BGC Partners: PGSUS 3Q19 EARNINGS – BETTER
Pegasus reported a net profit of TL1,200mn (+62% YoY) in 3Q19, better than market consensus of TL1,023mnand BGC estimate of TL1,053mn… EBITDA (including IFRS16 impact) came in at TL2,033mn (+51% YoY), also
beating market consensus (TL1,880mn) and BGC estimate (TL1,857mn). Main deviation from our estimates was
better than expected unit revenue in international flights and ancillary revenues per pax.
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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