BGC RESEARCH: TURKISH AIRLINES - Company Update - BUY (Maintained), TP:TL21.50
THYAO-NEW REPORT- TP revised up/ BUY maint'ed 1) We revised up our TP by 12% to TL21.50/sh (+24% upside potential) mainly tt better than expected passenger traffic growth in 2018. 2) We increased our EBITDAR by 5.8% in USD terms w higher yield and load factor expectations- we are now in line w mngt guidance. 3) Mngt says pre-bookings indicate 5pp LF improvement in Mar-May, may imply upside risk for the full year. 4) Costs related to moving to the new airport will reflected in financials throughout the year but mostly 2H and mostly 4Q- total capex of US$600 mn+plus increase in opex due catering, personnel etc already in market’s numbers. 5) Upside risk: Better than expected passenger growth and yields 6) Downside risk: Higher than expected increase in costsTurk Hava Yollari is engaged in the airline industry with the airline flying to 103 destinations, throughout Turkey and internationally. As of the year end, Co. maintains 66 aircrafts with a total seat capacity of 10,672, and leases a A300-200 cargo aircraft. Co. has various services for their customers which include: various ways of checking in and on-line ticket sales.
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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