BGC Partners: PEGASUS Company Update - BUY Maintained with 44% Upside
We revised our valuation shifting to 2020 multiples, using lower fuel price forecasts and fine-tuning our 2020 expectations with further clarity by the management. We revised up our TP by 27% from TL86.8 to TL110.0 which points to a 12-month total return of 44%. Pegasus stock increased by 157% and outperformed the BIST100 index by 105% in the last 6-month period thanks to superb earnings performance followed by guidance upgrades by the management and earnings upgrades by the marketPegasus 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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