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Vera Konsept Gayrimenkul Yatirim Ortakligi Anonim Sirketi (VRGYO) Fair Value & Analysis

Real Estate · TR · Market cap 1.4B TRY

VK Vera Konsept Gayrimenkul Yatirim Ortakligi Anonim Sirketi VRGYO · IS
Price1.74 TRY
Fair Value0.8100 TRY
Upside-53.5%
Quality28/100
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Mixed Growth
Thin margins · 0.0% net margin
negative free cash flow
Trails peers (1/8)
Narrow moat 5/100
Evidence: Low Range 0.5100 TRY – 1.11 TRY Share as image

Fair value as of: Aug 13, 2026

From 4 valuation models · updated today

Share price −9.8% over the past month.

Below-average quality, and screening another 53% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (1.11 TRY). The favourable scenario is already priced in.
  • Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • 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 (0.5100 TRY to 1.11 TRY) leaves room in how you read the outcome.
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Price vs Fair Value (3 years)

15.44 TRY 1.71 TRY Fair Value 0.8100 TRY Oct 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

34‑month range 1.71 TRY – 15.44 TRY · fair‑value band 0.5100 TRY – 1.11 TRY · the 1.74 TRY price screens above the 0.8100 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Vera Konsept Gayrimenkul Yatirim Ortakligi Anonim Sirketi (VRGYO) currently trades at 1.74 TRY, while our model-based Fair Value estimate is 0.8100 TRY, implying the stock looks roughly 53.5% overvalued today. The Quality Score stands at 28/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Trailing-twelve-month revenue stands at 165M TRY. Revenue declined 54.6% year over year. It earns a return on equity of -19.7%. Net debt stands at 311M TRY. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.5100 TRY (bear case) to 1.11 TRY (bull case); at 1.74 TRY, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 54% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at -53%, VRGYO screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
EV/EBITDA 0.9000 TRY 1.20 TRY 1.49 TRY 54
EV/EBIT 1.13 TRY 1.50 TRY 1.88 TRY 53
NCAV (Graham) 2.98 TRY 3.99 TRY 5.96 TRY 50
All 4 models by family
Multiples
EV/EBIT 1.13 TRY 1.50 TRY 1.88 TRY 53
EV/EBITDA 0.9000 TRY 1.20 TRY 1.49 TRY 54
EV/Revenue 0.6300 TRY 0.8900 TRY 1.16 TRY 43
Asset-Based
NCAV (Graham) 2.98 TRY 3.99 TRY 5.96 TRY 50

Widest divergence: Asset-Based (3.99 TRY) versus Multiples (1.20 TRY). Highest evidence: EV/EBITDA (54).

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Key figures & financial health

Revenue (TTM) 165M TRY
Revenue growth (YoY) -54.6%
Return on equity -19.7%
Free cash flow −116M TRY FY2026
Operating margin -7.6%
EPS (TTM) -1.13 TRY
More key figures
Net debt 311M TRY FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 28/100

Of which business quality 34 · Market factors (momentum, volatility) 26

Profitability 1
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 1
Earnings quality: real cash, not paper profit
Fin. Strength 74
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 7
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Vera Konsept Gayrimenkul Yatirim Ortakligi Anonim Sirketi engages in development and management of housing projects. The company was founded in 2018 and is based in Ankara, Turkey.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Vera Konsept Gayrimenkul Yatirim Ortakligi Anonim Sirketi reported revenue of 176M TRY in FY2026 versus 382K TRY in FY2022, a compound +363.0%/yr. Reported net income was −431M TRY in FY2026.

Growth Quality 26/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
176M TRY
Avg. growth/yr (3Y) 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.
+854.8%
Revenue +363.0%/yr
FY22 382K TRY
FY23 0 TRY
FY24 0 TRY
FY25 333M TRY
FY26 176M TRY
Net income
FY22 38.8M TRY
FY23 135M TRY
FY24 832M TRY
FY25 −556M TRY
FY26 −431M TRY

VRGYO screens 53% overvalued. Compare with Goodman Group →

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Cite: Fair Value Calculator (2026). "Vera Konsept Gayrimenkul Yatirim Ortakligi Anonim Sirketi Fair Value". https://www.fairvalue-calculator.com/stock/VRGYO

Peer Group

REIT - Diversified · 174 stocks

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.

Quality Score 30 · Bottom 25%
Fair Value upside −53% · Bottom 25%
Return on assets 1% · Bottom 25%
Net margin (TTM) 0% · Below median
Operating margin (TTM) -8% · Bottom 25%
Revenue growth -55% · Bottom 25%

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/S (TTM) 0.18× · Cheaper than 75% of peers

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Goodman Group GMG A$29.11 A$7.37 -75%
VICI Properties Inc VICI $26.73 $41.74 +56%
W. P. Carey Inc WPC $70.00 $34.80 -50%
Charter Hall Group CHC A$21.90 A$11.46 -48%
Fibra Uno FUNO11 31.10 MXN 63.56 MXN +104%
COV COV €52.55 €62.39 +19%
The GPT Group GPT A$4.89 A$3.49 -29%
Mirvac Group MGR A$1.70 A$0.5700 -66%
KLCC Property Holdings 5235SS 8.85 MYR 6.91 MYR -22%
CRRUN CRRUN C$17.65 C$17.89 +1%

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Frequently asked questions

Is Vera Konsept Gayrimenkul Yatirim Ortakligi Anonim Sirketi (VRGYO) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.8100 TRY versus a price of 1.74 TRY, about −53% (overvalued).
What is the fair value of VRGYO?
Our model-based fair value for Vera Konsept Gayrimenkul Yatirim Ortakligi Anonim Sirketi is 0.8100 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 1.74 TRY.
What is the quality score of VRGYO?
Vera Konsept Gayrimenkul Yatirim Ortakligi Anonim Sirketi has a Quality Score of 28/100. 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 revenue of Vera Konsept Gayrimenkul Yatirim Ortakligi Anonim Sirketi (VRGYO)?
Vera Konsept Gayrimenkul Yatirim Ortakligi Anonim Sirketi reported trailing-twelve-month revenue of about 165M TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of VRGYO?
The net profit margin of Vera Konsept Gayrimenkul Yatirim Ortakligi Anonim Sirketi is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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