A director at TAV Havalimanlari Holding A.S. sold 108,177 shares at 292.000TRY and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last ...
Summary Fraport AG - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Fraport AG (Fraport) carries out the operations and management of international airports. The company owns and operates air traffic hubs at Frankfurt Airport. It provides airport services such as flight and ...
Passenger traffic gained some momentum in 3Q, following the earthquakes, elections and TL appreciation that tempered the momentum in 1H23: Following a deceleration in traffic during 1Q and 2Q, the latest traffic trends in Turkey have seen some improvement in momentum. Also, the government’s raise of price cap on domestic ticket prices from TL1150 to TL1650 and putting an additional price increase allowance for the high load factors (TL2500 for >85% load factors) could support the profitability i...
Passenger traffic in Turkish aviation sector maintaining its strong momentum: The latest traffic trends in Turkey have seen a continuation of the strong momentum, with international traffic, which is the main driver of aviation companies’ earnings, surpassing 2019 levels by a wide margin as of September (THY: +19%; PGS: +18%). In addition, commentaries from companies and tourism pundits suggest that the forward bookings and outlook continue to be positive, showing no signs of recession or a slow...
The general evaluation of TAV HAVALIMANLARI (TR), a company active in the Transportation Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 29, 2022, the closing ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
April 2021 Traffic Results TAVHL announced its passenger figures for April 2021. Given the significantly low base of April 2020 due to Covid-19 lockdowns, YoY comparison is less relevant for this period. MoM comparison in pax shows slight slowdown on the back of more strict restrictions came back in April 2021. Accordingly; • Domestic lines reached 1.06mn passengers indicating 18% MoM decline. • International lines reported 682k passengers representing 30% MoM increase. • Total passenger...
·Domestic lines reached 1.3mn passengers indicating 9% YoY (+27% MoM) decline ·International lines reported 523k passengers representing 31% YoY (+119% MoM) decline. ·Total passenger traffic in March 2021 reached 1.83mn representing 17% YoY (+45% MoM) decline. ·Accordingly, total passenger traffic in 3M21 period reached 4.33mn passengers indicating 59% YoY decrease.
February 2021 Traffic Results TAVHL announced its passenger figures for February 2021. We consider that continuing flight restictions and lockdown measures maintained its negative impact on the traffic results, especially for the international lines. Accordingly; • Domestic lines reached 1.02mn passengers indicating 54% YoY (+9% MoM) decline • International lines reported 238k passengers representing 87% YoY (-22% MoM) decline. • Total passenger traffic in February 2021 reached 1.26mn rep...
We revise our TP up from TL26.4/s to TL33.0/s for TAV, as we incorporate concession extensions and Kazakhstan (Almaty) into our SoTP valuation. Given the 43% upside potential, we reiterate our Buy rating. With an asset portfolio focused on tourism and leisure traffic, TAV is likely to be one of the main beneficiaries of a potentially strong summer tourism season. The market’s reaction to the extension has been muted so far, but with the lifting of travel restrictions and improving sentiment on t...
The General Directorate of the State Airports Authority (DHMI) reported a y-y decline in airline passenger traffic in February 2020 despite relatively better international passenger traffic. The total passenger traffic declined by 3.7% y-y (-0.8% y-y in January 2020) despite solid international passenger traffic growth of 6% (12% in January 2020) as domestic passenger traffic declined by 10% y-y (-9% in January 2020). We believe that February airport data indicates a relatively healthy perform...
The General Directorate of State Airports Authority (DHMI) reported a decline in passenger growth in January 2020 despite healthy international passenger traffic. The total passenger traffic inched down by 0.8% y-y to 13.9m in January 2020 (vs -0.4% y-y in December 2019) despite solid international passenger traffic growth. The number of domestic passengers declined 9% y-y to 7.8m (-9% in December 2019), while international passenger traffic was up 12% y-y to 6.1m in January 2020 (+11% in Decem...
TAV Airports posted a net profit of EUR223mn in 4Q19, in line with market consensus (EUR230mn), but lower than our expectation (EUR270mn). Adjusted EBITDA came in at EUR46mn in 4Q19, broadly in line with market consensus (EUR49mn), but weaker than our expectation (EUR57mn). TAV booked earnings from Istanbul Ataturk Airport as a discontinued item following the closure of the airport 6 April
The General Directorate of the State Airports Authority (DHMI) reported robust passenger figures in October 2019, backed by healthy international passenger numbers. Total passenger traffic was up 3.5% y-y (vs. +2.8% y-y in September) to 19.3m, boosted by international passenger traffic. Domestic passenger traffic declined 8% y-y (-11% in September 2019) to 8.4m while international pax was up 15% y-y (+16% in September) to 10.9m in October 2019. We believe that October data of airports indicates...
TAV Airports posted a net profit of EUR89mn in 3Q19, better than market consensus (EUR80mn) and our expectation (EUR63mn). Adjusted EBITDA came in at EUR156mn in 3Q19, broadly in line with market consensus (EUR150mn) and our expectation (EUR163mn). TAV booked earnings from Istanbul Ataturk Airport as a discontinued item following the closure of the airport April 6th, so the financials in 9M18 and 9M19 were restated.
TAV Airports posted a net profit of EUR89mn in 3Q19, better than market consensus (EUR80mn) and our expectation (EUR63mn). Adjusted EBITDA came in at EUR156mn in 3Q19, broadly in line with market consensus (EUR150mn) and our expectation (EUR163mn). TAV booked earnings from Istanbul Ataturk Airport as a discontinued item following the closure of the airport April 6th, so the financials in 9M18 and 9M19 were restated.
The General Directorate of the State Airports Authority (DHMI) reported modest air passenger figures for September 2019, curbed by weak domestic passenger numbers. Total passenger traffic was up by 2.8% y-y (vs. -1.4% y-y in August) to 21.3m, boosted by international passenger traffic. Accordingly, domestic passengers declined by 11% y-y (-14% in August 2019) to 8.7m while international passenger traffic was up by 16% y-y (+15% in August) to 12.6m in September 2019. We believe that airports da...
We expect the positive momentum to continue: Global growth fears, which have pushed down global bond yields, and the recent shift to a more dovish stance by both the Federal Reserve and the European Central Bank, have led to a significant recovery in global equity indices since mid-May. This rising tide in the global markets has also lifted the Turkish equity market to a higher level. Despite the occasional volatility and challenges in the upcoming months, we expect this positive momentum in Tur...
TAV Airports released net income of EUR24m in 1Q19, slightly lower than our estimate of EUR29m and RT consensus of EUR26m. The divergence from our estimates came from EUR4m of deferred tax expense. Operationally, 1Q19 EBITDA of EUR98m came in line with our estimate of EUR97m and RT consensus estimate of EUR96m. We expect investor interest to wane in the short term. However, we maintain our BUY call on TAV Airports as we expect cash generation to remain healthy, backed by robust Turkish aviation...
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