RONESANS GAYRIMENKUL YAT. (RGYAS) fair value: what the stock is really worth
We calculate from audited financials what RONESANS GAYRIMENKUL YAT. 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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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
29‑month range 96.53 TRY – 215.40 TRY · fair‑value band 123.62 TRY – 431.73 TRY · the 198.90 TRY price screens below the 313.22 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.
Ronesans Gayrimenkul Yatirim A.S., together with its subsidiaries, operates as the commercial real estate development and investment company in Türkiye. The company develops and manages shopping malls, office buildings, and other commercial real estate projects, as well as residential properties.
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Ronesans Gayrimenkul Yatirim A.S., together with its subsidiaries, operates as the commercial real estate development and investment company in Türkiye. The company develops and manages shopping malls, office buildings, and other commercial real estate projects, as well as residential properties. It also provides management and consulting and asset management services, as well as rents investment properties. Ronesans Gayrimenkul Yatirim A.S. was founded in 2006 and is headquartered in Ankara, Turkey. Ronesans Gayrimenkul Yatirim A.S. operates as a subsidiary of Ronesans Varlik ve Proje Yatirimlari A.S.
Stock analysis
RONESANS GAYRIMENKUL YAT. (RGYAS) currently trades at 198.90 TRY, while our model-based Fair Value estimate is 313.22 TRY, implying the stock looks roughly 36.5% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 459.53 TRY per share, and 13 of the 16 models we run sit above the 198.90 TRY price.
Bear case: the Asset-Based group reads lowest at 269.19 TRY, and 3 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: 123.62 TRY (bear) to 431.73 TRY (bull), the price of 198.90 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 58/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
RONESANS GAYRIMENKUL YAT. reported revenue of 12.6B TRY in FY2025 versus 3.3B TRY in FY2021, a compound +39.8%/yr. Reported net income was 16.3B TRY in FY2025.
Key figures
Market cap 65.8B TRY (≈ $1.4B) · P/E ratio 3.6 · P/S ratio 4.59 · EPS (TTM) 55.90 TRY · Dividend yield 0.8% · Net margin 129% · Return on equity 14.9% · Return on assets (EBIT) 3.9%.
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 6% below its 52-week high and 51% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 7% fair-value upside, at 57%, RGYAS screens cheaper than that median.
Fair Value models
Bear 123.62 TRYFair Value 313.22 TRYBull 431.73 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 (38.35 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.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+17.4%
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.
+44.4%
’21
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
−6.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.3%
Dividend (yield on the price)0.8%
Profit margin 2021 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.64% → 63%
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).
+18.5%
Yearly growth needed for the next five years to justify today's price.
Compare RONESANS GAYRIMENKUL YAT. 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.Real Estate - Development · 575 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Top 25%
Fair Value upside+61% · Above median
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets3% · Top 25%
Net margin (TTM)134% · Top 25%
Operating margin (TTM)71% · Top 25%
Growth and dividend
Revenue growth35% · Top 25%
Dividend yield (TTM)0.8% · Bottom 25%
Balance sheet
Debt / equity0.22× · Below median
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
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Is RONESANS GAYRIMENKUL YAT. (RGYAS) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 313.22 TRY versus a price of 198.90 TRY, about +57% upside (undervalued).
What is the fair value of RGYAS?
Our model-based fair value for RONESANS GAYRIMENKUL YAT. is 313.22 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 198.90 TRY.
What is the quality score of RGYAS?
RONESANS GAYRIMENKUL YAT. has a Quality Score of 58/100. 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 RONESANS GAYRIMENKUL YAT. (RGYAS)?
Our model-based price target is the fair value of 313.22 TRY (as of Sep 13, 2026) from 16 valuation models. Cautious scenario 123.62 TRY, optimistic scenario 431.73 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the RONESANS GAYRIMENKUL YAT. stock forecast for 2026?
Our models put fair value at 313.22 TRY, about +57% upside versus a price of 198.90 TRY (undervalued). Cautious scenario 123.62 TRY, optimistic scenario 431.73 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of RONESANS GAYRIMENKUL YAT. (RGYAS)?
RONESANS GAYRIMENKUL YAT. reported trailing-twelve-month revenue of about 13.8B TRY (latest available figure, as of Sep 13, 2026).
Does RONESANS GAYRIMENKUL YAT. pay a dividend?
RONESANS GAYRIMENKUL YAT. currently shows a dividend yield of about 0.82% relative to its recent price (as of Sep 13, 2026).
What growth is priced into RONESANS GAYRIMENKUL YAT. (RGYAS)?
For today's price to be fair in a discounted-cash-flow model, RONESANS GAYRIMENKUL YAT. would have to grow free cash flow by +18.5 % per year for five years (discount rate 15.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +39.8 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of RGYAS use?
Our models discount RONESANS GAYRIMENKUL YAT. at 15.3 %: a base by market capitalisation (small), damped by beta 0.91, 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 RONESANS GAYRIMENKUL YAT. that is +18.5 % per year a year over ten years, using the same discount rate (15.3 %) and the same formula as our fair value.
How much growth has RONESANS GAYRIMENKUL YAT. (RGYAS) delivered so far?
Over the past 4 years revenue at RONESANS GAYRIMENKUL YAT. grew +39.8 % a year. The price currently implies +18.5 % 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 RONESANS GAYRIMENKUL YAT. (RGYAS) growing?
The median revenue growth in the sector is +1.7 % a year. That is the yardstick for the growth priced into RONESANS GAYRIMENKUL YAT. (+18.5 % 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 RONESANS GAYRIMENKUL YAT. (RGYAS)?
The free-cash-flow yield on the price is 8.29 %: that much free cash flow RONESANS GAYRIMENKUL YAT. produces per unit of market value. When it exceeds the discount rate of our models (15.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of RONESANS GAYRIMENKUL YAT. (RGYAS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For RONESANS GAYRIMENKUL YAT. it is 313.22 TRY per share (as of Sep 13, 2026), against a price of 198.90 TRY. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is RONESANS GAYRIMENKUL YAT. stock overvalued or undervalued in 2026?
As of Sep 13, 2026, RGYAS trades below its calculated fair value: price 198.90 TRY, fair value 313.22 TRY, a gap of about +57% (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 RGYAS?
No. The price is what the market pays today (198.90 TRY); the fair value is what the company's own numbers justify (313.22 TRY). For RONESANS GAYRIMENKUL YAT. the two are 114.32 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is RONESANS GAYRIMENKUL YAT. worth?
The market values RONESANS GAYRIMENKUL YAT. at about 65.8B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 198.90 TRY; our models calculate a fair value of 313.22 TRY per share.
What do the bullish and bearish scenarios say about RGYAS?
Our models span a range for RONESANS GAYRIMENKUL YAT.: cautious scenario 123.62 TRY, base 313.22 TRY, optimistic 431.73 TRY per share (as of Sep 13, 2026, price 198.90 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RGYAS?
RONESANS GAYRIMENKUL YAT. trades at a price-to-earnings ratio of 3.6 (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 313.22 TRY is built from several models across several years. Other multiples: P/B 0.5, P/S 4.8, EV/EBITDA 9.9.
How solid is the balance sheet of RONESANS GAYRIMENKUL YAT. (RGYAS)?
Balance-sheet figures for RONESANS GAYRIMENKUL YAT. (as of Sep 13, 2026): return on equity 14.9%, debt of 0.22 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is RGYAS from its 52-week high?
RONESANS GAYRIMENKUL YAT. trades at 198.90 TRY, about 6% below its 52-week high of 211.00 TRY and 51% above the low of 131.78 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 313.22 TRY is for.
Which stocks are comparable to RONESANS GAYRIMENKUL YAT.?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 RONESANS GAYRIMENKUL YAT. stock attractive at the current price?
The data as of Sep 13, 2026: price 198.90 TRY, calculated fair value 313.22 TRY (+57%), Quality Score 58/100, 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 RGYAS calculated?
We run RONESANS GAYRIMENKUL YAT. 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 313.22 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. RONESANS GAYRIMENKUL YAT. currently trades 57 % 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 RONESANS GAYRIMENKUL YAT. (RGYAS)?
The closing price on Sep 14, 2026 was 198.90 TRY. Our model-based fair value is 313.22 TRY, about +57% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with RONESANS GAYRIMENKUL YAT. right now?
The model range is unusually wide (123.62 TRY to 431.73 TRY). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of RONESANS GAYRIMENKUL YAT.
How large is the market capitalisation of RONESANS GAYRIMENKUL YAT. (RGYAS)?
The market capitalisation of RONESANS GAYRIMENKUL YAT. is 65.8B TRY (≈ $1.4B). 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 RONESANS GAYRIMENKUL YAT. (RGYAS)?
The price-to-sales ratio of RONESANS GAYRIMENKUL YAT. is 4.59 (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 RONESANS GAYRIMENKUL YAT. (RGYAS)?
Earnings per share at RONESANS GAYRIMENKUL YAT. are 55.90 TRY (price ÷ EPS = P/E 3.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of RONESANS GAYRIMENKUL YAT. (RGYAS)?
The dividend yield of RONESANS GAYRIMENKUL YAT. is 0.8% (payout 2.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of RONESANS GAYRIMENKUL YAT. (RGYAS)?
The net margin of RONESANS GAYRIMENKUL YAT. is 129% (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 RONESANS GAYRIMENKUL YAT. (RGYAS)?
The return on equity (ROE) of RONESANS GAYRIMENKUL YAT. is 14.9% (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 RONESANS GAYRIMENKUL YAT. (RGYAS)?
On an EBIT basis the return on assets of RONESANS GAYRIMENKUL YAT. is 3.9% (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 RONESANS GAYRIMENKUL YAT. (RGYAS)?
The operating margin of RONESANS GAYRIMENKUL YAT. is 71.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at RONESANS GAYRIMENKUL YAT. (RGYAS)?
Revenue at RONESANS GAYRIMENKUL YAT. is growing +34.5% versus a year earlier (3y avg +44.4%). 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 RONESANS GAYRIMENKUL YAT. (RGYAS)?
Earnings per share at RONESANS GAYRIMENKUL YAT. are growing +366% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does RONESANS GAYRIMENKUL YAT. (RGYAS) carry?
The net debt of RONESANS GAYRIMENKUL YAT. is 26.8B TRY (fiscal year 2025, ≈ 4.9 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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