Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO.IS)
ValueMarkers Composite Index
95% below intrinsic value ($42)
Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO.IS) — VMCI valuation read
Headline read on TRGYO.IS: VMCI of 69/100 versus a Real Estate sector median of 50. The 19-point above-median position is what makes Torunlar Gayrimenkul Yatirim Ortakligi AS a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on TRGYO.IS: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on TRGYO.IS: value (TRGYO.IS trades at 19.0x earnings, 6% above the Real Estate median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of 2.5x is the rate-sensitivity line to watch). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.
TRGYO.IS fell 2.4% over the trailing 7 days, with a -2.6% read on a 30-day basis.
Torunlar Gayrimenkul Yatirim Ortakligi Anonim Sirketi (Torunlar REIC or The Company). The company, Toray Insaat Sanayi ve Ticaret A.S. was established in 1996 in Istanbul, Turkey. The company became a part of Torunlar Gayrimenkul Yatirim Ortakligi A.S. It was registered on January 21, 2008. The company is registered with the Capital Markets Board (CMB) and its shares are traded on Borsa Istanbul since October 21, 2010. The company operates in Turkey. As of 30 September 2023, the Company's total number of personnel is 53 (31 December 2022: 51) and its ultimate main shareholder is Torun Family (Note 14). The company is registered in Turkey with the Istanbul Chamber of Commerce and its head office is located at the following address: Rüzgarlibahçe Mahallesi Özalp Çikmazi No: 4 Beykoz 34805 Istanbul/Turkey.
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