Ziraat Gayrimenkul Yatirim Ortakligi A.S.

₺16.49As of Sun 8 Nov 2026, 12:00 UTC

BIST:ZRGYOReal Estate

Country Turkey

PE (Fwd) •••

TSR 5Y CAGR 53.59%

Div yield 0.37%

ROE 7.14%

REIT (Diversified)

Beta (5Y) (0.22)

PE TTM 13.56

TSR TTM (28.36%)

Mkt cap ₺77.40B

ROIC 1.21%

SE Grade™

—

Value

Quality

Moat

Consensus

Reference

₺16

(3.04%)

99.49%

Hold 6|9|8|10|1

TTM

FYE 31 Dec TRY

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

6.591

Revenue₺B

13.20

13.77

13.94

14.32

14.53

15.17

15.48

16.09

16.27

16.87

7.085

3.03%

2.94%

16.70

Revenue growth%

14.30

12.29

11.64

14.50

13.82

15.77

15.26

15.72

16.08

16.85

21.28

15.77

14.88

24.47

Gross margin%

7.70

10.30

13.14

14.09

15.74

17.61

18.88

18.51

18.64

18.71

10.13

18.64

16.68

22.38

Operating margin%

20.79

19.08

17.95

16.81

18.78

16.61

18.15

18.87

20.79

21.61

28.34

18.87

18.82

22.12

Net margin%

14.84

13.73

10.96

8.58

11.47

13.77

14.36

16.01

15.98

13.83

23.28

14.36

13.80

25.57

P/E ratio (avg)x

47.59

56.70

62.03

73.37

72.43

84.43

86.72

101.5

115.3

115.0

11.38

101.5

78.90

34.46

EV/EBITx

13.04

14.17

12.81

13.24

12.68

12.92

12.08

11.81

10.90

11.10

16.99

11.81

12.74

16.54

FCF yield (avg)%

7.15

8.57

6.33

6.42

7.75

6.68

5.00

2.00

2.54

4.89

11.03

4.89

6.38

6.06

FCF margin%

13.53

14.64

16.90

15.51

15.14

12.68

13.62

15.70

13.75

14.32

18.41

13.75

14.48

0.649

FCF / Net incomex

0.501

0.509

0.612

0.696

0.731

0.734

0.883

0.950

0.992

1.091

0.149

0.950

0.733

25.79

ROIC%

3.20

1.46

1.30

1.35

1.66

0.80

0.40

27.46

0.40

1.05

3.48

Return on equity%

28.18

28.51

26.77

27.62

27.98

26.05

23.09

25.17

23.64

20.77

26.83

23.64

26.41

19.62

Return on assets%

14.51

16.27

14.81

17.62

17.25

18.95

18.32

19.56

20.62

22.17

27.68

19.56

17.97

1.87

EPS₺

0.75

0.80

0.87

0.86

0.97

1.17

1.25

1.50

1.74

1.85

2.00

13.69%

9.30%

—

8.41

EPS growth%

17.36

16.78

16.21

13.84

14.95

15.82

14.66

16.84

16.27

5.20

15.82

16.21

1.07

Bookvalue per sh₺

2.70

2.89

2.76

2.98

2.78

3.23

3.04

2.87

3.26

3.05

1.66

1.91%

1.60%

—

1.63

FCF per share₺

3.01

3.14

3.31

3.15

3.42

3.56

4.16

4.47

4.75

5.35

2.59

9.37%

5.73%

—

2.55

Dividend per sh₺

1.20

1.04

1.02

1.08

1.15

1.07

0.94

0.96

1.00

0.96

(1.41%)

(1.32%)

—

28.93

Div yield (avg)%

11.02

11.55

8.67

11.19

11.79

10.94

10.17

11.43

13.57

14.60

26.97

11.43

11.31

3.87

Payout ratio%

4.87

3.85

3.78

1.75

1.16

2.71

2.37

2.40

2.61

0.40

6.73

2.40

2.51

4.712

Shares (diluted)B

6.859

6.330

6.405

7.219

6.702

7.120

6.992

7.111

7.586

7.821

4.672

3.14%

2.51%

22.25

Buyback yield%

22.07

25.05

25.55

27.68

27.83

26.85

26.15

23.20

23.92

22.12

12.99

23.92

25.30

1.626

D/E ratiox

1.690

2.006

2.250

2.341

2.671

2.863

2.907

3.046

3.351

3.572

1.150

3.046

2.767

1.862

Enterprise value₺B

2.584

2.641

2.502

2.694

2.838

2.883

2.901

2.958

3.038

3.036

5.546

1.36%

1.39%

9.276

LT debt₺B

11.83

11.50

12.02

13.50

12.36

11.39

10.23

10.75

9.826

9.518

8.197

(5.10%)

(1.86%)

Peers (US$1.541B)

Cap (US$)

Torunlar Gayrimenkul…

1.792B

11.20x

Akis Gayrimenkul…

430.2M

6.567x

Is Gayrimenkul Yatirim…

368.9M

—

Global Net Lease, Inc.

1.526B

—

Capital

TTM

10Y

Leveragex

1.048

0.105

EBIT/Intx

0.477

0.573

0.531

Own earn%

24.70

3.57

3.54

Sh yield%

51.18

36.72

36.66

Owners

Insiders/Inst%

12.97

60.31

Short interest%

2.28

SBC / revenue%

5.93

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

17–22

$1 testx

0.5

Incr. ROIC%

Ziraat Gayrimenkul Yatırım Ortaklığı A.Ş. 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 İstanbul, Turkey.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

₺16.87B

2.94%

1.00×

Cost of revenue

₺11.21B

2.90%

1.00×

Operating expenses

₺4.088B

3.04%

1.01×