Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO) fair value: what the stock is really worth
We calculate from audited financials what Torunlar 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.
Watch Torunlar Gayrimenkul Yatirim Ortakligi AS for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for free
69 individual criteria per stock, every one traceableSee the method →
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
60‑month range 2.41 TRY – 101.70 TRY · fair‑value band 87.68 TRY – 166.62 TRY · the 92.00 TRY price screens below the 109.35 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.
Torunlar Gayrimenkul Yatirim Ortakligi A.S. (Torunlar GYO). The Company was established in Istanbul, Turkiye, in 1996 under the name Toray Construction Industry and Trade Inc.
Show more
Torunlar Gayrimenkul Yatirim Ortakligi A.S. (Torunlar GYO). The Company was established in Istanbul, Turkiye, in 1996 under the name Toray Construction Industry and Trade Inc. The Company with the amendment to the articles of association published in the Trade Registry Gazette on January 25, 2008, it was registered as Torunlar Gayrimenkul Yatirim Ortakligi A.S. on January 21, 2008. The Company is registered with the Capital Markets Board, and its shares have been traded on Borsa Istanbul since October 21, 2010. The Company operates in Turkiye. As of June 30, 2025, the Company had 55 employees (December 31, 2024: 56), and the ultimate parent company is the Torun Family. The company is registered with the Istanbul Chamber of Commerce in Turkiye. The Company's main field of activity is to engage in real estate, real estate-based capital market instruments, real estate projects and investments in capital market instruments, as outlined in the CMB's regulations on real estate investment trusts. Torunlar Gayrimenkul Yatirim Ortakligi A.S. registered address is Ruzgarlibahçe Mahallesi Ozalp Çikmazi No: 4 Beykoz 34805 Istanbul/Turkiye.
Stock analysis
Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO) currently trades at 92.00 TRY, while our model-based Fair Value estimate is 109.35 TRY, implying the stock looks roughly 15.9% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of 203.18 TRY per share, and 13 of the 16 models we run sit above the 92.00 TRY price.
Bear case: the Dividend Discount group reads lowest at 71.16 TRY, and 3 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: 87.68 TRY (bear) to 166.62 TRY (bull), the price of 92.00 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 61/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Torunlar Gayrimenkul Yatirim Ortakligi AS reported revenue of 14.9B TRY in FY2025 versus 1.5B TRY in FY2021, a compound +77.9%/yr. Reported net income was 7.7B TRY in FY2025, compounding +9.9%/yr from FY2021.
Key figures
Market cap 92.0B TRY (≈ $1.9B) · P/E ratio 11.0 · P/S ratio 5.72 · EPS (TTM) 8.37 TRY · Dividend yield 5.4% · Net margin 52.0% · Return on equity 6.6% · Return on assets (EBIT) 8.8%.
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 11% below its 52-week high and 43% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −21% fair-value upside, at 19%, TRGYO screens cheaper than that median.
Fair Value models
Bear 87.68 TRYFair Value 109.35 TRYBull 166.62 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 (2.38 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.89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−9.3%
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.
+77.4%
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.
+68.1%
Revenue growth 16 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.
+21.9%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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. Basis: EBIT basis. 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.
+79.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+73.9%
Dividend (yield on the price)5.4%
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.55% → 67%
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).
+14.8%
Yearly growth needed for the next five years to justify today's price.
Compare Torunlar Gayrimenkul Yatirim Ortakligi AS with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
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 - Diversified · 155 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+40% · Top 25%
Profitability
Return on equity (TTM)7% · Above median
Return on assets5% · Top 25%
Net margin (TTM)49% · Above median
Operating margin (TTM)73% · Top 25%
Growth and dividend
Revenue growth40% · Top 25%
Dividend yield (TTM)5.4% · Below median
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs REIT - Diversified 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). "Torunlar Gayrimenkul Yatirim Ortakligi AS Fair Value". https://www.fairvalue-calculator.com/stock/TRGYO
Frequently asked questions
Is Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 109.35 TRY versus a price of 92.00 TRY, about +19% upside (undervalued).
What is the fair value of TRGYO?
Our model-based fair value for Torunlar Gayrimenkul Yatirim Ortakligi AS is 109.35 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 92.00 TRY.
What is the quality score of TRGYO?
Torunlar 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 Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
Our model-based price target is the fair value of 109.35 TRY (as of Sep 13, 2026) from 16 valuation models. Cautious scenario 87.68 TRY, optimistic scenario 166.62 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Torunlar Gayrimenkul Yatirim Ortakligi AS stock forecast for 2026?
Our models put fair value at 109.35 TRY, about +19% upside versus a price of 92.00 TRY (undervalued). Cautious scenario 87.68 TRY, optimistic scenario 166.62 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
Torunlar Gayrimenkul Yatirim Ortakligi AS reported trailing-twelve-month revenue of about 16.9B TRY (latest available figure, as of Sep 13, 2026).
Does Torunlar Gayrimenkul Yatirim Ortakligi AS pay a dividend?
Torunlar Gayrimenkul Yatirim Ortakligi AS currently shows a dividend yield of about 5.43% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
For today's price to be fair in a discounted-cash-flow model, Torunlar Gayrimenkul Yatirim Ortakligi AS would have to grow free cash flow by +14.8 % per year for five years (discount rate 14.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +68.1 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of TRGYO use?
Our models discount Torunlar Gayrimenkul Yatirim Ortakligi AS at 14.2 %: a base by market capitalisation (small), damped by beta 0.31, 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 Torunlar Gayrimenkul Yatirim Ortakligi AS that is +14.8 % per year a year over ten years, using the same discount rate (14.2 %) and the same formula as our fair value.
How much growth has Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO) delivered so far?
Over the past 5 years revenue at Torunlar Gayrimenkul Yatirim Ortakligi AS grew +68.1 % a year. The price currently implies +14.8 % 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 Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO) growing?
The median revenue growth in the sector is +1.7 % a year. That is the yardstick for the growth priced into Torunlar Gayrimenkul Yatirim Ortakligi AS (+14.8 % 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 Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
The free-cash-flow yield on the price is 5.36 %: that much free cash flow Torunlar Gayrimenkul Yatirim Ortakligi AS produces per unit of market value. When it exceeds the discount rate of our models (14.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Torunlar Gayrimenkul Yatirim Ortakligi AS it is 109.35 TRY per share (as of Sep 13, 2026), against a price of 92.00 TRY. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Torunlar Gayrimenkul Yatirim Ortakligi AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, TRGYO trades below its calculated fair value: price 92.00 TRY, fair value 109.35 TRY, a gap of about +19% (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 TRGYO?
No. The price is what the market pays today (92.00 TRY); the fair value is what the company's own numbers justify (109.35 TRY). For Torunlar Gayrimenkul Yatirim Ortakligi AS the two are 17.35 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Torunlar Gayrimenkul Yatirim Ortakligi AS worth?
The market values Torunlar Gayrimenkul Yatirim Ortakligi AS at about 92.0B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 92.00 TRY; our models calculate a fair value of 109.35 TRY per share.
What do the bullish and bearish scenarios say about TRGYO?
Our models span a range for Torunlar Gayrimenkul Yatirim Ortakligi AS: cautious scenario 87.68 TRY, base 109.35 TRY, optimistic 166.62 TRY per share (as of Sep 13, 2026, price 92.00 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TRGYO?
Torunlar Gayrimenkul Yatirim Ortakligi AS trades at a price-to-earnings ratio of 11.0 (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 109.35 TRY is built from several models across several years. Other multiples: P/B 0.7, P/S 5.5, EV/EBITDA 6.5.
How solid is the balance sheet of Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
Balance-sheet figures for Torunlar Gayrimenkul Yatirim Ortakligi AS (as of Sep 13, 2026): return on equity 6.6%, debt of 0.00 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is TRGYO from its 52-week high?
Torunlar Gayrimenkul Yatirim Ortakligi AS trades at 92.00 TRY, about 11% below its 52-week high of 103.20 TRY and 43% above the low of 64.51 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 109.35 TRY is for.
Which stocks are comparable to Torunlar Gayrimenkul Yatirim Ortakligi AS?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, 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 Torunlar Gayrimenkul Yatirim Ortakligi AS stock attractive at the current price?
The data as of Sep 13, 2026: price 92.00 TRY, calculated fair value 109.35 TRY (+19%), Quality Score 61/100, 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 TRGYO calculated?
We run Torunlar Gayrimenkul Yatirim Ortakligi AS 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 109.35 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. Torunlar Gayrimenkul Yatirim Ortakligi AS currently trades 19 % 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 Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
The closing price on Sep 15, 2026 was 92.00 TRY. Our model-based fair value is 109.35 TRY, about +19% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Torunlar Gayrimenkul Yatirim Ortakligi AS right now?
A fairly wide model range (87.68 TRY to 166.62 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 Torunlar Gayrimenkul Yatirim Ortakligi AS
How large is the market capitalisation of Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
The market capitalisation of Torunlar Gayrimenkul Yatirim Ortakligi AS is 92.0B TRY (≈ $1.9B). 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 Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
The price-to-sales ratio of Torunlar Gayrimenkul Yatirim Ortakligi AS is 5.72 (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 Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
Earnings per share at Torunlar Gayrimenkul Yatirim Ortakligi AS are 8.37 TRY (price ÷ EPS = P/E 11.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
The dividend yield of Torunlar Gayrimenkul Yatirim Ortakligi AS is 5.4% (payout 59.7%). 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 Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
The net margin of Torunlar Gayrimenkul Yatirim Ortakligi AS is 52.0% (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 Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
The return on equity (ROE) of Torunlar Gayrimenkul Yatirim Ortakligi AS is 6.6% (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 Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
On an EBIT basis the return on assets of Torunlar Gayrimenkul Yatirim Ortakligi AS is 8.8% (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 Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
The operating margin of Torunlar Gayrimenkul Yatirim Ortakligi AS is 73.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
Revenue at Torunlar Gayrimenkul Yatirim Ortakligi AS is growing +39.6% versus a year earlier (3y avg +77.4%). 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 Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO)?
Earnings per share at Torunlar Gayrimenkul Yatirim Ortakligi AS are growing +64.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO) carry?
The net debt of Torunlar Gayrimenkul Yatirim Ortakligi AS is 1.5B TRY (fiscal year 2023, ≈ 0.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Torunlar Gayrimenkul Yatirim Ortakligi AS in the live analysis
One click puts Torunlar Gayrimenkul Yatirim Ortakligi AS on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
