BGC PARTNERS - THYAO 1Q18 REVIEW
THYAO - BETTER: TL314m NET LOSS was lower than mkt cons of TL533mn NET LOSS. TL1,037mn EBITDA was slightly higher than mkt cons of TL992m. Main deviations from expectations are better than expected unit revenues and cargo revenues along with lower than expected net financial expenses. The company posted an EBITDAR of TL1,608mn (+185% YoY) in 1Q18. Solid YoY improvement in operational profitability stems from higher unit revenues, improvement in load factor, positive currency impact and higher flight utilization. We expect the earnings announcement to have a slight positive impact on the stock. BUY unch with TP of TL20.50/shr (24%)Turk Hava Yollari is engaged in the airline industry with the airline flying to 103 destinations, throughout Turkey and internationally. As of the year end, Co. maintains 66 aircrafts with a total seat capacity of 10,672, and leases a A300-200 cargo aircraft. Co. has various services for their customers which include: various ways of checking in and on-line ticket sales.
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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