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Panora Gayrimenkul Yatirim Ortakligi A.S. (PAGYO) Fair Value & Analysis

Real Estate · TR · Market cap 14.5B TRY

PG Panora Gayrimenkul Yatirim Ortakligi A.S. PAGYO · IS
Price166.40 TRY
Fair Value144.64 TRY
Upside-13.1%
Quality72/100
Mixed Growth
Highly profitable · 147.3% net margin
Low debt · generates free cash flow
Ranks above peers (12/14)
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Evidence: High Range 120.83 TRY – 201.39 TRY Share as image

Fair value as of: Aug 1, 2026

From 24 valuation models · updated today

Share price +13.2% over the past month.

Price vs Fair Value (12 months)

172.50 TRY 66.17 TRY Fair Value 144.64 TRY Aug 2025 Jul 2026

12‑month range 66.17 TRY – 172.50 TRY · fair‑value band 120.83 TRY – 201.39 TRY · the 166.40 TRY price screens above the 144.64 TRY fair value. As of Aug 1, 2026.

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Analysis

Panora Gayrimenkul Yatirim Ortakligi A.S. (PAGYO) currently trades at 166.40 TRY, while our model-based Fair Value estimate is 144.64 TRY, implying the stock looks roughly 13.1% overvalued today. We read business quality at 72/100 (solid 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).

Trailing-twelve-month revenue stands at 1.1B TRY. Revenue grew 8.9% year over year. It earns a return on equity of 11.6%. Net debt stands at 2.0M TRY. Fundamentals as of Aug 1, 2026

Our scenario range runs from 120.83 TRY (bear case) to 201.39 TRY (bull case); at 166.40 TRY, the current price sits within that range. The share trades about 6% below its 52-week high and 153% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -35% fair-value upside, at -13%, PAGYO screens cheaper than that median.

Key figures & financial health

Revenue (TTM) 1.1B TRY
Revenue growth (YoY) +8.9%
Net margin 147%
Return on equity 11.6%
Free cash flow 629M TRY FY2025
P/E ratio 8.6
More key figures
Operating margin 82.4%
EPS (TTM) 19.26 TRY
EPS growth (YoY) +150%
Net debt 2.0M TRY FY2023

Figures from reported company fundamentals · as of Aug 1, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 72/100
Profitability 43
Quality Growth 71
Cashflow 75
Fin. Strength 66
Investment 33
Low Volatility 64
Momentum 100
52W Momentum 95
Net Issuance 82

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

Panora Gayrimenkul Yatirim Ortakligi A.S. is a real estate investment trust. It invests in the real estate markets of Turkey. Panora Gayrimenkul Yatirim Ortakligi A.S. is based in Turkey.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Panora Gayrimenkul Yatirim Ortakligi A.S. reported revenue of 1.1B TRY in FY2025 versus 75.2M TRY in FY2021, a compound +96.1%/yr. Reported net income was 1.6B TRY in FY2025, compounding +58.4%/yr from FY2021.

Revenue +96.1%/yr
FY21 75.2M TRY
FY22 315M TRY
FY23 650M TRY
FY24 992M TRY
FY25 1.1B TRY
Net income +58.4%/yr
FY21 250M TRY
FY22 1.8B TRY
FY23 3.8B TRY
FY24 1.1B TRY
FY25 1.6B TRY

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

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 16 / 9
FUTURE 45 / 22
PAST 47 / 30
HEALTH 100 / 66
DIVIDEND 0 / 100

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 - Retail stocks, each showing price versus our Fair Value estimate (as of Aug 1, 2026).

Stock Price Fair Value vs Fair Value
Simon Property Group SPG $216.74 $113.07 -48%
Realty Income Corporation O $61.53 $39.73 -35%
Kimco Realty Corporation K1IM34 R$115.44 R$20.04 -83%
Unibail-Rodamco-Westfield SE URW €100.90 €101.70 +1%
CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U 2.27 SGD 1.39 SGD -39%
Scentre Group STGPF $2.73 $2.40 -12%
Regency Centers Corporation R1EG34 R$198.43 R$24.49 -88%
Link Real Estate Investment Trust (Link REIT) 0823 HK$37.54 HK$20.88 -44%
Klépierre SA LI €35.90 €29.87 -17%
Federal Realty Investment Trust FRT $123.68 $80.89 -35%

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Frequently asked questions

Is Panora Gayrimenkul Yatirim Ortakligi A.S. (PAGYO) overvalued or undervalued?
As of Aug 1, 2026, our model estimates a fair value of 144.64 TRY versus a price of 166.40 TRY, about −13% (overvalued).
What is the fair value of PAGYO?
Our model-based fair value for Panora Gayrimenkul Yatirim Ortakligi A.S. is 144.64 TRY (as of Aug 1, 2026), built from audited fundamentals. The current price is 166.40 TRY.
What is the quality score of PAGYO?
Panora Gayrimenkul Yatirim Ortakligi A.S. has a Quality Score of 72/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Panora Gayrimenkul Yatirim Ortakligi A.S. (PAGYO)?
Panora Gayrimenkul Yatirim Ortakligi A.S. reported trailing-twelve-month revenue of about 1.1B TRY (latest available figure, as of Aug 1, 2026).
What is the net profit margin of PAGYO?
The net profit margin of Panora Gayrimenkul Yatirim Ortakligi A.S. is about 147.3%, meaning it keeps roughly 147.3% of revenue as net income. 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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