Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO) fair value: what the stock is really worth
We calculate from audited financials what Trend Gayrimenkul Yatirim Ortakligi 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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Trend Gayrimenkul Yatirim Ortakligi A.S. is a real estate investment manager engages in the real estate business in Turkey. It develops and constructs various real estate projects, such as houses, hotels, residence, and university buildings.
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Trend Gayrimenkul Yatirim Ortakligi A.S. is a real estate investment manager engages in the real estate business in Turkey. It develops and constructs various real estate projects, such as houses, hotels, residence, and university buildings. The company was formerly known as Anda Gayrimenkul Gelistirme ve Insaat Sanayi Ticaret Limited Sirketi and changed its name to Trend Gayrimenkul Yatirim Ortakligi A.S. in November 2017. Trend Gayrimenkul Yatirim Ortakligi A.S. was founded in 2006 and is based in Istanbul, Turkey.
Stock analysis
Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO) currently trades at 18.62 TRY, while our model-based Fair Value estimate is 3.47 TRY, implying the stock looks roughly 436.5% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 5.96 TRY per share, and 0 of the 12 models we run sit above the 18.62 TRY price.
Bear case: the Multiples group reads lowest at 2.52 TRY, and 12 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: 2.79 TRY (bear) to 4.13 TRY (bull), the price of 18.62 TRY sits above 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 61/100 (solid quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Trend Gayrimenkul Yatirim Ortakligi AS reported revenue of 26.8M TRY in FY2025 versus 40.6M TRY in FY2021, a compound −9.9%/yr. Reported net income was 13.1M TRY in FY2025, compounding −17.1%/yr from FY2021.
Key figures
Market cap 1.3B TRY (≈ $26.5M) · P/E ratio 98.0 · P/S ratio 48.0 · EPS (TTM) 0.1900 TRY · Net margin 48.9% · Return on equity 32.5% · Return on assets (EBIT) 7.6% · Operating margin −112%.
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 56% below its 52-week high and 52% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −48% fair-value upside, at −81%, TDGYO screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (0.2500 TRY to 5.96 TRY). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 2.79 TRYFair Value 3.47 TRYBull 4.13 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 (0.1343 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.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
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.
−6.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.1%
Dividend (yield on the price)0.0%
Profit margin 2020 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.−4% → −7%
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).
+27.0%
Yearly growth needed for the next five years to justify today's price.
Compare Trend 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.Real Estate - Diversified · 131 stocks
Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−80% · Bottom 25%
Profitability
Return on equity (TTM)33% · Top 25%
Return on assets−2% · Bottom 25%
Operating margin (TTM)−112% · Bottom 25%
Growth and dividend
Revenue growth−89% · Bottom 25%
Valuation Multiplesvs Real Estate - Diversified median · lower = cheaper
P/E (TTM)98.0× · Priciest 25%
P/B0.06× · Cheapest 25%
P/S (TTM)6.78× · Priciest 25%
P/FCF0.6× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 33
FUTURE (revenue growth)0· sector 32
PAST (return on equity)100· sector 19
HEALTH (low debt)100· sector 77
DIVIDEND (yield)0· sector 56
VALUE 0: the price sits above our fair-value range.
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). "Trend Gayrimenkul Yatirim Ortakligi AS Fair Value". https://www.fairvalue-calculator.com/stock/TDGYO
Frequently asked questions
Is Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 3.47 TRY versus a price of 18.62 TRY, about −81% upside (overvalued).
What is the fair value of TDGYO?
Our model-based fair value for Trend Gayrimenkul Yatirim Ortakligi AS is 3.47 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 18.62 TRY.
What is the quality score of TDGYO?
Trend Gayrimenkul Yatirim Ortakligi AS has a Quality Score of 61/100. 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 Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
Our model-based price target is the fair value of 3.47 TRY (as of Sep 13, 2026) from 12 valuation models. Cautious scenario 2.79 TRY, optimistic scenario 4.13 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Trend Gayrimenkul Yatirim Ortakligi AS stock forecast for 2026?
Our models put fair value at 3.47 TRY, about −81% upside versus a price of 18.62 TRY (overvalued). Cautious scenario 2.79 TRY, optimistic scenario 4.13 TRY. The calculation is refreshed regularly with new filings.
What growth is priced into Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
For today's price to be fair in a discounted-cash-flow model, Trend Gayrimenkul Yatirim Ortakligi AS would have to grow free cash flow by +27.0 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +25.8 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of TDGYO use?
Our models discount Trend Gayrimenkul Yatirim Ortakligi AS at 12.7 %: a base by market capitalisation (nano), damped by beta 0.09, 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 Trend Gayrimenkul Yatirim Ortakligi AS that is +27.0 % per year a year over ten years, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO) delivered so far?
Over the past 5 years revenue at Trend Gayrimenkul Yatirim Ortakligi AS grew +25.8 % a year. The price currently implies +27.0 % 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 Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO) growing?
The median revenue growth in the sector is +1.7 % a year. That is the yardstick for the growth priced into Trend Gayrimenkul Yatirim Ortakligi AS (+27.0 % 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 Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
The free-cash-flow yield on the price is 2.96 %: that much free cash flow Trend Gayrimenkul Yatirim Ortakligi AS produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Trend Gayrimenkul Yatirim Ortakligi AS it is 3.47 TRY per share (as of Sep 13, 2026), against a price of 18.62 TRY. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Trend Gayrimenkul Yatirim Ortakligi AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, TDGYO trades above its calculated fair value: price 18.62 TRY, fair value 3.47 TRY, a gap of about −81% (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 TDGYO?
No. The price is what the market pays today (18.62 TRY); the fair value is what the company's own numbers justify (3.47 TRY). For Trend Gayrimenkul Yatirim Ortakligi AS the two are 15.15 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Trend Gayrimenkul Yatirim Ortakligi AS worth?
The market values Trend Gayrimenkul Yatirim Ortakligi AS at about 1.3B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 18.62 TRY; our models calculate a fair value of 3.47 TRY per share.
What do the bullish and bearish scenarios say about TDGYO?
Our models span a range for Trend Gayrimenkul Yatirim Ortakligi AS: cautious scenario 2.79 TRY, base 3.47 TRY, optimistic 4.13 TRY per share (as of Sep 13, 2026, price 18.62 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TDGYO?
Trend Gayrimenkul Yatirim Ortakligi AS trades at a price-to-earnings ratio of 98.0 (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 3.47 TRY is built from several models across several years. Other multiples: P/B 0.1, P/S 6.8.
How solid is the balance sheet of Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
Balance-sheet figures for Trend Gayrimenkul Yatirim Ortakligi AS (as of Sep 13, 2026): return on equity 32.5%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is TDGYO from its 52-week high?
Trend Gayrimenkul Yatirim Ortakligi AS trades at 18.62 TRY, about 56% below its 52-week high of 42.56 TRY and 52% above the low of 12.21 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 3.47 TRY is for.
Which stocks are comparable to Trend Gayrimenkul Yatirim Ortakligi AS?
From the same area (Real Estate) we also value Swiss Prime Site AG, Central Pattana Public Company, Prestige Estates Projects Limited, The Phoenix Mills 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 Trend Gayrimenkul Yatirim Ortakligi AS stock attractive at the current price?
The data as of Sep 13, 2026: price 18.62 TRY, calculated fair value 3.47 TRY (−81%), Quality Score 61/100, from 12 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 TDGYO calculated?
We run Trend Gayrimenkul Yatirim Ortakligi AS through 12 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 3.47 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. Trend Gayrimenkul Yatirim Ortakligi AS 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 Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
The closing price on Sep 14, 2026 was 18.62 TRY. Our model-based fair value is 3.47 TRY, about −81% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Trend Gayrimenkul Yatirim Ortakligi AS right now?
The price sits above even our optimistic bull case (4.13 TRY). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Trend Gayrimenkul Yatirim Ortakligi AS
How large is the market capitalisation of Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
The market capitalisation of Trend Gayrimenkul Yatirim Ortakligi AS is 1.3B TRY (≈ $26.5M). 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 Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
The price-to-sales ratio of Trend Gayrimenkul Yatirim Ortakligi AS is 48.0 (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 Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
Earnings per share at Trend Gayrimenkul Yatirim Ortakligi AS are 0.1900 TRY (price ÷ EPS = P/E 98.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
The net margin of Trend Gayrimenkul Yatirim Ortakligi AS is 48.9% (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 Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
The return on equity (ROE) of Trend Gayrimenkul Yatirim Ortakligi AS is 32.5% (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 Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
On an EBIT basis the return on assets of Trend Gayrimenkul Yatirim Ortakligi AS is 7.6% (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 Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
The operating margin of Trend Gayrimenkul Yatirim Ortakligi AS is −112% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
Revenue at Trend Gayrimenkul Yatirim Ortakligi AS is growing −89.4% versus a year earlier (3y avg −32.6%). 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 Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO)?
Earnings per share at Trend Gayrimenkul Yatirim Ortakligi AS are growing +24.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Trend Gayrimenkul Yatirim Ortakligi AS (TDGYO) carry?
The net debt of Trend Gayrimenkul Yatirim Ortakligi AS is 9.1M TRY (fiscal year 2020, ≈ 0.2 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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