BGC PARTNERS - PEGASUS 4Q17 - BETTER
PGSUS - BETTER: TL8m NI in 4Q17 is better than mkt cons of TL36m NET LOSS. Negative EBITDA of TL15m also beat the mkt exp of TL33m NET LOSS. Reasonn for the beat: CASK was 1.7% lower than our estimate parallel to lower than expected maintenance and fuel costs along with lower expenses under “other expenses itemâ€. Net tax income of TL44mn vs. no tax income expectation in 4Q17. Note that, PGSUS recorded a one-off income of TL95mn and TL216mn from aircraft sales in 4Q17 and 2017, respectively. Exp positive reaction to the results tdy.Pegasus Hava Tasimaciligi is a low-cost airline group based in Turkey. Co. provides reasonably-priced transportation opportunities on point-to-point basis in short and medium range flight lines on its domestic and international network. Co. primarily provides transportation opportunities from its main hub in Istanbul Sabiha Gokcen International Airport, but also offers scheduled flights from other domestic hubs, primarily in Adana, Antalya and Izmir. Co.'s fleet is composed of 49 airplanes in total. Co.'s flight network consists of 76 locations (45 abroad and 31 domestic flight locations in 30 countries). Co. also provides cargo services and provides various training services.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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