Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Sinpas Gayrimenkul Yatirim Ortakligi AS stock TRY 3.64, price TRY 2.27, upside +60.4%, quality 41 out of 100. Rating: strongly undervalued. 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 29, 2026.
How to read this chart
60‑month range 0.7988 TRY – 5.29 TRY · fair‑value band 2.28 TRY – 5.35 TRY · the 2.27 TRY price screens below the 3.64 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 29, 2026.
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Sinpas Gayrimenkul Yatirim Ortakligi A.S., formerly Sinpas Insaat, is a Turkish real estate investment trust (REIT) transformed into a REIT in 2007. It focuses on developing residential and sales real estate projects and operates under the Sinpas Group Companies.
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In 2018, Sinpas GYO merged with Sinpas Yapi to enhance operational and economic synergies. Following the merger, the company's capital increased to 873.2 million TL. As of March 2025, the Group employs 188 people and is headquartered in Besiktas, Istanbul.
Sinpas Gayrimenkul Yatirim Ortakligi A.S. was incorporated in 2006 in Turkey.
Stock analysis
Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO) currently trades at 2.27 TRY, while our model-based Fair Value estimate is 3.64 TRY, implying the stock looks roughly 37.6% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 5.98 TRY per share, and 12 of the 14 models we run sit above the 2.27 TRY price.
Bear case: the Asset-Based group reads lowest at 0.5500 TRY, and 2 of the 14 models stay below the price. Data coverage for this calculation is low.
Scenario range: 2.28 TRY (bear) to 5.35 TRY (bull), the price of 2.27 TRY sits below 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 41/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2022: revenue and profit before it include the divested business. Growth is measured afresh from 2022.
Sinpas Gayrimenkul Yatirim Ortakligi AS reported revenue of 5.3B TRY in FY2025 versus 2.1B TRY in FY2021, a compound +25.7%/yr. Reported net income was 672M TRY in FY2025, compounding −32.2%/yr from FY2021.
Key figures
Market cap 9.1B TRY (≈ $182M) Micro · P/E ratio 14.4 · P/S ratio 1.82 · EPS (TTM) −0.0200 TRY · Net margin −3.0% · Return on equity −0.1% · Return on assets (EBIT) 3.9% · Operating margin 40.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 57% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 4% fair-value upside, at 60%, SNGYO screens cheaper than that median.
Fair Value models
Bear2.28 TRYFair Value 3.64 TRYBull5.35 TRY
Price 2.27 TRY · Upside +60.4%
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.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.55/100
Spin-off in 2022: revenue and profit before it include the divested business. Growth is measured afresh from 2022.
Revenue growth 1 year
−69.5%
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.
+61.8%
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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.
−7.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.4%
Dividend (yield on the price)0.0%
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.56% → 30%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+24.6%
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 +4.5% a year for the price.
Compare Sinpas 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 - Residential · 49 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside+60.4% · Top 25%
Profitability
Return on assets0.8% · Below median
Net margin (12 months)−3.0% · Below median
Operating margin (12 months)40.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−5.4% · Bottom 25%
Balance sheet
Debt / equity0.10× · Lowest 25%
Valuation Multiplesvs REIT - Residential median · lower = cheaper
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). "Sinpas Gayrimenkul Yatirim Ortakligi AS Fair Value". https://www.fairvalue-calculator.com/stock/SNGYO
Frequently asked questions
Is Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO) overvalued or undervalued?
As of Oct 29, 2026, our model estimates a fair value of 3.64 TRY versus a price of 2.27 TRY, about +60% upside (undervalued).
What is the fair value of SNGYO?
Our model-based fair value for Sinpas Gayrimenkul Yatirim Ortakligi AS is 3.64 TRY (as of Oct 29, 2026), built from audited fundamentals. The current price: 2.27 TRY.
What is the quality score of SNGYO?
Sinpas Gayrimenkul Yatirim Ortakligi AS has a Quality Score of 41/100. 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 Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
Our model-based price target is the fair value of 3.64 TRY (as of Oct 29, 2026) from 14 valuation models. Cautious scenario 2.28 TRY, optimistic scenario 5.35 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Sinpas Gayrimenkul Yatirim Ortakligi AS stock forecast for 2026?
Our models put fair value at 3.64 TRY, about +60% upside versus a price of 2.27 TRY (undervalued). Cautious scenario 2.28 TRY, optimistic scenario 5.35 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
Sinpas Gayrimenkul Yatirim Ortakligi AS reported trailing-twelve-month revenue of about 6.7B TRY (latest available figure, as of Oct 29, 2026).
What growth is priced into Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
For today's price to be fair in a discounted-cash-flow model, Sinpas Gayrimenkul Yatirim Ortakligi AS would have to grow free cash flow by +24.6 % 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 +21.7 % per year. As of Oct 29, 2026.
What discount rate (WACC) does the fair value of SNGYO use?
Our models discount Sinpas 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 Sinpas Gayrimenkul Yatirim Ortakligi AS that is +24.6 % 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 Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO) delivered so far?
Over the past 5 years revenue at Sinpas Gayrimenkul Yatirim Ortakligi AS grew +21.7 % a year. The price currently implies +24.6 % 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 Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO) growing?
The median revenue growth in the sector is +2.5 % a year. That is the yardstick for the growth priced into Sinpas Gayrimenkul Yatirim Ortakligi AS (+24.6 % 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 Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
The free-cash-flow yield on the price is 9.58 %: that much free cash flow Sinpas 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 Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sinpas Gayrimenkul Yatirim Ortakligi AS it is 3.64 TRY per share (as of Oct 29, 2026), against a price of 2.27 TRY. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Sinpas Gayrimenkul Yatirim Ortakligi AS stock overvalued or undervalued in 2026?
As of Oct 29, 2026, SNGYO trades below its calculated fair value: price 2.27 TRY, fair value 3.64 TRY, a gap of about +60% (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 SNGYO?
No. The price is what the market pays today (2.27 TRY); the fair value is what the company's own numbers justify (3.64 TRY). For Sinpas Gayrimenkul Yatirim Ortakligi AS the two are 1.37 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Sinpas Gayrimenkul Yatirim Ortakligi AS worth?
The market values Sinpas Gayrimenkul Yatirim Ortakligi AS at about 9.1B TRY (market capitalisation, as of Oct 29, 2026). Per share that is 2.27 TRY; our models calculate a fair value of 3.64 TRY per share.
What do the bullish and bearish scenarios say about SNGYO?
Our models span a range for Sinpas Gayrimenkul Yatirim Ortakligi AS: cautious scenario 2.28 TRY, base 3.64 TRY, optimistic 5.35 TRY per share (as of Oct 29, 2026, price 2.27 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SNGYO?
Sinpas Gayrimenkul Yatirim Ortakligi AS trades at a price-to-earnings ratio of 14.4 (as of Oct 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.64 TRY is built from several models across several years. Other multiples: PEG 0.3, P/B 0.2, P/S 1.3, EV/EBITDA 5.8.
What is the PEG ratio of SNGYO?
The PEG ratio of Sinpas Gayrimenkul Yatirim Ortakligi AS is 0.34 (P/E divided by earnings growth, as of Oct 29, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
Balance-sheet figures for Sinpas Gayrimenkul Yatirim Ortakligi AS (as of Oct 29, 2026): return on equity −0.1%, debt of 0.10 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is SNGYO from its 52-week high?
Sinpas Gayrimenkul Yatirim Ortakligi AS trades at 2.27 TRY, about 57% below its 52-week high of 5.29 TRY and at the low of 2.27 TRY (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 3.64 TRY is for.
Which stocks are comparable to Sinpas Gayrimenkul Yatirim Ortakligi AS?
From the same area (Real Estate) we also value Comcast Holdings, Essex Property Trust, Inc, Sun Communities, Inc, Mid-America Apartment Communities, Inc, 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 Sinpas Gayrimenkul Yatirim Ortakligi AS stock attractive at the current price?
The data as of Oct 29, 2026: price 2.27 TRY, calculated fair value 3.64 TRY (+60%), Quality Score 41/100, from 14 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 SNGYO calculated?
We run Sinpas Gayrimenkul Yatirim Ortakligi AS through 14 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 3.64 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. Sinpas Gayrimenkul Yatirim Ortakligi AS currently trades 38 % 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 Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
The closing price on Oct 28, 2026 was 2.27 TRY. Our model-based fair value is 3.64 TRY, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sinpas Gayrimenkul Yatirim Ortakligi AS right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (2.28 TRY to 5.35 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 Sinpas Gayrimenkul Yatirim Ortakligi AS
How large is the market capitalisation of Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
The market capitalisation of Sinpas Gayrimenkul Yatirim Ortakligi AS is 9.1B TRY (≈ $182M). 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 Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
The price-to-sales ratio of Sinpas Gayrimenkul Yatirim Ortakligi AS is 1.82 (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 Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
Earnings per share at Sinpas Gayrimenkul Yatirim Ortakligi AS are −0.0200 TRY (price ÷ EPS = P/E 14.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
The net margin of Sinpas Gayrimenkul Yatirim Ortakligi AS is −3.0% (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 Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
The return on equity (ROE) of Sinpas Gayrimenkul Yatirim Ortakligi AS is −0.1% (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 Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
On an EBIT basis the return on assets of Sinpas Gayrimenkul Yatirim Ortakligi AS 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 Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
The operating margin of Sinpas Gayrimenkul Yatirim Ortakligi AS is 40.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
Revenue at Sinpas Gayrimenkul Yatirim Ortakligi AS is growing −5.4% versus a year earlier (3y avg +61.8%). 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 Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO)?
Earnings per share at Sinpas Gayrimenkul Yatirim Ortakligi AS are growing +49.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO) carry?
The net debt of Sinpas Gayrimenkul Yatirim Ortakligi AS is 7.7B TRY (fiscal year 2025, ≈ 8.9 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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Thin data
Oct 29, 2026