BGC Partners: PGSUS 4Q18 Earnings Review... Operationally Better
Pegasus reported a net loss of TL138mn in 4Q18, worse than market consensus of TL117mn and BGC estimate of TL66mn net loss… EBITDA came in at TL77mn, substantially better than market consensus (-TL15mn) and BGC estimate (TL4mn). The company recorded TL2,053mn revenues in 4Q18 (+73% YoY), beating market consensus (TL1,779mn) and our expectation (TL1,737mn), which explains the major beat on the EBITDA line. On the other hand, higher than expected FX losses resulted in a lower than expected bottom-line in this period. On a cumulative basis, net profit and EBITDA reached TL507mn (+1%) and TL1,356mn (+84%) in 2018, respectively. We expect the earnings to have a slight positive impact on the stock performance.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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