Pegasus Airlines (PGSUS TI) - Change in strategy delivers: Maintain Buy
Pegasus’s 3Q19 NI surpassed our and RT consensus estimates on better operational performance and lower effective tax rate. EBITDA came in slightly higher than our estimate and 8% above the RT consensus estimate. Pegasus’s good 3Q19 result was supported by its successful strategy of focusing more on international flights.
We expect earnings momentum to remain strong in 2020 as Pegasus has successfully shifted its capacity to international flights and balanced the operational currency mismatch. At current levels, the stock trades at 4.5x 2019E adjusted EV/EBITDA, which is at 41% discount to its global peers.
TEB Investment equity research analysts and strategist team consists of 8 analysts with an average finance sector experience of 15 years and special focus on international investors.
With our 6 equity research analysts we cover 93 companies across 21 sectors, reflecting 80% of the total market capitalization of all BIST companies and 86% of the BIST100 companies. Our strategy team provides in depth top-down and bottom-up market views with insight on FX and bond markets by publishing sectoral and strategic reports both in English and Turkish.
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