BGC Partners - Pegasus Hava Tasimaciligi AS (PGSUS.E) BGC Partners: PGSUS 4Q19 Earnings Review: Net income lower, operationally in-line

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BGC Partners

Ezgi Yilmaz

EUR 107.77 For Business Accounts Only

BGC Partners: PGSUS 4Q19 Earnings Review: Net income lower, operationally in-line

Pegasus reported a net profit of TL23mn (vs. TL138mn net loss in 4Q18) in 4Q19, lower than market consensus of TL64mn and BGC estimate of TL60mnâ€¦ EBITDA (including IFRS16 impact) came in at TL560mn (+95% YoY), in line with market consensus (TL538mn) and BGC estimate (TL549mn). Main deviation from our estimates TL29mn of one-off expense from the sale of 49% stake in Air Mansa and higher than expected FX losses in 4Q19. Net profit and EBITDA stood at TL1,333mn (+163% YoY) and TL2,632mn (+77% YoY) in 12M19, respectively. We expect the earnings to have a slight negative impact on the stock performance.

04/03/2020 2 EN

Underlying

Pegasus Hava Tasimaciligi AS

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.

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TREPEGS00016 Istanbul Stock Exchange Turkey

Provider

BGC Partners

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

See profile

Analysts

Ezgi Yilmaz

Other Reports on these Companies

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WOOD Flash – Pegasus Airlines: 3Q24 – 22% higher CASKX alleviated by 4% higher RASK and 12% lower fuel CASK (in line with the consensus)

Pegasus’ reported results missed our estimates, but were broadly in line with the consensus collected by the company. The EBIT, a proxy for earnings (as it is unaffected by the non-cash FX gains and losses), was 5% lower yoy in 3Q24. Revenues were up by 13% yoy, driven by 9% ASK growth and a 4% stronger RASK. This was offset by the steep increase in costs. The ex-fuel cask (CASKX) was up 22%, driven chiefly by growth in personnel costs. This was alleviated partly by the fuel CASK, which was down 12%. Still, when adjusted for FX, the net profit would have been down 9% yoy, we estimate.

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HEADLINES: • BIM: weak operating results in 3Q24 NEGATIVE • CEZ: 3Q24 bottom-line miss due to accounting changes; EBITDA guidance raised by 7% POSITIVE • Pegasus Airlines: 3Q24 – 22% higher caskx alleviated by 4% higher RASK and 12% lower fuel cask (in line with the consensus) • Richter: 3Q24 operating results in line NEUTRAL • Auto Partner: preliminary 3Q24 EBIT falls 22% yoy, 9-12% below our expectations and the market NEGATIVE • Auto Partner: October sales growth at 13% yoy, broadly as expected NEUTRAL • OMV Petrom: launches its first large solar project NEUTRAL • Public Power Corporation: ...

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BGC Partners: TURKEY - Central Government Budget continued to improve in February

Finance Ministry released February Central Government budget figures and the data showed further improvement in budget balances, as already suggested by the Treasury cash budget figures.

EUR 107.77

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Cagdas Dogan

Cagdas Dogan

BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

OUR TAKE: We observe no major change in inflation expectations, as the positive surprise in February reading seems to be offset by increased depreciation pressure on TL, while 2020 GDP growth forecast has been cut for the first time since July 2019. Meanwhile, there seems to be a 50bps rate cut expectation from the CBT in next weekâ€™s meeting, 100bps over the next three months, and 175bps over the next twelve months. We currently plug in a 50bps rate cut in our forecasts in next weekâ€™s meeting, followed by a 25bps in the April meeting. (CBT, BGC Partners)

EUR 107.77

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Cagdas Dogan

Cagdas Dogan

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

According to Turkstat, retail sales volume registered a 9.6% y/y expansion in January 2020 in unadjusted terms; while the calendar-adjusted figure also increased by 9.6% y/y in January, which is a quite strong figure, albeit indicating a mild slow down compared to the 11.9% increase recorded in December 2019.

EUR 107.77

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: PGSUS 4Q19 Earnings Review: Net income lower, operationally in-line

WOOD Daily: EXAE GA; EME Macro/Strategy – Central Asia and the Caucasus; EME Macro/Strategy Weekly – Year Ahead; GSPARK HB; BHW PW; PGSUS TI; BGEO LN; BOCHGR GA; CEZ CP; RICHT HB; CIMSA TI

WOOD Flash – Pegasus Airlines: 3Q24 – 22% higher CASKX alleviated by 4% higher RASK and 12% lower fuel CASK (in line with the consensus)

WOOD Daily: BIMAS TI; CEZ CP; PGSUS TI; RICHT HB; APR PW; SNP RO; PPC GA; ELPE GA

BGC Partners: TURKEY - Central Government Budget continued to improve in February

BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

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