EKGYO Real Estate
🏢 Company Profile
To create and manage a portfolio of real estate and real estate-based capital market instruments.
- T.C. MINISTRY OF ENVIRONMENT AND URBANIZATION HOUSING DEVELOPMENT ADMINISTRATION — 49.34%
- Last quarter (2026/6): sales 51262860000 TL, net profit margin 5.8% (normal)
- Sales growth: YoY %+-18.4 (contraction).
- Net profit growth: YoY -72.7% (contraction).
- Owners' Equity Growth: YoY %+6.3 (increase)
- Asset turnover 0.5 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 40.6% (moderate leverage); total liabilities (short+long) / owners' equity 174.5%.
- Net financial debt 55932751000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 2.2 — strong liquidity.
- Current ratio (TradingView balance sheet section) 2.1 — strong liquidity.
- Multiples: P/B 0.5 · EV/EBITDA 5.6 · dividend yield 3.0.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
| Total Assets | 423.6 bln TL | Total Debt | 269.3 bln TL |
| Current Assets | 387.0 bln TL | Equity | 154.3 bln TL |
| Financial Debt | 62.6 billion TL | Net Profit | 3.0 mlr TL |
📋 Announced Financial Statements· manually added financial table summary · last pull: 2026-09-23
| Period | Sales Revenues (mlr TL) | Net Profit (mlr TL) | Profit Margin | Total Assets (mlr TL) | Equity (mlr TL) | Financial Debt (mlr TL) | Financial Debt / Equity |
|---|---|---|---|---|---|---|---|
| 2026/6 | 51.3 (- 18.4% YoY) | 3.0 (- 72.7% YoY) | 5.8% | 423.6 | 154.3 | 62.6 | 40.6% |
| 2026/3 | 19.8 (- 32.6% YoY) | 1.7 (- 54.7% YoY) | 8.4% | 352.7 | 145.2 | 55.3 | 38.1% |
| 2025/12 | 96.5 (+ 133.8% YoY) | 5.6 (- 66.3% YoY) | 5.8% | 379.8 | 153.6 | 63.7 | 41.4% |
| 2025/9 | 60.1 (+ 176.7% YoY) | 9.1 (+ 123.6% YoY) | 15.1% | 276.0 | 129.5 | 39.0 | 30.1% |
| 2025/6 | 62.8 (+ 546.5% YoY) | 10.9 (+ 1.318.1% YoY) | 17.4% | 222.1 | 120.3 | 21.3 | 17.7% |
| 2025/3 | 29.4 (+ 910.1% YoY) | 3.7 (+ 940.2% YoY) | 12.5% | 213.1 | 109.9 | 12.7 | 11.6% |
| 2024/12 | 41.3 | 16.7 | 40.6% | 263.9 | 127.4 | 16.9 | 13.3% |
| 2024/9 | 21.7 | 4.1 | 18.7% | 175.4 | 82.6 | 6.1 | 7.3% |
| 2024/6 | 9.7 | 0.8 | 7.9% | 154.6 | 73.6 | 3.3 | 4.5% |
| 2024/3 | 2.9 | 0.4 | 12.2% | 136.8 | 67.6 | 3.7 | 5.5% |
Income statement items (sales revenues and net profit) are cumulative from the beginning of the year; balance sheet items are period-end balances. Source: İş Yatırım financial statements (based on KAP announcements).
🔎 Fundamental Analysis Summary · automatic
- Revenue (TTM) 100.82 billion TL, EBITDA 22.32 billion TL — EBITDA margin 22.1% (solid EBITDA margin).
- Net profit margin -1.9% (records a net loss).
- EV/EBITDA 5.1 — low EV/EBITDA — cheap zone.
- Net financial debt 55.93 billion TL (89% of market value).
- Current ratio 2.10 — strong liquidity.
- Dividend yield 3.5% (3.5).
Rule-based summary: It is generated from İş Yatırım financial statements (TTM) and TradingView base data with fixed thresholds; no LLM, no hallucination risk. It is not investment advice.
Valuation and Profitability · single source, last 12 months
Last 5 trading days return: -3.8%
| Market value | 63.3 mlr TL |
| Equity (2026/6) | 154.3 billion TL |
| Net profit (last 12 months) | - 2.3 billion TL |
| P/E (last 12 months) | — |
| P/B | 0.41 |
| ROE (last 12 months) | -1.5% |
| Financial debt / equity | 41% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 22.3 billion TL |
| EBITDA margin | 22.1% |
| EV / EBITDA | 5.1 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Real estate sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | negative |
| Score | -1 |
| Channels | interest rate increase, domestic demand increase |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | STRONG SELL |
| Short term (EMA 5-8-13-21) | SELL |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | SELL |
| Wave Trend (indicator) | SELL |
| Channel position | 3% |
| Trend strength (r) | -0.30 |
| Score | 0 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- Emlak Konut'un Current Projects: İstanbul, Ankara ve Antalya'da Housing Options — Listen to Nature · 29.10
- Emlak Konut GYO Çekmeköy 3. Etap’ta last minute development! — Emlak Kulisi · 29.10
- Emlak Konut, ZVVZ USK Prag'a lost — N Gazete · 29.10
- Emlak Konut's Çekmeköy 3. Stage 4. Part Project — hibya.com · 27.10
- KAP *** EMLAK KONUT REAL ESTATE INVESTMENT PARTNERSHIP INC. *** EKGYO *** Special Situation Announcement (General) — Yeni Şafak · 27.10
- Emlak Konut, Halkalı Batı 3. etap tender 2nd session date KAP’a announced.. — EmlakDream · 26.10
📋 KAP Notifications
- 23 Ekim 18:17 — Transactions within the Scope of Liquidity Provision→
- 23 Ekim 17:31 — Export Order Document→
- 23 Ekim 14:29 — Circuit Breaker Notification on a Share Basis→
- October 21, 17:41 — Special Situation Disclosure (General)→
- October 21, 17:40 — Special Situation Disclosure (General)→
- October 21, 15:26 — Special Situation Disclosure (General)→
- 19 October 19:23 — Special Situation Disclosure (General)→
- 19 October 19:23 — Special Situation Disclosure (General)→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Emlak Konut GYO rose to 19.88 TL with a 2.00% premium on September 23, 2026. Short, medium and long-term EMA sequences are WAIT, Wave Trend in BUY position; the table is summarized as 1/4 SELL. Channel position is 60%, trend strength (r) -0.09 indicating a directionless and unstable trend. The stock is trading 13% below its 60-day peak of 22.84 TL and 12% above the 17.70 TL support zone; intraday buying aligns with interest rate cut expectations in the GYO sector.
🌍 Macroeconomic Evaluation
The most critical macro variable for the GYO sector is the interest rate path: with inflation falling to 31.5%, the Central Bank of the Republic of Turkey's expectations of gradual rate cuts have the potential to ease housing loan interest rates, which is the strongest catalyst for Emlak Konut's sales volumes. During the high inflation period, real estate was demanded as a real asset; during the disinflation process, this 'inflation hedge' premium decreases while increased financial accessibility works in the opposite direction. Post-earthquake urban transformation projects and government-supported housing campaigns create structural demand for the company's project portfolio. USD/TL's stable course at 48.83 limits the exchange rate pressure on construction costs. However, if rate cuts are delayed or housing demand remains weak, discounted pricing could extend; a macro transition period requiring patience continues for sector stocks.
🧾 Balance Sheet Evaluation
Emlak Konut GYO recorded an 18.4% decline in sales revenue and a 72.7% drop in net profit in the first half of 2026; over the last four quarters, 84.9 billion TL in sales corresponded to a net loss of 2.3 billion TL. In the second quarter of the year, however, profitability showed limited recovery with 31.4 billion TL in sales and 1.3 billion TL in net profit; the quarterly net margin was 4.2, significantly below the 17.4 in the first half of last year. With a market value of ~73 billion TL, the stock is trading at approximately half its equity (P/B ~0.5x); this deep discount reflects concerns about the real estate sector's high financing costs and weak sales pace. Negative TTM profit makes the P/E ratio meaningless; EV/EBITDA ~6.1x shows that profitability has not completely collapsed. Financial debt/equity is 40.6%, net debt ~22.0 billion TL at ~1.0x EBITDA; leverage is at a manageable level. ROE over the last four quarters is -1.5% in negative territory; valuation will only gain meaning with sustainable profitability recovery. The dividend yield of around 3.1% provides limited support. In summary, EKGYO is cheap based on asset value but has a weak profitability recovery story; housing sales momentum and interest rate path continue to be the key determinants of the stock.
This section is manually updated; for informational purposes only, not investment advice.