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Nurol Gayrimenkul Yatirim Ortakligi AS (NUGYO) Fair Value & Analysis

Real Estate · TR · Market cap 3.0B TRY

NG Nurol Gayrimenkul Yatirim Ortakligi AS NUGYO · IS
Price8.88 TRY
Fair Value1.46 TRY
Upside-83.6%
Quality39/100
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Mixed Growth
Loss-making · -64.8% net margin
Low debt · generates free cash flow
Trails peers (3/10)
Narrow moat 2/100
Evidence: Low Range 0.8900 TRY – 2.04 TRY Share as image

Fair value as of: Aug 13, 2026

From 7 valuation models · updated today

Share price −3.4% 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 (2.04 TRY). The favourable scenario is already priced in.
  • Weak quality (39/100) 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 (0.8900 TRY to 2.04 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

18.08 TRY 4.32 TRY Fair Value 1.46 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 4.32 TRY – 18.08 TRY · fair‑value band 0.8900 TRY – 2.04 TRY · the 8.88 TRY price screens above the 1.46 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Nurol Gayrimenkul Yatirim Ortakligi AS (NUGYO) currently trades at 8.88 TRY, while our model-based Fair Value estimate is 1.46 TRY, implying the stock looks roughly 83.6% overvalued today. The Quality Score stands at 39/100 (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, Nurol Gayrimenkul Yatirim Ortakligi AS generated revenue of 613M TRY at a net margin of -64.8%. Revenue declined 68.8% year over year. It earns a return on equity of -6.4%. Net debt stands at 149M TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.8900 TRY (bear case) to 2.04 TRY (bull case); at 8.88 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 36% below its 52-week high and 4% 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 -84%, NUGYO 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
Growth DCF 2.28 TRY 4.26 TRY 7.45 TRY 80
Rev-Margin DCF 1.99 TRY 3.43 TRY 6.45 TRY 74
NCAV (Graham) 9.58 TRY 12.83 TRY 19.15 TRY 50
All 7 models by family
DCF Models
FCF DCF 2.42 TRY 3.68 TRY 7.61 TRY 38
5Y Revenue Exit 1.81 TRY 3.01 TRY 5.51 TRY 39
10Y Revenue Exit 1.96 TRY 4.05 TRY 5.33 TRY 36
Multiples
EV/Revenue 1.42 TRY 1.99 TRY 2.57 TRY 43
Asset-Based
NCAV (Graham) 9.58 TRY 12.83 TRY 19.15 TRY 50
Growth DCF
Growth DCF 2.28 TRY 4.26 TRY 7.45 TRY 80
Rev-Margin DCF 1.99 TRY 3.43 TRY 6.45 TRY 74

Widest divergence: Asset-Based (12.83 TRY) versus Multiples (1.99 TRY). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 613M TRY
Revenue growth (YoY) -68.8%
Net margin -64.8%
Return on equity -6.4%
Free cash flow 49.2M TRY FY2025
Operating margin -109%
More key figures
EPS (TTM) -1.18 TRY
EPS growth (YoY) -96.4%
Net debt 149M TRY FY2024

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

Quality Score breakdown

Overall quality 39/100

Of which business quality 43 · Market factors (momentum, volatility) 30

Profitability 2
Margins and returns on capital today
Quality Growth 23
Are margins and returns improving?
Cashflow 54
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 4
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

Nurol Gayrimenkul Yatirim Ortakligi AS is a publicly owned real estate investment trust. It invests in the real estate markets across Turkey. The firm invests primarily in the commercial properties. Nurol Gayrimenkul Yatirim Ortakligi AS was launched in 1997 and is based in Istanbul. Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Nurol Gayrimenkul Yatirim Ortakligi AS reported revenue of 759M TRY in FY2025 versus 484M TRY in FY2021, a compound +11.9%/yr. Reported net income was −476M TRY in FY2025.

Growth Quality 48/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
759M TRY
Latest YoY
−54.7%
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.
−10.8%
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.
+21.8%
Avg. growth/yr (20Y) 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.
+19.0%
Revenue +11.9%/yr
FY21 484M TRY
FY22 1.1B TRY
FY23 195M TRY
FY24 1.7B TRY
FY25 759M TRY
Net income
FY21 −104M TRY
FY22 859M TRY
FY23 1.1B TRY
FY24 228M TRY
FY25 −476M TRY

NUGYO screens 84% overvalued. Compare with Goodman Group →

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Cite: Fair Value Calculator (2026). "Nurol Gayrimenkul Yatirim Ortakligi AS Fair Value". https://www.fairvalue-calculator.com/stock/NUGYO

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 38 · Bottom 25%
Fair Value upside −84% · Bottom 25%
Return on assets -1% · Bottom 25%
Net margin (TTM) -65% · Bottom 25%
Operating margin (TTM) -109% · Bottom 25%
Revenue growth -69% · Bottom 25%

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/S (TTM) 0.10× · Cheaper than 75% of peers
P/FCF 1.3× · Cheaper than median

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 0 · sector 13
PAST 0 · sector 18
HEALTH 100 · 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).

Stock Price Fair Value vs Fair Value
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 Nurol Gayrimenkul Yatirim Ortakligi AS (NUGYO) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 1.46 TRY versus a price of 8.88 TRY, about −84% (overvalued).
What is the fair value of NUGYO?
Our model-based fair value for Nurol Gayrimenkul Yatirim Ortakligi AS is 1.46 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 8.88 TRY.
What is the quality score of NUGYO?
Nurol Gayrimenkul Yatirim Ortakligi AS has a Quality Score of 39/100. 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 Nurol Gayrimenkul Yatirim Ortakligi AS (NUGYO)?
Nurol Gayrimenkul Yatirim Ortakligi AS reported trailing-twelve-month revenue of about 613M TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of NUGYO?
The net profit margin of Nurol Gayrimenkul Yatirim Ortakligi AS is about -64.8%, 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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