Turkey – PGSUS – 4Q20 Earnings Call Notes
Following its 4Q20 results on last Thursday evening, PGSUS arranged a conference call where the operational highlighs of 4Q20 and 2021 outlook were discussed. PGSUS’ expectations are concentrated on gradual recovery as of 2H21, as the rest of the aviation industry outlook hints the same scenario. In addition, PGSUS also plans to continue its revenue generation strategies and prudent cost management approach to manage its cash flow until the gradual recovery. We maintain our positive stance on PGSUS as we believe that PGSUS is well equipped for the recovery in aviation sector in the long term. PGSUS trades at 7.1x 1-year forward EV/EBITDA compared to the aviation industry median of 7.6x, with a 54% discount to its global peers. We consider that PGSUS does not deserve that kind of discount to its global peers.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.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.