Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺7.09, the stock trades at a trailing P/E ratio of 53.2x. Average trailing P/E is 13x in the REITs industry in Turkey. Total returns to shareholders of 438% over the past three years. Upcoming Dividend • Apr 21
Upcoming dividend of ₺0.43 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 30 April 2026. Trailing yield: 0.5%. Lower than top quartile of Turkish dividend payers (2.6%). Lower than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺8.50, the stock trades at a trailing P/E ratio of 63.8x. Average trailing P/E is 11x in the REITs industry in Turkey. Total returns to shareholders of 438% over the past three years. New Risk • Mar 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.7% net profit margin). Market cap is less than US$100m (₺3.75b market cap, or US$84.5m). New Risk • Mar 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.7% net profit margin). Market cap is less than US$100m (₺3.86b market cap, or US$87.0m). Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺6.67, the stock trades at a trailing P/E ratio of 50.1x. Average trailing P/E is 12x in the REITs industry in Turkey. Total returns to shareholders of 341% over the past three years. Upcoming Dividend • Oct 15
Upcoming dividend of ₺0.15 per share Eligible shareholders must have bought the stock before 22 October 2025. Payment date: 24 October 2025. Trailing yield: 0.7%. Lower than top quartile of Turkish dividend payers (3.2%). Lower than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺5.75, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 14x in the REITs industry in Turkey. Total returns to shareholders of 367% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺4.61, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 13x in the REITs industry in Turkey. Total returns to shareholders of 357% over the past three years. Announcement • May 05
Mistral Gayrimenkul Yatirim Ortakligi A.S., Annual General Meeting, May 27, 2025 Mistral Gayrimenkul Yatirim Ortakligi A.S., Annual General Meeting, May 27, 2025. Location: four points by sheraton hotel, cnarli mah.ankara, asfalti cad.no :17/a 35110 konak/izmir, kat:10 cesme salonu, izmir Turkey Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺4.63, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 12x in the REITs industry in Turkey. Total returns to shareholders of 354% over the past three years. New Risk • Mar 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (60% net profit margin). Revenue is less than US$5m (₺169m revenue, or US$4.6m). Market cap is less than US$100m (₺2.32b market cap, or US$63.4m). Upcoming Dividend • Mar 11
Upcoming dividend of ₺0.25 per share Eligible shareholders must have bought the stock before 18 March 2025. Payment date: 20 March 2025. Trailing yield: 4.8%. Within top quartile of Turkish dividend payers (2.8%). Higher than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺15.72, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 11x in the REITs industry in Turkey. Total returns to shareholders of 351% over the past three years. New Risk • Mar 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 60% Last year net profit margin: 753% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 56x cash flows per share). Profit margins are more than 30% lower than last year (60% net profit margin). Revenue is less than US$5m (₺169m revenue, or US$4.6m). Market cap is less than US$100m (₺2.29b market cap, or US$62.8m). Upcoming Dividend • Jan 15
Upcoming dividend of ₺0.25 per share Eligible shareholders must have bought the stock before 22 January 2025. Payment date: 24 January 2025. Trailing yield: 3.2%. Within top quartile of Turkish dividend payers (2.7%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺14.85, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 4x in the REITs industry in Turkey. Total returns to shareholders of 269% over the past three years. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺13.64, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 5x in the REITs industry in Turkey. Total returns to shareholders of 224% over the past three years. Upcoming Dividend • Oct 15
Upcoming dividend of ₺0.25 per share Eligible shareholders must have bought the stock before 22 October 2024. Payment date: 24 October 2024. Trailing yield: 3.7%. Within top quartile of Turkish dividend payers (3.0%). Higher than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺17.36, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 4x in the REITs industry in Turkey. Total returns to shareholders of 253% over the past three years. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺17.06, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 3x in the REITs industry in Turkey. Total returns to shareholders of 322% over the past three years. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₺13.99, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 2x in the REITs industry in Turkey. Total returns to shareholders of 256% over the past three years. Buying Opportunity • Feb 01
Now 20% undervalued Over the last 90 days, the stock is up 3.5%. The fair value is estimated to be ₺7.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 54% over the last 3 years. Earnings per share has grown by 88%. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 15% share price gain to ₺7.43, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 7x in the REITs industry in Turkey. Total returns to shareholders of 283% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 38% share price gain to ₺7.63, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 6x in the REITs industry in Turkey. Total returns to shareholders of 346% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 03
Third quarter 2022 earnings released Third quarter 2022 results: Net income: ₺23.4m (up 427% from 3Q 2021). Buying Opportunity • Jul 22
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₺5.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Earnings per share has grown by 91%. Buying Opportunity • Jul 05
Now 21% undervalued Over the last 90 days, the stock is up 3.3%. The fair value is estimated to be ₺5.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Earnings per share has grown by 91%. Upcoming Dividend • Jun 27
Upcoming dividend of ₺0.11 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 06 July 2022. Trailing yield: 0.8%. Lower than top quartile of Turkish dividend payers (3.6%). Lower than average of industry peers (3.5%). Buying Opportunity • Jun 08
Now 22% undervalued Over the last 90 days, the stock is up 3.4%. The fair value is estimated to be ₺5.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Earnings per share has grown by 91%. Reported Earnings • May 02
First quarter 2022 earnings released: EPS: ₺0.20 (vs ₺0.12 in 1Q 2021) First quarter 2022 results: EPS: ₺0.20 (up from ₺0.12 in 1Q 2021). Net income: ₺27.2m (up 74% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Apr 22
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₺5.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 81%. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺1.60 (up from ₺0.094 in FY 2020). Net income: ₺215.3m (up ₺202.7m from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 08
Upcoming dividend of ₺0.033 per share Eligible shareholders must have bought the stock before 15 November 2021. Payment date: 17 November 2021. Trailing yield: 0.7%. Lower than top quartile of Turkish dividend payers (3.2%). Lower than average of industry peers (3.0%). Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS ₺0.033 (vs ₺0.014 in 3Q 2020) Third quarter 2021 results: Net income: ₺4.44m (up 144% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₺4.63, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 9x in the REITs industry in Turkey. Total returns to shareholders of 259% over the past three years. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ₺0.13 (vs ₺0.001 in 2Q 2020) Second quarter 2021 results: Net income: ₺17.5m (up ₺17.3m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺4.46, the stock trades at a trailing P/E ratio of 47.5x. Average trailing P/E is 13x in the REITs industry in Turkey. Total returns to shareholders of 145% over the past three years. Reported Earnings • Feb 03
Full year 2020 earnings released: EPS ₺0.094 (vs ₺0.26 in FY 2019) Full year 2020 results: Net income: ₺12.6m (down 64% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 64% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 17% share price gain to ₺5.50, the stock is trading at a trailing P/E ratio of 21.1x, up from the previous P/E ratio of 18x. This compares to an average P/E of 11x in the REITs industry in Turkey. Total returns to shareholders over the past three years are 177%. Is New 90 Day High Low • Jan 04
New 90-day high: ₺5.18 The company is up 39% from its price of ₺3.74 on 06 October 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 34% over the same period. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 20% share price gain to ₺4.71, the stock is trading at a trailing P/E ratio of 18x, up from the previous P/E ratio of 15.1x. This compares to an average P/E of 10x in the REITs industry in Turkey. Total returns to shareholders over the past three years are 138%. Reported Earnings • Nov 02
Third quarter 2020 earnings released: EPS ₺0.014 Third quarter 2020 results: Net income: ₺1.82m (down 55% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 70% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 16% share price decline to ₺4.09, the stock is trading at a trailing P/E ratio of 14.7x, down from the previous P/E ratio of 17.5x. This compares to an average P/E of 14x in the REITs industry in Turkey. Total returns to shareholders over the past three years are 76%. Valuation Update With 7 Day Price Move • Oct 15
Market bids up stock over the past week After last week's 18% share price gain to ₺4.60, the stock is trading at a trailing P/E ratio of 16.6x, up from the previous P/E ratio of 14x. This compares to an average P/E of 15x in the REITs industry in Turkey. Total returns to shareholders over the past three years are 82%. Is New 90 Day High Low • Oct 13
New 90-day high: ₺4.48 The company is up 76% from its price of ₺2.55 on 14 July 2020. The Turkish market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 13% over the same period. Valuation Update With 7 Day Price Move • Oct 13
Market bids up stock over the past week After last week's 20% share price gain to ₺4.48, the stock is trading at a trailing P/E ratio of 16.1x, up from the previous P/E ratio of 13.5x. This compares to an average P/E of 14x in the REITs industry in Turkey. Total returns to shareholders over the past three years are 82%.