Earnings Review / TAV Airports (TAVHL TI) - Robust cash generation in 3Q18: Maintain Buy
TAV Airports’ 3Q18 net income of EUR112m was slightly lower than our estimate of EUR122m but in-line with the Research Turkey consensus of EUR114mn. The divergence from our estimates emanated from higher than expected financial expenses. Operationally, 3Q18 EBITDA of EUR232m came in-line with our estimate of EUR236m but slightly higher than the market estimate of EUR218m. The company posted robust operational performance in 3Q18, backed by solid aviation demand and TRY weakness.
TAV Havalimanlari Holding is involved in the businesses related to the construction of terminal buildings, management and operation of terminals or airports. As of Dec 31 2015, Co.'s reportable segments include: terminal operations, which is involved in operating terminal buildings, the car park and the general aviation terminal; catering operations, which manages food and beverage operations of the terminal; duty free operations, which is involved in the sales of duty free goods; ground handling and bus operations, which provides traffic, ramp, flight operation, cargo and all other ground handling services for domestic and international flights; and other, which provides lounge services.
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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