BGC Partners: TURKISH AIRLINES Company Update - BUY Maintained with 34% Upside
We revised up our TP by 12% to TL18.68/share which points to an upside potential of 34%. Following the announcement of high season financials, we shift to 2020 earnings in our valuation. Starting with this report, we will exclude B737-Max type aircraft from our valuation for both 2020 and 2021 until THY announces to restart flights with B737-Max model. Lower ASK and RASK assumptions compared to our previous model led to downward revision in our EBITDAR estimates. However, shifting to 2020 earnings had an overall positive impact on our valuation.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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