TÜRK HAVA YOLLARI ANONIM ORTAKLIGI |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 317 TRY | +1.20% |
|
+4.79% | +38.67% |
| Apr. 04 | Transcript : Türk Hava Yollari Anonim Ortakligi, Q4 2023 Earnings Call, Apr 04, 2024 | |
| Apr. 03 | Turkish Airlines Profit Soars on Higher Passenger Numbers | DJ |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 19,955 | 17,816 | 27,628 | 194,442 | 315,457 | 437,445 | - | - |
| Enterprise Value (EV) 1 | 84,789 | 127,112 | 190,873 | 194,442 | 315,457 | 727,165 | 789,897 | 437,445 |
| P/E ratio | 4.16 x | -3.19 x | 3.36 x | 4.1 x | 1.94 x | 5.03 x | 4.41 x | 3.47 x |
| Yield | - | - | - | - | - | - | 7.04% | - |
| Capitalization / Revenue | 0.27 x | 0.38 x | 0.28 x | 0.62 x | 0.47 x | 0.64 x | 0.53 x | 0.41 x |
| EV / Revenue | 1.13 x | 2.74 x | 1.96 x | 0.62 x | 0.47 x | 1.07 x | 0.96 x | 0.41 x |
| EV / EBITDA | 6.15 x | 15.4 x | 6.84 x | 2.47 x | 2.73 x | 4.78 x | 4.04 x | - |
| EV / FCF | 11.3 x | -53 x | 4.56 x | 1.94 x | - | 4.83 x | 5.17 x | 2.67 x |
| FCF Yield | 8.86% | -1.89% | 21.9% | 51.6% | - | 20.7% | 19.3% | 37.5% |
| Price to Book | 0.49 x | 0.45 x | 0.3 x | - | - | 0.7 x | 0.72 x | 0.4 x |
| Nbr of stocks (in thousands) | 1,380,000 | 1,380,000 | 1,380,000 | 1,380,000 | 1,379,953 | 1,379,952 | - | - |
| Reference price 2 | 14.46 | 12.91 | 20.02 | 140.9 | 228.6 | 317.0 | 317.0 | 317.0 |
| Announcement Date | 3/6/20 | 3/1/21 | 3/1/22 | 3/1/23 | 4/4/24 | - | - | - |
1TRY in Million2TRY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 75,118 | 46,448 | 97,378 | 311,169 | 668,779 | 679,854 | 826,171 | 1,068,538 |
| EBITDA 1 | 13,781 | 8,261 | 27,922 | 78,684 | 115,397 | 152,093 | 195,502 | - |
| EBIT 1 | 3,369 | -3,377 | 12,449 | 47,731 | 85,362 | 90,157 | 85,492 | 148,144 |
| Operating Margin | 4.48% | -7.27% | 12.78% | 15.34% | 12.76% | 13.26% | 10.35% | 13.86% |
| Earnings before Tax (EBT) 1 | 5,056 | -6,101 | 9,191 | 51,403 | 116,275 | 87,401 | 112,166 | 135,410 |
| Net income 1 | 4,535 | -5,588 | 8,213 | 47,429 | 192,279 | 81,412 | 105,503 | 125,927 |
| Net margin | 6.04% | -12.03% | 8.43% | 15.24% | 28.75% | 11.97% | 12.77% | 11.78% |
| EPS 2 | 3.476 | -4.050 | 5.950 | 34.37 | 118.1 | 63.07 | 71.85 | 91.25 |
| Free Cash Flow 1 | 7,516 | -2,397 | 41,824 | 100,370 | - | 150,634 | 152,639 | 163,844 |
| FCF margin | 10.01% | -5.16% | 42.95% | 32.26% | - | 22.16% | 18.48% | 15.33% |
| FCF Conversion (EBITDA) | 54.54% | - | 149.79% | 127.56% | - | 99.04% | 78.08% | - |
| FCF Conversion (Net income) | 165.73% | - | 509.24% | 211.62% | - | 185.03% | 144.68% | 130.11% |
| Dividend per Share | - | - | - | - | - | - | 22.32 | - |
| Announcement Date | 3/6/20 | 3/1/21 | 3/1/22 | 3/1/23 | 4/4/24 | - | - | - |
1TRY in Million2TRY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 29,033 | 36,860 | 42,614 | 71,969 | 108,537 | 88,049 | 82,057 | 107,633 | 169,091 | 145,617 |
| EBITDA 1 | 9,680 | 11,277 | 8,247 | 15,649 | 34,161 | 20,627 | 11,908 | 25,623 | 55,794 | 22,072 |
| EBIT | 5,949 | 6,200 | 2,533 | 9,906 | 25,692 | - | - | - | - | - |
| Operating Margin | 20.49% | 16.82% | 5.94% | 13.76% | 23.67% | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - |
| Net income 1 | 6,291 | 1,981 | 2,220 | 9,155 | 27,118 | 8,936 | 4,418 | 13,758 | 51,331 | 93,500 |
| Net margin | 21.67% | 5.37% | 5.21% | 12.72% | 24.99% | 10.15% | 5.38% | 12.78% | 30.36% | 64.21% |
| EPS | 0.0514 | 1.430 | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/3/21 | 3/1/22 | 4/28/22 | 8/10/22 | 11/2/22 | 3/1/23 | 5/3/23 | 8/9/23 | 11/1/23 | 4/4/24 |
1TRY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 64,834 | 109,296 | 163,245 | - | - | 289,721 | 352,452 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.705 x | 13.23 x | 5.846 x | - | - | 1.905 x | 1.803 x | - |
| Free Cash Flow 1 | 7,516 | -2,397 | 41,824 | 100,370 | - | 150,634 | 152,639 | 163,844 |
| ROE (net income / shareholders' equity) | 12.6% | -13.9% | 12.6% | 34.9% | - | 17.5% | 15.4% | 13.1% |
| ROA (Net income/ Total Assets) | 3.54% | -3.34% | 3.04% | 10.2% | - | 7.9% | 6.73% | 7.5% |
| Assets 1 | 127,974 | 167,135 | 270,556 | 466,137 | - | 1,030,529 | 1,566,874 | 1,679,027 |
| Book Value Per Share 2 | 29.60 | 28.60 | 65.70 | - | - | 450.0 | 440.0 | 785.0 |
| Cash Flow per Share 2 | 12.90 | 4.060 | 35.80 | - | - | 164.0 | 137.0 | 174.0 |
| Capex 1 | 11,807 | 8,000 | 7,538 | 16,642 | - | 104,900 | 99,021 | - |
| Capex / Sales | 15.72% | 17.22% | 7.74% | 5.35% | - | 15.43% | 11.99% | - |
| Announcement Date | 3/6/20 | 3/1/21 | 3/1/22 | 3/1/23 | 4/4/24 | - | - | - |
1TRY in Million2TRY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
317
TRY
Average target price
367.8
TRY
Spread / Average Target
+16.04%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +38.67% | 13.47B | |
| +24.09% | 32.01B | |
| +6.68% | 24.77B | |
| -0.30% | 19.86B | |
| +32.63% | 18.21B | |
| +28.07% | 17.37B | |
| -16.19% | 14.84B | |
| -14.20% | 12.32B | |
| +13.74% | 10.8B | |
| -2.58% | 10.28B |
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