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Turkish (BIST) Real Estate Sector Analysis
UpdatedNov 21, 2024
DataAggregated Company Financials
Companies54
- 7D1.5%
- 3M4.7%
- 1Y17.9%
- YTD31.5%
In the last week, the Real Estate industry is up 1.5%, with Ziraat Gayrimenkul Yatirim Ortakligi up 6.8%. During this same period, the Sur Tatil Evleri Gayrimenkul Yatirim Ortakligi Anonim Sirketi underperformed, falling 38%. This means that the industry has gained 18% over the past year. As for the next few years, earnings are expected to grow by 64% per annum.
Sector Valuation and Performance
Has the Turkish Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 21 Nov 2024 | ₺554.2b | ₺80.7b | ₺117.3b | 6.1x | 4.7x | 6.9x |
| Sat, 19 Oct 2024 | ₺552.0b | ₺73.7b | ₺101.8b | 4.7x | 5.4x | 7.5x |
| Mon, 16 Sep 2024 | ₺527.6b | ₺79.4b | ₺105.4b | 6x | 5x | 6.6x |
| Wed, 14 Aug 2024 | ₺508.1b | ₺85.1b | ₺109.9b | 5.3x | 4.6x | 6x |
| Fri, 12 Jul 2024 | ₺538.1b | ₺85.1b | ₺110.4b | 5.8x | 4.9x | 6.3x |
| Sun, 09 Jun 2024 | ₺496.5b | ₺83.5b | ₺107.2b | 5.4x | 4.6x | 5.9x |
| Tue, 07 May 2024 | ₺507.8b | ₺76.2b | ₺121.1b | 4.3x | 4.2x | 6.7x |
| Thu, 04 Apr 2024 | ₺404.6b | ₺53.7b | ₺138.5b | 3.7x | 2.9x | 7.5x |
| Sat, 02 Mar 2024 | ₺477.1b | ₺51.5b | ₺132.1b | 3.8x | 3.6x | 9.3x |
| Mon, 29 Jan 2024 | ₺429.1b | ₺49.9b | ₺143.8b | 3.4x | 3x | 8.6x |
| Wed, 27 Dec 2023 | ₺338.7b | ₺49.9b | ₺143.8b | 2.7x | 2.4x | 6.8x |
| Fri, 24 Nov 2023 | ₺385.5b | ₺47.5b | ₺135.2b | 3x | 2.9x | 8.1x |
| Sun, 22 Oct 2023 | ₺349.6b | ₺44.5b | ₺137.7b | 2.4x | 2.5x | 7.9x |
| Tue, 19 Sep 2023 | ₺339.9b | ₺43.7b | ₺135.1b | 2.5x | 2.5x | 7.8x |
| Thu, 17 Aug 2023 | ₺309.4b | ₺39.3b | ₺126.2b | 2.1x | 2.5x | 7.9x |
| Sat, 15 Jul 2023 | ₺255.9b | ₺38.2b | ₺120.9b | 2.1x | 2.1x | 6.7x |
| Mon, 12 Jun 2023 | ₺218.6b | ₺33.4b | ₺119.1b | 1.7x | 1.8x | 6.5x |
| Wed, 10 May 2023 | ₺167.1b | ₺31.4b | ₺116.9b | 1.4x | 1.4x | 5.3x |
| Fri, 07 Apr 2023 | ₺197.8b | ₺31.9b | ₺117.5b | 1.6x | 1.7x | 6.2x |
| Sun, 05 Mar 2023 | ₺213.6b | ₺27.1b | ₺92.5b | 2.4x | 2.3x | 7.9x |
| Tue, 31 Jan 2023 | ₺216.5b | ₺26.3b | ₺44.4b | 6.8x | 4.9x | 8.2x |
| Thu, 29 Dec 2022 | ₺237.2b | ₺26.2b | ₺42.6b | 7.1x | 5.6x | 9.1x |
| Sat, 26 Nov 2022 | ₺211.6b | ₺26.2b | ₺42.6b | 6.7x | 5x | 8.1x |
| Mon, 24 Oct 2022 | ₺165.6b | ₺23.9b | ₺35.9b | 5.7x | 4.6x | 6.9x |
| Wed, 21 Sep 2022 | ₺156.2b | ₺23.8b | ₺35.9b | 5.8x | 4.4x | 6.6x |
| Fri, 19 Aug 2022 | ₺333.3b | ₺22.4b | ₺34.9b | 6.3x | 9.5x | 14.8x |
| Sun, 17 Jul 2022 | ₺143.6b | ₺20.2b | ₺25.9b | 7.8x | 5.5x | 7.1x |
| Tue, 14 Jun 2022 | ₺129.1b | ₺20.3b | ₺25.7b | 6.9x | 5x | 6.4x |
| Thu, 12 May 2022 | ₺263.1b | ₺19.5b | ₺26.0b | 6.4x | 10.1x | 13.5x |
| Sat, 09 Apr 2022 | ₺123.6b | ₺17.3b | ₺24.9b | 7.5x | 5x | 7.1x |
| Mon, 07 Mar 2022 | ₺95.2b | ₺16.7b | ₺19.1b | 5.9x | 5x | 5.7x |
| Wed, 02 Feb 2022 | ₺93.6b | ₺16.4b | ₺10.2b | 13.8x | 9.2x | 5.7x |
| Fri, 31 Dec 2021 | ₺86.9b | ₺16.4b | ₺8.4b | 13.6x | 10.3x | 5.3x |
| Sun, 28 Nov 2021 | ₺75.0b | ₺16.4b | ₺8.4b | 11.7x | 8.9x | 4.6x |
Price to Earnings Ratio
8.9x
Current Industry PE
- Investors are relatively neutral on the Turkish Real Estate industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 4.9x.
- The 3-year average PS ratio of 8.6x is higher than the industry's current PS ratio of 6.9x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have grown 141% per year over the last three years.
- Revenues for these companies have grown 70% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Trends
Which industries have driven the changes within the Turkish Real Estate sector?
| TR Market | -1.68% | |
| Real Estate | 1.52% | |
| REITS | 5.43% | |
| Office REITs | 4.00% | |
| Industrial REITs | 3.90% | |
| Retail REITs | 1.05% | |
| Specialized REITs | 0% | |
| Health Care REITs | 0% | |
| Residential REITs | -1.96% | |
| Real Estate | -3.61% | |
| Hotel and Resort REITs | -14.01% | |
Industry PE
- Investors are most optimistic about the Real Estate industry, which is trading close to its 3-year average PE ratio of 28.0x.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Industrial REITs industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 1.2x.
Forecasted Growth
- Analysts are most optimistic on the REITS industry, expecting annual earnings growth of 64% over the next 5 years.
- This is better than its past earnings decline of 50% per year.
- In contrast, the REITS industry is expected to see its earnings grow by 64% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| ZRGYO Ziraat Gayrimenkul Yatirim Ortakligi | ₺12.03 | 6.8% +₺3.6b | 138.7% | PB1.1x | |
| AVPGY Avrupakent Gayrimenkul Yatirim Ortakligi Anonim Sirketi | ₺56.00 | 14.4% +₺2.8b | n/a | PB0.6x | |
| TRGYO Torunlar Gayrimenkul Yatirim Ortakligi | ₺54.50 | 4.8% +₺2.5b | 55.7% | PB0.6x | |
| OZKGY Ozak Gayrimenkul Yatirim Ortakligi | ₺12.11 | 9.4% +₺1.5b | 27.2% | PB0.4x | |
| RYGYO Reysas Gayrimenkul Yatirim Ortakligi | ₺13.06 | 3.9% +₺980.0m | 110.3% | PB0.6x |