RONESANS GAYRIMENKUL YAT. (RGYAS) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of RONESANS GAYRIMENKUL YAT. stock TRY 146, price TRY 169, upside -13.4%, quality 59 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 30, 2026.
How to read this chart
30‑month range 92.66 TRY – 206.76 TRY · fair‑value band 84.66 TRY – 215.01 TRY · the 168.50 TRY price screens above the 145.95 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 30, 2026.
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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.
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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 168.50 TRY, while our model-based Fair Value estimate is 145.95 TRY, 13.4% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 344.35 TRY per share, and 8 of the 16 models we run sit above the 168.50 TRY price.
Bear case: the Growth DCF group reads lowest at 91.87 TRY, and 8 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: 84.66 TRY (bear) to 215.01 TRY (bull), the price of 168.50 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 59/100 (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 55.8B TRY (≈ $1.1B) Small · P/E ratio 2.8 · P/S ratio 3.56 · EPS (TTM) 60.79 TRY · Dividend yield 1.0% · Net margin 121% · Return on equity 14.2% · Return on assets (EBIT) 3.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 31% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −11% fair-value upside, at −13%, RGYAS screens richer than that median.
Fair Value models
Bear84.66 TRYFair Value 145.95 TRYBull215.01 TRY
Price 168.50 TRY · Upside -13.4%
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 (49.10 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.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.
−6.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.3%
Dividend (yield on the price)1.0%
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).
+16.1%
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 −2.7% a year for the 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 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Top 25%
Fair Value upside−15.1% · Below median
Profitability
Return on equity (12 months)14.2% · Top 25%
Return on assets8.2% · Top 25%
Net margin (12 months)120.7% · Top 25%
Operating margin (12 months)65.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)84.2% · Top 25%
Dividend yield (12 months)1.0% · 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 Oct 30, 2026, our model estimates a fair value of 145.95 TRY versus a price of 168.50 TRY, about −13% upside (overvalued).
What is the fair value of RGYAS?
Our model-based fair value for RONESANS GAYRIMENKUL YAT. is 145.95 TRY (as of Oct 30, 2026), built from audited fundamentals. The current price: 168.50 TRY.
What is the quality score of RGYAS?
RONESANS GAYRIMENKUL YAT. has a Quality Score of 59/100. 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 145.95 TRY (as of Oct 30, 2026) from 16 valuation models. Cautious scenario 84.66 TRY, optimistic scenario 215.01 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 145.95 TRY, about −13% upside versus a price of 168.50 TRY (overvalued). Cautious scenario 84.66 TRY, optimistic scenario 215.01 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 16.0B TRY (latest available figure, as of Oct 30, 2026).
Does RONESANS GAYRIMENKUL YAT. pay a dividend?
RONESANS GAYRIMENKUL YAT. currently shows a dividend yield of 0.97% relative to its recent price (as of Oct 30, 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 +16.1 % 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 Oct 30, 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 +16.1 % 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 +16.1 % 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 +2.5 % a year. That is the yardstick for the growth priced into RONESANS GAYRIMENKUL YAT. (+16.1 % 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 9.79 %: 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 145.95 TRY per share (as of Oct 30, 2026), against a price of 168.50 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 Oct 30, 2026, RGYAS trades above its calculated fair value: price 168.50 TRY, fair value 145.95 TRY, a gap of about −13% (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 RGYAS?
No. The price is what the market pays today (168.50 TRY); the fair value is what the company's own numbers justify (145.95 TRY). For RONESANS GAYRIMENKUL YAT. the two are 22.55 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 55.8B TRY (market capitalisation, as of Oct 30, 2026). Per share that is 168.50 TRY; our models calculate a fair value of 145.95 TRY per share.
What do the bullish and bearish scenarios say about RGYAS?
Our models span a range for RONESANS GAYRIMENKUL YAT.: cautious scenario 84.66 TRY, base 145.95 TRY, optimistic 215.01 TRY per share (as of Oct 30, 2026, price 168.50 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 2.8 (as of Oct 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 145.95 TRY is built from several models across several years. Other multiples: P/B 0.4, P/S 3.6, EV/EBITDA 7.5.
How solid is the balance sheet of RONESANS GAYRIMENKUL YAT. (RGYAS)?
Balance-sheet figures for RONESANS GAYRIMENKUL YAT. (as of Oct 30, 2026): return on equity 14.2%, debt of 0.22 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is RGYAS from its 52-week high?
RONESANS GAYRIMENKUL YAT. trades at 168.50 TRY, about 19% below its 52-week high of 206.76 TRY and 31% above the low of 129.11 TRY (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of 145.95 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, Vinhomes Joint Stock Company, CK Asset Holdings, DLF Limited, 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 Oct 30, 2026: price 168.50 TRY, calculated fair value 145.95 TRY (−13%), Quality Score 59/100, 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 145.95 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. RONESANS GAYRIMENKUL YAT. 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 RONESANS GAYRIMENKUL YAT. (RGYAS)?
The closing price on Oct 30, 2026 was 168.50 TRY. Our model-based fair value is 145.95 TRY, about −13% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with RONESANS GAYRIMENKUL YAT. right now?
Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (84.66 TRY to 215.01 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 RONESANS GAYRIMENKUL YAT.
How large is the market capitalisation of RONESANS GAYRIMENKUL YAT. (RGYAS)?
The market capitalisation of RONESANS GAYRIMENKUL YAT. is 55.8B TRY (≈ $1.1B). 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 3.56 (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 RONESANS GAYRIMENKUL YAT. (RGYAS)?
Earnings per share at RONESANS GAYRIMENKUL YAT. are 60.79 TRY (price ÷ EPS = P/E 2.8). 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 1.0% (payout 2.7%). 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 121% (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 RONESANS GAYRIMENKUL YAT. (RGYAS)?
The return on equity (ROE) of RONESANS GAYRIMENKUL YAT. is 14.2% (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 65.5% (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 +84.2% 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 +18.0% 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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Broad data
Oct 30, 2026