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 TL60mn… 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.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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