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Turkish (BIST) Real Estate Sector Analysis
UpdatedDec 21, 2024
DataAggregated Company Financials
Companies54
- 7D-1.3%
- 3M8.8%
- 1Y52.5%
- YTD45.3%
Over the last 7 days, the Real Estate industry has dropped 1.3%, driven by pullbacks in Ziraat Gayrimenkul Yatirim Ortakligi and Emlak Konut Gayrimenkul Yatirim Ortakligi of 4.8% and 5.2%, respectively. Over the past 12 months, the industry was up 53%. 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 |
|---|---|---|---|---|---|---|
| Sun, 22 Dec 2024 | ₺612.6b | ₺78.6b | ₺114.6b | 6.5x | 5.3x | 7.8x |
| Tue, 19 Nov 2024 | ₺555.2b | ₺80.6b | ₺118.6b | 5.1x | 4.7x | 6.9x |
| Thu, 17 Oct 2024 | ₺558.2b | ₺73.7b | ₺101.8b | 4.8x | 5.5x | 7.6x |
| Sat, 14 Sep 2024 | ₺527.6b | ₺79.4b | ₺105.4b | 6x | 5x | 6.6x |
| Mon, 12 Aug 2024 | ₺515.6b | ₺85.1b | ₺109.9b | 5.5x | 4.7x | 6.1x |
| Wed, 10 Jul 2024 | ₺537.6b | ₺85.1b | ₺110.4b | 6.5x | 4.9x | 6.3x |
| Fri, 07 Jun 2024 | ₺496.9b | ₺83.0b | ₺109.6b | 5.6x | 4.5x | 6x |
| Sun, 05 May 2024 | ₺511.8b | ₺76.2b | ₺121.1b | 4.6x | 4.2x | 6.7x |
| Tue, 02 Apr 2024 | ₺417.9b | ₺53.7b | ₺138.5b | 3.8x | 3x | 7.8x |
| Thu, 29 Feb 2024 | ₺462.3b | ₺51.5b | ₺132.1b | 3.8x | 3.5x | 9x |
| Sat, 27 Jan 2024 | ₺429.1b | ₺49.9b | ₺143.8b | 3.4x | 3x | 8.6x |
| Mon, 25 Dec 2023 | ₺363.3b | ₺49.9b | ₺143.8b | 3x | 2.5x | 7.3x |
| Wed, 22 Nov 2023 | ₺396.6b | ₺47.5b | ₺135.2b | 3x | 2.9x | 8.4x |
| Fri, 20 Oct 2023 | ₺364.1b | ₺44.5b | ₺137.7b | 2.5x | 2.6x | 8.2x |
| Sun, 17 Sep 2023 | ₺355.8b | ₺43.7b | ₺135.1b | 2.6x | 2.6x | 8.1x |
| Tue, 15 Aug 2023 | ₺298.9b | ₺39.7b | ₺126.5b | 2.1x | 2.4x | 7.5x |
| Thu, 13 Jul 2023 | ₺252.7b | ₺38.2b | ₺120.9b | 2.1x | 2.1x | 6.6x |
| Sat, 10 Jun 2023 | ₺218.6b | ₺33.4b | ₺119.1b | 1.7x | 1.8x | 6.5x |
| Mon, 08 May 2023 | ₺167.2b | ₺31.3b | ₺116.8b | 1.4x | 1.4x | 5.3x |
| Wed, 05 Apr 2023 | ₺200.4b | ₺31.9b | ₺117.5b | 1.6x | 1.7x | 6.3x |
| Fri, 03 Mar 2023 | ₺215.5b | ₺27.1b | ₺85.8b | 2.9x | 2.5x | 7.9x |
| Sun, 29 Jan 2023 | ₺219.1b | ₺26.3b | ₺43.8b | 6.6x | 5x | 8.3x |
| Tue, 27 Dec 2022 | ₺250.5b | ₺26.2b | ₺42.6b | 7.5x | 5.9x | 9.6x |
| Thu, 24 Nov 2022 | ₺198.7b | ₺26.2b | ₺42.6b | 6.6x | 4.7x | 7.6x |
| Sat, 22 Oct 2022 | ₺165.6b | ₺23.9b | ₺35.9b | 5.7x | 4.6x | 6.9x |
| Mon, 19 Sep 2022 | ₺162.7b | ₺23.8b | ₺35.9b | 6x | 4.5x | 6.8x |
| Wed, 17 Aug 2022 | ₺145.7b | ₺22.0b | ₺34.6b | 6.2x | 4.2x | 6.6x |
| Fri, 15 Jul 2022 | ₺143.6b | ₺20.2b | ₺25.9b | 7.8x | 5.5x | 7.1x |
| Sun, 12 Jun 2022 | ₺130.5b | ₺20.3b | ₺25.7b | 7x | 5.1x | 6.4x |
| Tue, 10 May 2022 | ₺264.2b | ₺18.3b | ₺25.3b | 7.6x | 10.4x | 14.5x |
| Thu, 07 Apr 2022 | ₺116.8b | ₺17.3b | ₺24.9b | 6.8x | 4.7x | 6.7x |
| Sat, 05 Mar 2022 | ₺95.2b | ₺16.6b | ₺18.8b | 6.3x | 5.1x | 5.7x |
| Mon, 31 Jan 2022 | ₺89.6b | ₺16.4b | ₺10.2b | 13.4x | 8.8x | 5.5x |
| Wed, 29 Dec 2021 | ₺86.9b | ₺16.4b | ₺8.4b | 12.6x | 10.3x | 5.3x |
Price to Earnings Ratio
10.3x
Current Industry PE
- Investors are optimistic on the Turkish Real Estate industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 5.3x which is higher than its 3-year average PE of 4.8x.
- The industry is trading close to its 3-year average PS ratio of 8.6x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have grown 139% per year over the last three years.
- Revenues for these companies have grown 69% 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 | -3.37% | |
| Real Estate | -1.31% | |
| Industrial REITs | 4.69% | |
| Real Estate | 1.91% | |
| Specialized REITs | 0% | |
| Health Care REITs | 0% | |
| REITS | -1.67% | |
| Retail REITs | -1.79% | |
| Hotel and Resort REITs | -1.96% | |
| Office REITs | -2.94% | |
| Residential REITs | -4.72% | |
Industry PE
- Investors are most optimistic about the Real Estate industry which is trading above its 3-year average PE ratio of 27.0x.
- 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 | |
|---|---|---|---|---|---|
| RYGYO Reysas Gayrimenkul Yatirim Ortakligi | ₺15.86 | 4.7% +₺1.4b | 146.8% | PB0.7x | |
| DAPGM DAP Gayrimenkul Gelistirme | ₺7.01 | 7.7% +₺1.2b | 66.3% | PE8.4x | |
| FZLGY Fuzul Gayrimenkul Yatirim Ortakligi Anonim Sirketi | ₺28.42 | 12.8% +₺1.0b | 140.8% | PB2.8x | |
| UFUK UFUK Yatirim Yonetim ve Gayrimenkul | ₺635.00 | 3.1% +₺890.1m | 522.5% | PE118.9x | |
| PEHOL Pera Yatirim Holding Anonim Sirketi | ₺2.61 | 43.4% +₺788.4m | 8.2% | PB1.3x |