Ray Sigorta AS (RAYSG) fair value: what the stock is really worth
We calculate from audited financials what Ray Sigorta AS is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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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.
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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.
Stock analysis
Ray Sigorta AS (RAYSG) currently trades at 150.50 TRY, while our model-based Fair Value estimate is 190.46 TRY, implying the stock looks roughly 21.0% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 299.63 TRY per share, and 2 of the 4 models we run sit above the 150.50 TRY price.
Bear case: the Asset-Based group reads lowest at 34.74 TRY, and 2 of the 4 models stay below the price. Evidence for this calculation is high.
Scenario range: 127.03 TRY (bear) to 761.84 TRY (bull), the price of 150.50 TRY sits inside 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 Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Ray Sigorta AS 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. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 26.7B TRY (≈ $550M) · P/E ratio 6.3 · P/S ratio 0.74 · EPS (TTM) 23.99 TRY · Net margin 11.8% · Return on equity 52.8% · Return on assets (EBIT) 1.9% · Operating margin 12.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 49% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at 27%, RAYSG screens cheaper than that median.
Fair Value models
Bear 127.03 TRYFair Value 190.46 TRYBull 761.84 TRY
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (16.96 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.Evidence ⓘEvidence = 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+115.7%
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.
+146.1%
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.
+108.1%
Revenue growth 23 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.
−30.3%
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Profit margin (trend) ⓘ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.
2.1% (2014) → 8.7% (2019)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: rate outside our plausibility band
not computed
Growth Forecast
Little optimism in the price
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).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
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.Insurance - Diversified · 83 stocks
Beats the industry median on 11/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Above median
Fair Value upside+20% · Top 25%
Profitability
Return on equity (TTM)53% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)12% · Above median
Operating margin (TTM)13% · Above median
Growth and dividend
Revenue growth45% · Top 25%
Valuation Multiplesvs Insurance - Diversified median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Ray Sigorta AS Fair Value". https://www.fairvalue-calculator.com/stock/RAYSG
Frequently asked questions
Is Ray Sigorta AS (RAYSG) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 190.46 TRY versus a price of 150.50 TRY, about +27% upside (undervalued).
What is the fair value of RAYSG?
Our model-based fair value for Ray Sigorta AS is 190.46 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 150.50 TRY.
What is the quality score of RAYSG?
Ray Sigorta 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 Ray Sigorta AS (RAYSG)?
Our model-based price target is the fair value of 190.46 TRY (as of Sep 13, 2026) from 4 valuation models. Cautious scenario 127.03 TRY, optimistic scenario 761.84 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Ray Sigorta AS stock forecast for 2026?
Our models put fair value at 190.46 TRY, about +27% upside versus a price of 150.50 TRY (undervalued). Cautious scenario 127.03 TRY, optimistic scenario 761.84 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Ray Sigorta AS (RAYSG)?
Ray Sigorta AS reported trailing-twelve-month revenue of about 32.4B TRY (latest available figure, as of Sep 13, 2026).
What growth is priced into Ray Sigorta AS (RAYSG)?
For today's price to be fair in a discounted-cash-flow model, Ray Sigorta AS would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +108.1 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of RAYSG use?
Our models discount Ray Sigorta AS at 15.7 %: a base by market capitalisation (small), 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 Ray Sigorta AS that is less than minus 40 % per year a year over ten years, using the same discount rate (15.7 %) and the same formula as our fair value.
How much growth has Ray Sigorta AS (RAYSG) delivered so far?
Over the past 5 years revenue at Ray Sigorta AS grew +108.1 % a year. The price currently implies less than minus 40 % 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 Ray Sigorta AS (RAYSG) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Ray Sigorta AS (less than minus 40 % 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 Ray Sigorta AS (RAYSG)?
The free-cash-flow yield on the price is 29.30 %: that much free cash flow Ray Sigorta AS produces per unit of market value. When it exceeds the discount rate of our models (15.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ray Sigorta AS (RAYSG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ray Sigorta AS it is 190.46 TRY per share (as of Sep 13, 2026), against a price of 150.50 TRY. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Ray Sigorta AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, RAYSG trades below its calculated fair value: price 150.50 TRY, fair value 190.46 TRY, a gap of about +27% (undervalued). 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 RAYSG?
No. The price is what the market pays today (150.50 TRY); the fair value is what the company's own numbers justify (190.46 TRY). For Ray Sigorta AS the two are 39.96 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Ray Sigorta AS worth?
The market values Ray Sigorta AS at about 26.7B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 150.50 TRY; our models calculate a fair value of 190.46 TRY per share.
What do the bullish and bearish scenarios say about RAYSG?
Our models span a range for Ray Sigorta AS: cautious scenario 127.03 TRY, base 190.46 TRY, optimistic 761.84 TRY per share (as of Sep 13, 2026, price 150.50 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RAYSG?
Ray Sigorta AS trades at a price-to-earnings ratio of 6.3 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 190.46 TRY is built from several models across several years. Other multiples: P/B 3.2, P/S 0.8, EV/EBITDA 0.6.
How solid is the balance sheet of Ray Sigorta AS (RAYSG)?
Balance-sheet figures for Ray Sigorta AS (as of Sep 13, 2026): return on equity 52.8%. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is RAYSG from its 52-week high?
Ray Sigorta AS trades at 150.50 TRY, about 49% below its 52-week high of 297.00 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 190.46 TRY is for.
Which stocks are comparable to Ray Sigorta AS?
From the same area (Financial Services) we also value Berkshire Hathaway Inc, Allianz SE, Zurich Insurance Group, AXA SA, 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 Ray Sigorta AS stock attractive at the current price?
The data as of Sep 13, 2026: price 150.50 TRY, calculated fair value 190.46 TRY (+27%), Quality Score 63/100, from 4 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 RAYSG calculated?
We run Ray Sigorta AS through 4 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 190.46 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 15.6 % above its aggregate fair value. Ray Sigorta AS currently trades 27 % below its own fair value, and the market average says nothing about that. 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 Ray Sigorta AS (RAYSG)?
The closing price on Sep 14, 2026 was 150.50 TRY. Our model-based fair value is 190.46 TRY, about +27% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ray Sigorta AS right now?
The model range is unusually wide (127.03 TRY to 761.84 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (63/100) 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.
Key figures of Ray Sigorta AS
How large is the market capitalisation of Ray Sigorta AS (RAYSG)?
The market capitalisation of Ray Sigorta AS is 26.7B TRY (≈ $550M). 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 Ray Sigorta AS (RAYSG)?
The price-to-sales ratio of Ray Sigorta AS is 0.74 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ray Sigorta AS (RAYSG)?
Earnings per share at Ray Sigorta AS are 23.99 TRY (price ÷ EPS = P/E 6.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ray Sigorta AS (RAYSG)?
The net margin of Ray Sigorta AS is 11.8% (fiscal year 2025). 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 Ray Sigorta AS (RAYSG)?
The return on equity (ROE) of Ray Sigorta AS is 52.8% (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 Ray Sigorta AS (RAYSG)?
On an EBIT basis the return on assets of Ray Sigorta AS is 1.9% (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 Ray Sigorta AS (RAYSG)?
The operating margin of Ray Sigorta AS is 12.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ray Sigorta AS (RAYSG)?
Revenue at Ray Sigorta AS is growing +44.9% versus a year earlier (3y avg +146%). 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 Ray Sigorta AS (RAYSG)?
Earnings per share at Ray Sigorta AS are growing +12.2% versus a year earlier. How much earnings per share grew versus a year earlier.
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