Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Ziraat Gayrimenkul Yatirim Ortakligi A.S. TRY 7.22, price TRY 19.41, upside -62.8%, quality 61 out of 100. 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 1.57 TRY – 27.01 TRY · fair‑value band 4.55 TRY – 10.58 TRY · the 19.41 TRY price screens above the 7.22 TRY fair value. Dashed = 300-day average. As of Sep 24, 2026.
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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.
Stock analysis
Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO) currently trades at 19.41 TRY, while our model-based Fair Value estimate is 7.22 TRY, implying the stock looks roughly 168.8% overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 14.69 TRY per share, and 1 of the 16 models we run sit above the 19.41 TRY price.
Bear case: the Dividend Discount group reads lowest at 1.08 TRY, and 15 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: 4.55 TRY (bear) to 10.58 TRY (bull), the price of 19.41 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.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 91.1B TRY (≈ $1.9B) · P/E ratio 15.9 · P/S ratio 34.7 · EPS (TTM) 1.22 TRY · Dividend yield 0.4% · Net margin 216% · Return on equity 10.5% · Return on assets (EBIT) 1.8%.
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 21% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at −63%, ZRGYO screens richer than that median.
Fair Value models
Bear 4.55 TRYFair Value 7.22 TRYBull 10.58 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 9 months old). Earnings retained since then (0.9025 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. 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.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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+227.3%
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.
+155.6%
’18
’19
’20
’21
’22
’23
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’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. 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.
+82.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+82.1%
Dividend (yield on the price)0.4%
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.26% → 71%
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).
+52.3%
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 +27.7% a year for the price.
Compare Ziraat Gayrimenkul Yatirim Ortakligi A.S. 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 - Diversified · 153 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−62.8% · Bottom 25%
Profitability
Return on equity (TTM)10.5% · Top 25%
Return on assets1.6% · Below median
Operating margin (TTM)66.8% · Top 25%
Growth and dividend
Revenue growth19.4% · Top 25%
Dividend yield (TTM)0.4% · Bottom 25%
Balance sheet
Debt / equity0.07× · Lowest 25%
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
P/E (TTM)15.9× · Pricier than median
P/S (TTM)0.52× · Cheapest 25%
P/FCF1.4× · Cheaper than median
EV/EBITDA3.1× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 28
FUTURE (revenue growth)97· sector 16
PAST (return on equity)42· sector 20
HEALTH (low debt)97· sector 75
DIVIDEND (yield)9· sector 100
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.
Is Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 7.22 TRY versus a price of 19.41 TRY, about −63% upside (overvalued).
What is the fair value of ZRGYO?
Our model-based fair value for Ziraat Gayrimenkul Yatirim Ortakligi A.S. is 7.22 TRY (as of Sep 24, 2026), built from audited fundamentals. The current price: 19.41 TRY.
What is the quality score of ZRGYO?
Ziraat Gayrimenkul Yatirim Ortakligi A.S. 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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
Our model-based price target is the fair value of 7.22 TRY (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 4.55 TRY, optimistic scenario 10.58 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Ziraat Gayrimenkul Yatirim Ortakligi A.S. stock forecast for 2026?
Our models put fair value at 7.22 TRY, about −63% upside versus a price of 19.41 TRY (overvalued). Cautious scenario 4.55 TRY, optimistic scenario 10.58 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
Ziraat Gayrimenkul Yatirim Ortakligi A.S. reported trailing-twelve-month revenue of about 3.6B TRY (latest available figure, as of Sep 24, 2026).
Does Ziraat Gayrimenkul Yatirim Ortakligi A.S. pay a dividend?
Ziraat Gayrimenkul Yatirim Ortakligi A.S. currently shows a dividend yield of about 0.43% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
For today's price to be fair in a discounted-cash-flow model, Ziraat Gayrimenkul Yatirim Ortakligi A.S. would have to grow free cash flow by +52.3 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +88.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of ZRGYO use?
Our models discount Ziraat Gayrimenkul Yatirim Ortakligi A.S. at 15.7 %: a base by market capitalisation (small), 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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. that is +52.3 % per year a year over ten years, using the same discount rate (15.7 %) and the same formula as our fair value.
How much growth has Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO) delivered so far?
Over the past 5 years revenue at Ziraat Gayrimenkul Yatirim Ortakligi A.S. grew +88.8 % a year. The price currently implies +52.3 % 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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO) growing?
The median revenue growth in the sector is +1.7 % a year. That is the yardstick for the growth priced into Ziraat Gayrimenkul Yatirim Ortakligi A.S. (+52.3 % 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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
The free-cash-flow yield on the price is 1.41 %: that much free cash flow Ziraat Gayrimenkul Yatirim Ortakligi A.S. produces per unit of market value. When it exceeds the discount rate of our models (15.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ziraat Gayrimenkul Yatirim Ortakligi A.S. it is 7.22 TRY per share (as of Sep 24, 2026), against a price of 19.41 TRY. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Ziraat Gayrimenkul Yatirim Ortakligi A.S. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ZRGYO trades above its calculated fair value: price 19.41 TRY, fair value 7.22 TRY, a gap of about −63% (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 ZRGYO?
No. The price is what the market pays today (19.41 TRY); the fair value is what the company's own numbers justify (7.22 TRY). For Ziraat Gayrimenkul Yatirim Ortakligi A.S. the two are 12.19 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Ziraat Gayrimenkul Yatirim Ortakligi A.S. worth?
The market values Ziraat Gayrimenkul Yatirim Ortakligi A.S. at about 91.1B TRY (market capitalisation, as of Sep 24, 2026). Per share that is 19.41 TRY; our models calculate a fair value of 7.22 TRY per share.
What do the bullish and bearish scenarios say about ZRGYO?
Our models span a range for Ziraat Gayrimenkul Yatirim Ortakligi A.S.: cautious scenario 4.55 TRY, base 7.22 TRY, optimistic 10.58 TRY per share (as of Sep 24, 2026, price 19.41 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZRGYO?
Ziraat Gayrimenkul Yatirim Ortakligi A.S. trades at a price-to-earnings ratio of 15.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 7.22 TRY is built from several models across several years. Other multiples: P/S 0.5, EV/EBITDA 3.1.
How solid is the balance sheet of Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
Balance-sheet figures for Ziraat Gayrimenkul Yatirim Ortakligi A.S. (as of Sep 24, 2026): return on equity 10.5%, debt of 0.07 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is ZRGYO from its 52-week high?
Ziraat Gayrimenkul Yatirim Ortakligi A.S. trades at 19.41 TRY, about 21% below its 52-week high of 24.65 TRY and 25% above the low of 15.50 TRY (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of 7.22 TRY is for.
Which stocks are comparable to Ziraat Gayrimenkul Yatirim Ortakligi A.S.?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Stockland, 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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. stock attractive at the current price?
The data as of Sep 24, 2026: price 19.41 TRY, calculated fair value 7.22 TRY (−63%), 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 ZRGYO calculated?
We run Ziraat Gayrimenkul Yatirim Ortakligi A.S. 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 7.22 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 13.9 % above its aggregate fair value. Ziraat Gayrimenkul Yatirim Ortakligi A.S. 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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
The closing price on Sep 25, 2026 was 19.41 TRY. Our model-based fair value is 7.22 TRY, about −63% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ziraat Gayrimenkul Yatirim Ortakligi A.S. right now?
The price sits above even our optimistic bull case (10.58 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. A fairly wide model range (4.55 TRY to 10.58 TRY) leaves room in how you read the outcome.
Key figures of Ziraat Gayrimenkul Yatirim Ortakligi A.S.
How large is the market capitalisation of Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
The market capitalisation of Ziraat Gayrimenkul Yatirim Ortakligi A.S. is 91.1B 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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
The price-to-sales ratio of Ziraat Gayrimenkul Yatirim Ortakligi A.S. is 34.7 (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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
Earnings per share at Ziraat Gayrimenkul Yatirim Ortakligi A.S. are 1.22 TRY (price ÷ EPS = P/E 15.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
The dividend yield of Ziraat Gayrimenkul Yatirim Ortakligi A.S. is 0.4% (payout 6.9%). 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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
The net margin of Ziraat Gayrimenkul Yatirim Ortakligi A.S. is 216% (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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
The return on equity (ROE) of Ziraat Gayrimenkul Yatirim Ortakligi A.S. is 10.5% (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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
On an EBIT basis the return on assets of Ziraat Gayrimenkul Yatirim Ortakligi A.S. is 1.8% (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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
The operating margin of Ziraat Gayrimenkul Yatirim Ortakligi A.S. is 66.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
Revenue at Ziraat Gayrimenkul Yatirim Ortakligi A.S. is growing +19.4% versus a year earlier (3y avg +72.4%). 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 Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO)?
Earnings per share at Ziraat Gayrimenkul Yatirim Ortakligi A.S. are growing +142% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ziraat Gayrimenkul Yatirim Ortakligi A.S. (ZRGYO) carry?
The net debt of Ziraat Gayrimenkul Yatirim Ortakligi A.S. is 7.7B TRY (fiscal year 2025, ≈ 6.0 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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