BGC Partners: PEGASUS Company Update - BUY Maintained
TP revised up by 50% due to: i) 46% upward revision in EBITDA (on a comparable basis after IFRS 16), ii) lower indebtedness after IFRS 16 application.Management guidance is likely to be revised up after strong 1Q19, successful capacity allocation for international flights and indications for the high season.
Pegasus is trading at 2019E EV/EBITDAR of 4.1x. BUY Maintained due to 47% upside and c30% expected growth in net profit and EBITDA in 2019.
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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