Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Panora Gayrimenkul Yatirim Ortakligi AS stock TRY 79.04, price TRY 113, upside -30.1%, quality 63 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 27, 2026.
How to read this chart
60‑month range 4.71 TRY – 172.50 TRY · fair‑value band 55.51 TRY – 107.83 TRY · the 113.00 TRY price screens above the 79.04 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 27, 2026.
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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.
Stock analysis
Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO) currently trades at 113.00 TRY, while our model-based Fair Value estimate is 79.04 TRY, 30.1% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 161.11 TRY per share, and 6 of the 16 models we run sit above the 113.00 TRY price.
Bear case: the Dividend Discount group reads lowest at 40.31 TRY, and 10 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 55.51 TRY (bear) to 107.83 TRY (bull), the price of 113.00 TRY sits above 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 63/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Panora Gayrimenkul Yatirim Ortakligi AS 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. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 9.8B TRY (≈ $197M) Micro · P/E ratio 6.0 · P/S ratio 8.55 · EPS (TTM) 18.86 TRY · Net margin 136% · Return on equity 10.3% · Return on assets (EBIT) 5.3% · Operating margin 87.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 60 out of 100 (low confidence).
What moves the price
The share trades about 34% below its 52-week high and 55% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −29% fair-value upside, at −30%, PAGYO screens richer than that median.
Fair Value models
Bear55.51 TRYFair Value 79.04 TRYBull107.83 TRY
Price 113.00 TRY · Upside -30.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (15.66 TRY per share) are deliberately not added.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.Coverage ⓘCoverage = 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.
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.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+12.0%
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.
+52.3%
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.
+83.8%
Start year 2020 (pandemic). Over 10 years: +33.5% a year
Revenue growth 10 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.
+33.5%
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What shareholders gained per year (last 5 years), in TRY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TRY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +90.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +90.5%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘ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.53% → 74%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.72 per share, median 1.48 in 2017 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+19.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about +0.2% a year for the price.
Compare Panora Gayrimenkul Yatirim Ortakligi AS with another stock
Price, fair value, quality and upside side by side.
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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 - Retail · 90 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside−30.1% · Below median
Profitability
Return on equity (12 months)10.3% · Above median
Return on assets9.4% · Top 25%
Net margin (12 months)135.7% · Top 25%
Operating margin (12 months)87.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)3.1% · Below median
Dividend yield (12 months)0.0% · Bottom 25%
Valuation Multiplesvs REIT - Retail median · lower = cheaper
P/E (12 months)6.0× · Cheapest 25%
P/B0.65× · Cheapest 25%
P/S (12 months)8.55× · Priciest 25%
Price / free cash flow15.6× · Pricier than median
EV/EBITDA5.2× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 15
FUTURE (revenue growth)16· sector 28
PAST (return on equity)41· sector 31
HEALTH (low debt)100· sector 69
DIVIDEND (yield)0· sector 100
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Panora Gayrimenkul Yatirim Ortakligi AS Fair Value". https://www.fairvalue-calculator.com/stock/PAGYO
Frequently asked questions
Is Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO) overvalued or undervalued?
As of Oct 27, 2026, our model estimates a fair value of 79.04 TRY versus a price of 113.00 TRY, about −30% upside (overvalued).
What is the fair value of PAGYO?
Our model-based fair value for Panora Gayrimenkul Yatirim Ortakligi AS is 79.04 TRY (as of Oct 27, 2026), built from audited fundamentals. The current price: 113.00 TRY.
What is the quality score of PAGYO?
Panora Gayrimenkul Yatirim Ortakligi AS has a Quality Score of 63/100. 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 Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
Our model-based price target is the fair value of 79.04 TRY (as of Oct 27, 2026) from 16 valuation models. Cautious scenario 55.51 TRY, optimistic scenario 107.83 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Panora Gayrimenkul Yatirim Ortakligi AS stock forecast for 2026?
Our models put fair value at 79.04 TRY, about −30% upside versus a price of 113.00 TRY (overvalued). Cautious scenario 55.51 TRY, optimistic scenario 107.83 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
Panora Gayrimenkul Yatirim Ortakligi AS reported trailing-twelve-month revenue of about 1.1B TRY (latest available figure, as of Oct 27, 2026).
What growth is priced into Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
For today's price to be fair in a discounted-cash-flow model, Panora Gayrimenkul Yatirim Ortakligi AS would have to grow free cash flow by +19.5 % per year for five years (discount rate 17.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +83.8 % per year. As of Oct 27, 2026.
What discount rate (WACC) does the fair value of PAGYO use?
Our models discount Panora Gayrimenkul Yatirim Ortakligi AS at 17.2 %: a base by market capitalisation (micro), country premium for Turkey. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Panora Gayrimenkul Yatirim Ortakligi AS that is +19.5 % per year a year over ten years, using the same discount rate (17.2 %) and the same formula as our fair value.
How much growth has Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO) delivered so far?
Over the past 5 years revenue at Panora Gayrimenkul Yatirim Ortakligi AS grew +83.8 % a year. The price currently implies +19.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO) growing?
The median revenue growth in the sector is +2.5 % a year. That is the yardstick for the growth priced into Panora Gayrimenkul Yatirim Ortakligi AS (+19.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
The free-cash-flow yield on the price is 6.40 %: that much free cash flow Panora Gayrimenkul Yatirim Ortakligi AS produces per unit of market value. When it exceeds the discount rate of our models (17.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Panora Gayrimenkul Yatirim Ortakligi AS it is 79.04 TRY per share (as of Oct 27, 2026), against a price of 113.00 TRY. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Panora Gayrimenkul Yatirim Ortakligi AS stock overvalued or undervalued in 2026?
As of Oct 27, 2026, PAGYO trades above its calculated fair value: price 113.00 TRY, fair value 79.04 TRY, a gap of about −30% (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 PAGYO?
No. The price is what the market pays today (113.00 TRY); the fair value is what the company's own numbers justify (79.04 TRY). For Panora Gayrimenkul Yatirim Ortakligi AS the two are 33.96 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Panora Gayrimenkul Yatirim Ortakligi AS worth?
The market values Panora Gayrimenkul Yatirim Ortakligi AS at about 9.8B TRY (market capitalisation, as of Oct 27, 2026). Per share that is 113.00 TRY; our models calculate a fair value of 79.04 TRY per share.
What do the bullish and bearish scenarios say about PAGYO?
Our models span a range for Panora Gayrimenkul Yatirim Ortakligi AS: cautious scenario 55.51 TRY, base 79.04 TRY, optimistic 107.83 TRY per share (as of Oct 27, 2026, price 113.00 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PAGYO?
Panora Gayrimenkul Yatirim Ortakligi AS trades at a price-to-earnings ratio of 6.0 (as of Oct 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 79.04 TRY is built from several models across several years. Other multiples: P/B 0.7, P/S 8.6, EV/EBITDA 5.2.
How solid is the balance sheet of Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
Balance-sheet figures for Panora Gayrimenkul Yatirim Ortakligi AS (as of Oct 27, 2026): return on equity 10.3%. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is PAGYO from its 52-week high?
Panora Gayrimenkul Yatirim Ortakligi AS trades at 113.00 TRY, about 34% below its 52-week high of 172.50 TRY and 55% above the low of 72.79 TRY (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 79.04 TRY is for.
Which stocks are comparable to Panora Gayrimenkul Yatirim Ortakligi AS?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, 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 Panora Gayrimenkul Yatirim Ortakligi AS stock attractive at the current price?
The data as of Oct 27, 2026: price 113.00 TRY, calculated fair value 79.04 TRY (−30%), Quality Score 63/100, from 16 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 PAGYO calculated?
We run Panora Gayrimenkul Yatirim Ortakligi AS through 16 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 79.04 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 13.1 % above its aggregate fair value. Panora Gayrimenkul Yatirim Ortakligi AS 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 Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
The closing price on Oct 28, 2026 was 113.00 TRY. Our model-based fair value is 79.04 TRY, about −30% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Panora Gayrimenkul Yatirim Ortakligi AS right now?
The price sits above even our optimistic bull case (107.83 TRY). The favourable scenario is already priced in. Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (55.51 TRY to 107.83 TRY) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Panora Gayrimenkul Yatirim Ortakligi AS
How large is the market capitalisation of Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
The market capitalisation of Panora Gayrimenkul Yatirim Ortakligi AS is 9.8B TRY (≈ $197M). 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 Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
The price-to-sales ratio of Panora Gayrimenkul Yatirim Ortakligi AS is 8.55 (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 Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
Earnings per share at Panora Gayrimenkul Yatirim Ortakligi AS are 18.86 TRY (price ÷ EPS = P/E 6.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
The net margin of Panora Gayrimenkul Yatirim Ortakligi AS is 136% (last twelve months). 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 Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
The return on equity (ROE) of Panora Gayrimenkul Yatirim Ortakligi AS is 10.3% (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 Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
On an EBIT basis the return on assets of Panora Gayrimenkul Yatirim Ortakligi AS is 5.3% (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 Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
The operating margin of Panora Gayrimenkul Yatirim Ortakligi AS is 87.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
Revenue at Panora Gayrimenkul Yatirim Ortakligi AS is growing +3.1% versus a year earlier (3y avg +52.3%). 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 Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO)?
Earnings per share at Panora Gayrimenkul Yatirim Ortakligi AS are growing −34.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Panora Gayrimenkul Yatirim Ortakligi AS (PAGYO) carry?
The net debt of Panora Gayrimenkul Yatirim Ortakligi AS is 2.0M TRY (fiscal year 2023, ≈ 0.0 yrs of FCF). 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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Oct 27, 2026