assets, real estate development projects, and property-related capital market instruments in line with regulatory portfolio limits. The company's shares have been listed on Borsa Istanbul since 1999, and its registered headquarters are in Istanbul. Turkey.Gayrimenkul Yatirim Ortakligi A.S. was incorporated in August 6th, 1999 in Turkey.

Stock analysis

Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO) currently trades at 23.76 TRY, while our model-based Fair Value estimate is 20.98 TRY, implying the stock looks roughly 13.3% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 35.12 TRY per share, and 2 of the 6 models we run sit above the 23.76 TRY price.

Bear case: the Multiples group reads lowest at 22.03 TRY, and 4 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: 15.53 TRY (bear) to 26.42 TRY (bull), the price of 23.76 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 37/100 (below-average quality), in the Real Estate sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Is Gayrimenkul Yatirim Ortakligi A.S. reported revenue of 3.1B TRY in FY2025 versus 489M TRY in FY2021, a compound +59.1%/yr. Reported net income was −958M TRY in FY2025.

Key figures

Market cap 27.2B TRY (≈ $556M) · P/S ratio 10.2 · EPS (TTM) −0.9900 TRY · Dividend yield 0.3% · Net margin −30.6% · Return on equity −4.5% · Return on assets (EBIT) 2.6% · Operating margin 42.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 16% below its 52-week high and 29% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at −12%, ISGYO screens richer than that median.

Fair Value models

Bear 15.53 TRY Fair Value 20.98 TRY Bull 26.42 TRY
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
Gordon GGM 0.5600 TRY 1.00 TRY 1.38 TRY 68
DDM Multi-Stage 0.5600 TRY 0.9100 TRY 1.07 TRY 67
EV/EBITDA 16.59 TRY 22.03 TRY 27.48 TRY 67
All 6 models by family
Dividend Discount
Gordon GGM 0.5600 TRY 1.00 TRY 1.38 TRY 68
DDM Multi-Stage 0.5600 TRY 0.9100 TRY 1.07 TRY 67
Multiples
EV/EBIT 20.90 TRY 27.78 TRY 34.66 TRY 66
EV/EBITDA 16.59 TRY 22.03 TRY 27.48 TRY 67
EV/Revenue 11.64 TRY 16.52 TRY 21.40 TRY 54
Asset-Based
NCAV (Graham) 26.21 TRY 35.12 TRY 52.41 TRY 54

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Quality Score breakdown

Overall quality 37/100

Of which business quality 35 · Market factors (momentum, volatility) 65

Profitability 6
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 58
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+121.3%
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.
+34.4%
Revenue growth 21 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.
+23.9%
Profit margin (trend) ⓘ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.
30.1% (2020) → 38.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

ISGYO screens 13% overvalued. Compare with Goodman Group →

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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 - Diversified · 153 stocks

Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 36 · Bottom 25%
Fair Value upside −11.7% · Below median
Profitability
Return on assets 0.2% · Bottom 25%
Net margin (TTM) −87.4% · Bottom 25%
Operating margin (TTM) 42.0% · Below median
Growth and dividend
Revenue growth −15.7% · Bottom 25%
Dividend yield (TTM) 0.3% · Bottom 25%

Valuation Multiplesvs REIT - Diversified median · lower = cheaper

P/S (TTM) 0.21× · Cheapest 25%
EV/EBITDA 1.3× · Cheapest 25%
PEG 0.79× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)18 · sector 25
FUTURE (revenue growth)0 · sector 16
PAST (return on equity)0 · sector 20
HEALTH (low debt)100 · sector 75
DIVIDEND (yield)7 · sector 100

Context: sector, industry, market

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

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The GPT Group GPT A$4.41 A$3.49 −21%
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COV COV €46.38 €39.78 −14%
Mirvac Group MGR A$1.72 A$2.05 +20%
Broadstone Net Lease, Inc BNL $18.91 $19.39 +3%
KLCC Property Holdings 5235SS 8.35 MYR 6.91 MYR −17%

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Is Gayrimenkul Yatirim Ortakligi A.S. · Fair Value
20.98 TRY −13%Fair Value
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Cite: Fair Value Calculator (2026). "Is Gayrimenkul Yatirim Ortakligi A.S. Fair Value". https://www.fairvalue-calculator.com/stock/ISGYO

Frequently asked questions

Is Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 20.98 TRY versus a price of 23.76 TRY, about −12% upside (overvalued).
What is the fair value of ISGYO?
Our model-based fair value for Is Gayrimenkul Yatirim Ortakligi A.S. is 20.98 TRY (as of Sep 27, 2026), built from audited fundamentals. The current price: 23.76 TRY.
What is the quality score of ISGYO?
Is Gayrimenkul Yatirim Ortakligi A.S. 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 Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
Our model-based price target is the fair value of 20.98 TRY (as of Sep 27, 2026) from 6 valuation models. Cautious scenario 15.53 TRY, optimistic scenario 26.42 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Is Gayrimenkul Yatirim Ortakligi A.S. stock forecast for 2026?
Our models put fair value at 20.98 TRY, about −12% upside versus a price of 23.76 TRY (overvalued). Cautious scenario 15.53 TRY, optimistic scenario 26.42 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
Is Gayrimenkul Yatirim Ortakligi A.S. reported trailing-twelve-month revenue of about 2.7B TRY (latest available figure, as of Sep 27, 2026).
Does Is Gayrimenkul Yatirim Ortakligi A.S. pay a dividend?
Is Gayrimenkul Yatirim Ortakligi A.S. currently shows a dividend yield of about 0.35% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Is Gayrimenkul Yatirim Ortakligi A.S. it is 20.98 TRY per share (as of Sep 27, 2026), against a price of 23.76 TRY. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Is Gayrimenkul Yatirim Ortakligi A.S. stock overvalued or undervalued in 2026?
As of Sep 27, 2026, ISGYO trades above its calculated fair value: price 23.76 TRY, fair value 20.98 TRY, a gap of about −12% (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 ISGYO?
No. The price is what the market pays today (23.76 TRY); the fair value is what the company's own numbers justify (20.98 TRY). For Is Gayrimenkul Yatirim Ortakligi A.S. the two are 2.78 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Is Gayrimenkul Yatirim Ortakligi A.S. worth?
The market values Is Gayrimenkul Yatirim Ortakligi A.S. at about 27.2B TRY (market capitalisation, as of Sep 27, 2026). Per share that is 23.76 TRY; our models calculate a fair value of 20.98 TRY per share.
What do the bullish and bearish scenarios say about ISGYO?
Our models span a range for Is Gayrimenkul Yatirim Ortakligi A.S.: cautious scenario 15.53 TRY, base 20.98 TRY, optimistic 26.42 TRY per share (as of Sep 27, 2026, price 23.76 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ISGYO?
The PEG ratio of Is Gayrimenkul Yatirim Ortakligi A.S. is 0.79 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
Balance-sheet figures for Is Gayrimenkul Yatirim Ortakligi A.S. (as of Sep 27, 2026): return on equity −4.5%. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is ISGYO from its 52-week high?
Is Gayrimenkul Yatirim Ortakligi A.S. trades at 23.76 TRY, about 16% below its 52-week high of 28.36 TRY and 29% above the low of 18.35 TRY (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of 20.98 TRY is for.
Which stocks are comparable to Is Gayrimenkul Yatirim Ortakligi A.S.?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Stockland, 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 Is Gayrimenkul Yatirim Ortakligi A.S. stock attractive at the current price?
The data as of Sep 27, 2026: price 23.76 TRY, calculated fair value 20.98 TRY (−12%), Quality Score 37/100, from 6 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 ISGYO calculated?
We run Is Gayrimenkul Yatirim Ortakligi A.S. through 6 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 20.98 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 13.9 % above its aggregate fair value. Is Gayrimenkul Yatirim Ortakligi A.S. 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 Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
The closing price on Sep 25, 2026 was 23.76 TRY. Our model-based fair value is 20.98 TRY, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Is Gayrimenkul Yatirim Ortakligi A.S. right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Is Gayrimenkul Yatirim Ortakligi A.S.

How large is the market capitalisation of Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
The market capitalisation of Is Gayrimenkul Yatirim Ortakligi A.S. is 27.2B TRY (≈ $556M). 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 Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
The price-to-sales ratio of Is Gayrimenkul Yatirim Ortakligi A.S. is 10.2 (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 Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
Earnings per share at Is Gayrimenkul Yatirim Ortakligi A.S. are −0.9900 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
The dividend yield of Is Gayrimenkul Yatirim Ortakligi A.S. is 0.3%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
The net margin of Is Gayrimenkul Yatirim Ortakligi A.S. is −30.6% (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 Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
The return on equity (ROE) of Is Gayrimenkul Yatirim Ortakligi A.S. is −4.5% (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 Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
On an EBIT basis the return on assets of Is Gayrimenkul Yatirim Ortakligi A.S. is 2.6% (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 Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
The operating margin of Is Gayrimenkul Yatirim Ortakligi A.S. is 42.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
Revenue at Is Gayrimenkul Yatirim Ortakligi A.S. is growing −15.7% versus a year earlier (3y avg +65.7%). 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 Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO)?
Earnings per share at Is Gayrimenkul Yatirim Ortakligi A.S. are growing −62.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO) generate?
The free cash flow of Is Gayrimenkul Yatirim Ortakligi A.S. is −917M TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Is Gayrimenkul Yatirim Ortakligi A.S. (ISGYO) carry?
The net debt of Is Gayrimenkul Yatirim Ortakligi A.S. is 774M TRY (fiscal year 2025). 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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