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Kiler Gayrimenkul Yatirim Ortakligi A.S. (KLGYO) Fair Value & Analysis

Real Estate · TR · Market cap 6.0B TRY

KG Kiler Gayrimenkul Yatirim Ortakligi A.S. KLGYO · IS
Price4.27 TRY
Fair Value0.8200 TRY
Upside-80.8%
Quality28/100
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Mixed Growth
Loss-making · -58.4% net margin
Low debt · negative free cash flow
Mixed vs. peers (5/10)
Narrow moat 35/100
Evidence: Low Range 0.5700 TRY – 1.18 TRY Share as image

Fair value as of: Aug 13, 2026

From 4 valuation models · updated today

Share price −13.7% over the past month.

Below-average quality, and screening another 81% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (1.18 TRY). The favourable scenario is already priced in.
  • Weak quality (28/100) 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 (0.5700 TRY to 1.18 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

7.93 TRY 0.8500 TRY Fair Value 0.8200 TRY May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.8500 TRY – 7.93 TRY · fair‑value band 0.5700 TRY – 1.18 TRY · the 4.27 TRY price screens above the 0.8200 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Kiler Gayrimenkul Yatirim Ortakligi A.S. (KLGYO) currently trades at 4.27 TRY, while our model-based Fair Value estimate is 0.8200 TRY, implying the stock looks roughly 80.8% overvalued today. The Quality Score stands at 28/100 (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, Kiler Gayrimenkul Yatirim Ortakligi A.S. generated revenue of 1.4B TRY at a net margin of -58.4%. Revenue grew 244.7% year over year. It earns a return on equity of -3.6%. Net debt stands at 827M TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.5700 TRY (bear case) to 1.18 TRY (bull case); at 4.27 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 and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at -81%, KLGYO 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 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. Evidence
Highest evidence
EV/EBITDA 0.6800 TRY 1.07 TRY 1.46 TRY 54
EV/EBIT 0.5800 TRY 0.9400 TRY 1.29 TRY 53
NCAV (Graham) 8.48 TRY 11.36 TRY 16.96 TRY 50
All 4 models by family
Multiples
EV/EBIT 0.5800 TRY 0.9400 TRY 1.29 TRY 53
EV/EBITDA 0.6800 TRY 1.07 TRY 1.46 TRY 54
EV/Revenue 0.1100 TRY 0.3600 TRY 0.6100 TRY 43
Asset-Based
NCAV (Graham) 8.48 TRY 11.36 TRY 16.96 TRY 50

Widest divergence: Asset-Based (11.36 TRY) versus Multiples (0.9400 TRY). Highest evidence: EV/EBITDA (54).

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Key figures & financial health

Revenue (TTM) 1.4B TRY
Revenue growth (YoY) +245%
Net margin -58.4%
Return on equity -3.6%
Free cash flow −700M TRY FY2025
Operating margin 54.0%
More key figures
EPS (TTM) -0.5900 TRY
EPS growth (YoY) -92.9%
Net debt 827M TRY FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 28/100

Of which business quality 30 · Market factors (momentum, volatility) 26

Profitability 5
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 50
Balance sheet, leverage, solvency risk
Investment 2
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 1
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

Kiler Gayrimenkul Yatirim Ortakligi A.S. operates as a real estate investment trust in Turkey. The company engages in the development of residential and commercial real estate projects. It also provides property management services. The company was formerly known as Biskon Yapi A.S. and changed its name to Kiler Gayrimenkul Yatirim Ortakligi A.S.

Full company description

Kiler Gayrimenkul Yatirim Ortakligi A.S. operates as a real estate investment trust in Turkey. The company engages in the development of residential and commercial real estate projects. It also provides property management services. The company was formerly known as Biskon Yapi A.S. and changed its name to Kiler Gayrimenkul Yatirim Ortakligi A.S. in February 2008. Kiler Gayrimenkul Yatirim Ortakligi A.S. was founded in 1994 and is based in Istanbul, Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Kiler Gayrimenkul Yatirim Ortakligi A.S. reported revenue of 709M TRY in FY2025 versus 524M TRY in FY2021, a compound +7.9%/yr. Reported net income was −660M TRY in FY2025.

Growth Quality 24/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
709M TRY
Latest YoY
−93.8%
Avg. growth/yr (3Y) 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.
−11.7%
Avg. growth/yr (5Y) 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.
+21.4%
Avg. growth/yr (17Y) 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.
+47.8%
Revenue +7.9%/yr
FY21 524M TRY
FY22 1.0B TRY
FY23 338M TRY
FY24 11.4B TRY
FY25 709M TRY
Net income
FY21 547M TRY
FY22 3.3B TRY
FY23 2.0B TRY
FY24 1.1B TRY
FY25 −660M TRY

KLGYO screens 81% overvalued. Compare with Goodman Group →

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Cite: Fair Value Calculator (2026). "Kiler Gayrimenkul Yatirim Ortakligi A.S. Fair Value". https://www.fairvalue-calculator.com/stock/KLGYO

Peer Group

REIT - Diversified · 174 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 29 · Bottom 25%
Fair Value upside −81% · Bottom 25%
Return on assets 1% · Below median
Net margin (TTM) -58% · Bottom 25%
Operating margin (TTM) 54% · Above median
Revenue growth 245% · Top 25%
Debt / equity 0.03× · Lower than 75% of peers

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/S (TTM) 0.09× · Cheaper than 75% of peers
EV/EBITDA 1.3× · 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 13
FUTURE 100 · sector 13
PAST 0 · sector 18
HEALTH 99 · sector 73
DIVIDEND 0 · sector 93

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 - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Goodman Group GMG A$29.11 A$7.37 -75%
VICI Properties Inc VICI $26.73 $41.74 +56%
W. P. Carey Inc WPC $70.00 $34.80 -50%
Charter Hall Group CHC A$21.90 A$11.46 -48%
Fibra Uno FUNO11 31.10 MXN 63.56 MXN +104%
COV COV €52.55 €62.39 +19%
The GPT Group GPT A$4.89 A$3.49 -29%
Mirvac Group MGR A$1.70 A$0.5700 -66%
KLCC Property Holdings 5235SS 8.85 MYR 6.91 MYR -22%
CRRUN CRRUN C$17.65 C$17.89 +1%

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Frequently asked questions

Is Kiler Gayrimenkul Yatirim Ortakligi A.S. (KLGYO) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.8200 TRY versus a price of 4.27 TRY, about −81% (overvalued).
What is the fair value of KLGYO?
Our model-based fair value for Kiler Gayrimenkul Yatirim Ortakligi A.S. is 0.8200 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 4.27 TRY.
What is the quality score of KLGYO?
Kiler Gayrimenkul Yatirim Ortakligi A.S. has a Quality Score of 28/100. 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 revenue of Kiler Gayrimenkul Yatirim Ortakligi A.S. (KLGYO)?
Kiler Gayrimenkul Yatirim Ortakligi A.S. reported trailing-twelve-month revenue of about 1.4B TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of KLGYO?
The net profit margin of Kiler Gayrimenkul Yatirim Ortakligi A.S. is about -58.4%, 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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