WOOD Flash – Turkish Airlines: 3Q20 – EBITDA ahead of consensus, guides for USD 250m monthly cash burn
Turkish Airlines has reported its 3Q20 results. The company continued to benefit from the very strong cargo performance. The revenues were in line with, and the EBITDA and earnings slightly ahead of, the consensus expectations. The cash burn (EUR 300-350m per month during the quarter) continued to push the debt higher, and the company ended September with net debt of USD 14bn and liquidity of USD 1.3bn. The company has an additional USD 2.0bn in undrawn credit lines, and management has guided for a cash burn of around USD 250m going forward, while indicating that the company would prefer not to operate with a cash position worth less than three months' worth of cash burn. At the USD 250m rate of monthly cash burn, this point would be reached at around mid-2021E, by when the company may start to see inflows from ticket sales for the summer season.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.
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