Ray Sigorta Anonim Sirketi (RAYSG) Fair Value & Analysis
Financial Services · TR · Market cap 26.7B TRY
Fair value as of: Aug 1, 2026
From 24 valuation models · updated today
Share price −12.1% over the past month.
What matters now
- The price is below even our cautious bear case (223.45 TRY). The market is more pessimistic than our downside scenario.
- Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (12 months)
12‑month range 160.50 TRY – 285.75 TRY · fair‑value band 223.45 TRY – 372.42 TRY · the 163.60 TRY price screens below the 297.93 TRY fair value. As of Aug 1, 2026.
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Ray Sigorta Anonim Sirketi (RAYSG) currently trades at 163.60 TRY, while our model-based Fair Value estimate is 297.93 TRY, implying the stock looks roughly 82.1% undervalued today. We read business quality at 53/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, Ray Sigorta Anonim Sirketi generated revenue of 32.4B TRY at a net margin of 11.9%. Revenue grew 44.9% year over year. It earns a return on equity of 52.8%. The stock trades on a trailing P/E of 6.8. Fundamentals as of Aug 1, 2026
Our scenario range runs from 223.45 TRY (bear case) to 372.42 TRY (bull case); at 163.60 TRY, the current price sits below that range. The share trades about 45% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 17% fair-value upside, at 82%, RAYSG screens cheaper than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
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
Ray Sigorta Anonim Sirketi engages in the non-life insurance business in Turkey. The company offers personal accidents, casco, motor third party liability, travel, workplace, cyber security, health, and home insurance.
Full company description
Ray Sigorta Anonim Sirketi engages in the non-life insurance business in Turkey. The company offers personal accidents, casco, motor third party liability, travel, workplace, cyber security, health, and home insurance. It also provides fire, TCIP, marine, casualty, engineering, liability, and agriculture insurance, as well as motor own damage; motor facultative TPL; legal protection; and company's personal accident for buses insurance products. It sells its products through agencies, agency branches, brokers, broker branches, banks, and leasing companies. The company was incorporated in 1958 and is headquartered in Istanbul, Turkey. Ray Sigorta Anonim Sirketi operates as a subsidiary of ATBIH GmbH.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Ray Sigorta Anonim Sirketi reported revenue of 31.7B TRL in FY2025 versus 1.2B TRL in FY2021, a compound +127.1%/yr. Reported net income was 3.7B TRL in FY2025, compounding +172.0%/yr from FY2021.
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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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Insurance - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Berkshire Hathaway Inc BRYN | €432.75 | €570.90 | +32% |
| Allianz SE ALV | €381.60 | €363.76 | -5% |
| Zurich Insurance Group ZURN | CHF 584.20 | CHF 685.05 | +17% |
| AXA SA AXAN | 888.28 MXN | 1,249 MXN | +41% |
| Assicurazioni Generali S.p.A ARZGY | $24.42 | $19.59 | -20% |
| Sun Life Financial Inc SLF | C$102.80 | C$89.03 | -13% |
| American International Group AIGB34 | R$386.46 | R$457.31 | +18% |
| The Hartford Insurance Group H1IG34 | R$727.00 | R$237.89 | -67% |
| BB Seguridade Participações S.A BBSE3 | R$36.63 | R$44.01 | +20% |
| Tryg A/S TRYG | kr 151.40 | kr 140.56 | -7% |
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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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