Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO) Fair Value & Analysis
Real Estate · TR · Market cap 91.6B TRY
Fair value as of: Aug 13, 2026
From 16 valuation models · updated today
Share price +13.6% over the past month.
A solid business, but screening 63% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (10.54 TRY). The favourable scenario is already priced in.
- Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (5.01 TRY to 10.54 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.
Price vs Fair Value (5 years)
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
60‑month range 1.57 TRY – 27.01 TRY · fair‑value band 5.01 TRY – 10.54 TRY · the 19.72 TRY price screens above the 7.22 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO) currently trades at 19.72 TRY, while our model-based Fair Value estimate is 7.22 TRY, implying the stock looks roughly 63.4% overvalued today. The Quality Score stands at 61/100 (solid 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: high).
Trailing-twelve-month revenue stands at 3.6B TRY. Revenue grew 19.4% year over year. It earns a return on equity of 10.5%. Net debt stands at 7.7B TRY. Fundamentals as of Aug 13, 2026
Our scenario range runs from 5.01 TRY (bear case) to 10.54 TRY (bull case); at 19.72 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 23% below its 52-week high and 34% 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 -63%, ZRGYO 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.
All 16 models by family
Widest divergence: Economic Profit (16.13 TRY) versus Dividend Discount (1.36 TRY). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 58 · Market factors (momentum, volatility) 40
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
Ziraat Gayrimenkul Yatirim Ortakligi A.S. operates as a real estate investment company in Turkey. Its portfolio consists of office building, and hotel and housing investments. The company was founded in 2016 and is based in Istanbul, Turkey.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Ziraat Gayrimenkul Yatirim Ortakligi A.S. reported revenue of 3.5B TRY in FY2025 versus 187M TRY in FY2021, a compound +107.6%/yr. Reported net income was 7.6B TRY in FY2025, compounding +54.7%/yr from FY2021.
ZRGYO screens 63% overvalued. Compare with Goodman Group →
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.
Valuation Multiples vs REIT - Diversified median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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
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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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