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Körfez Gayrimenkul Yatirim Ortakligi A.S. (KRGYO) Fair Value & Analysis

Real Estate · TR · Market cap 2.6B TRY

KG Körfez Gayrimenkul Yatirim Ortakligi A.S. KRGYO · IS
Price2.60 TRY
Fair Value1.87 TRY
Upside-28.1%
Quality48/100
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Mixed Growth
Loss-making · -17.1% net margin
generates free cash flow
1.40% dividend yield
Mixed vs. peers (5/11)
Narrow moat 38/100
Evidence: High Range 1.63 TRY – 2.38 TRY Share as image

Fair value as of: Aug 13, 2026

From 13 valuation models · updated today

Share price +4.0% over the past month.

Below-average quality, and screening another 28% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (2.38 TRY). The favourable scenario is already priced in.
  • Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

6.31 TRY 0.3940 TRY Fair Value 1.87 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 0.3940 TRY – 6.31 TRY · fair‑value band 1.63 TRY – 2.38 TRY · the 2.60 TRY price screens above the 1.87 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Körfez Gayrimenkul Yatirim Ortakligi A.S. (KRGYO) currently trades at 2.60 TRY, while our model-based Fair Value estimate is 1.87 TRY, implying the stock looks roughly 28.1% overvalued today. The Quality Score stands at 48/100 (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: high).

Over the trailing twelve months, Körfez Gayrimenkul Yatirim Ortakligi A.S. generated revenue of 240M TRY at a net margin of -17.1%. Revenue declined 45.8% year over year. It earns a return on equity of -1.9%. Net debt stands at 142M TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 1.63 TRY (bear case) to 2.38 TRY (bull case); at 2.60 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 32% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -44% fair-value upside, at -28%, KRGYO screens cheaper 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
Growth DCF 5.50 TRY 10.36 TRY 18.18 TRY 72
Residual Income 1.88 TRY 1.93 TRY 1.91 TRY 61
P/S Multiple 1.56 TRY 2.08 TRY 2.60 TRY 58
All 13 models by family
DCF Models
FCF DCF 5.85 TRY 8.94 TRY 18.57 TRY 38
5Y Revenue Exit 2.42 TRY 3.38 TRY 5.34 TRY 39
5Y EBITDA Exit 2.68 TRY 3.92 TRY 6.31 TRY 41
10Y Revenue Exit 3.45 TRY 5.78 TRY 6.74 TRY 36
10Y EBITDA Exit 3.68 TRY 6.33 TRY 10.42 TRY 37
Multiples
P/S Multiple 1.56 TRY 2.08 TRY 2.60 TRY 58
P/B Multiple 1.83 TRY 2.44 TRY 3.05 TRY 55
EV/EBIT 1.64 TRY 2.14 TRY 2.64 TRY 53
EV/EBITDA 1.37 TRY 1.79 TRY 2.21 TRY 54
EV/Revenue 0.9600 TRY 1.31 TRY 1.67 TRY 43
Asset-Based
NCAV (Graham) 1.22 TRY 1.63 TRY 2.43 TRY 50
Growth DCF
Growth DCF 5.50 TRY 10.36 TRY 18.18 TRY 72
Economic Profit
Residual Income 1.88 TRY 1.93 TRY 1.91 TRY 61

Widest divergence: Growth DCF (10.36 TRY) versus Asset-Based (1.63 TRY). Highest evidence: Growth DCF (72).

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Key figures & financial health

Revenue (TTM) 240M TRY
Revenue growth (YoY) -45.8%
Net margin -17.1%
Return on equity -1.9%
Free cash flow 356M TRY FY2025
P/E ratio 11.3
More key figures
Operating margin 50.9%
EPS (TTM) 0.2300 TRY
Dividend yield 1.4%
EPS growth (YoY) -78.7%
Net debt 142M TRY FY2024

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

Quality Score breakdown

Overall quality 48/100

Of which business quality 53 · Market factors (momentum, volatility) 34

Profitability 38
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 29
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 0
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

Körfez Gayrimenkul Yatirim Ortakligi A.S. develops and markets real estate projects in Turkey. The company is headquartered in Istanbul, Turkey. Körfez Gayrimenkul Yatirim Ortakligi A.S. operates as a subsidiary of Kuveyt Türk Katilim Bankasi A.S.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Körfez Gayrimenkul Yatirim Ortakligi A.S. reported revenue of 317M TRY in FY2025 versus 28.2M TRY in FY2021, a compound +83.2%/yr. Reported net income was 142M TRY in FY2025, compounding +55.4%/yr from FY2021.

Growth Quality 82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
317M TRY
Latest YoY
+44.6%
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.
+88.6%
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.
+71.3%
Avg. growth/yr (15Y) 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.
+35.6%
Revenue +83.2%/yr
FY21 28.2M TRY
FY22 47.3M TRY
FY23 127M TRY
FY24 219M TRY
FY25 317M TRY
Net income +55.4%/yr
FY21 24.4M TRY
FY22 129M TRY
FY23 196M TRY
FY24 87.4M TRY
FY25 142M TRY

KRGYO screens 28% overvalued. Compare with AvalonBay Communities, Inc →

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

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 47 · Below median
Fair Value upside −28% · Below median
Return on assets 3% · Top 25%
Net margin (TTM) -17% · Bottom 25%
Operating margin (TTM) 51% · Top 25%
Revenue growth -46% · Bottom 25%
Dividend yield (TTM) 1.4% · Below median

Valuation Multiples vs REIT - Residential median · lower = cheaper

P/E (TTM) 11.3× · Cheaper than median
P/S (TTM) 0.23× · Cheaper than 75% of peers
P/FCF 0.2× · 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 0 · sector 10
PAST 0 · sector 5
HEALTH 0 · sector 61
DIVIDEND 28 · sector 73

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 13, 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 Körfez Gayrimenkul Yatirim Ortakligi A.S. (KRGYO) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 1.87 TRY versus a price of 2.60 TRY, about −28% (overvalued).
What is the fair value of KRGYO?
Our model-based fair value for Körfez Gayrimenkul Yatirim Ortakligi A.S. is 1.87 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 2.60 TRY.
What is the quality score of KRGYO?
Körfez Gayrimenkul Yatirim Ortakligi A.S. has a Quality Score of 48/100. 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 Körfez Gayrimenkul Yatirim Ortakligi A.S. (KRGYO)?
Körfez Gayrimenkul Yatirim Ortakligi A.S. reported trailing-twelve-month revenue of about 240M TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of KRGYO?
The net profit margin of Körfez Gayrimenkul Yatirim Ortakligi A.S. is about -17.1%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Körfez Gayrimenkul Yatirim Ortakligi A.S. pay a dividend?
Körfez Gayrimenkul Yatirim Ortakligi A.S. currently shows a dividend yield of about 1.40% relative to its recent price (as of Aug 13, 2026).

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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