TAV HAVALIMANLARI HOLDING |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 217.1 TRY | +6.95% |
|
+10.94% | +101.95% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,590 | 848.3 | 781 | 1,688 | 1,198 | 2,276 | - | - |
| Enterprise Value (EV) 1 | 2,405 | 1,610 | 1,798 | 3,292 | 2,346 | 4,029 | 3,906 | 3,766 |
| P/E ratio | 4.26 x | -3.15 x | 16.6 x | 18 x | 5.25 x | 17.8 x | 11.3 x | 10.9 x |
| Yield | 3.66% | 5.45% | - | - | - | 4.2% | 3.19% | 3.91% |
| Capitalization / Revenue | 2.08 x | 2.97 x | 1.5 x | 1.86 x | 1.15 x | 1.47 x | 1.2 x | 1.32 x |
| EV / Revenue | 3.15 x | 5.63 x | 3.44 x | 3.64 x | 2.25 x | 2.61 x | 2.06 x | 2.18 x |
| EV / EBITDA | 7.32 x | 132 x | 12 x | 10.2 x | 7.6 x | 8.52 x | 6.38 x | 6.86 x |
| EV / FCF | 32.8 x | -62.8 x | -8.67 x | -13.3 x | -15.1 x | 61.8 x | 52 x | -5.67 x |
| FCF Yield | 3.05% | -1.59% | -11.5% | -7.51% | -6.64% | 1.62% | 1.92% | -17.6% |
| Price to Book | 1.21 x | 0.87 x | 0.79 x | 1.41 x | 0.85 x | 1.58 x | 1.47 x | 1.37 x |
| Nbr of stocks (in thousands) | 363,281 | 361,234 | 361,234 | 361,234 | 363,281 | 363,281 | - | - |
| Reference price 2 | 4.377 | 2.348 | 2.162 | 4.674 | 3.298 | 6.264 | 6.264 | 6.264 |
| Announcement Date | 2/7/20 | 2/16/21 | 2/15/22 | 2/14/23 | 2/14/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 764 | 286.1 | 522.1 | 905.3 | 1,044 | 1,544 | 1,895 | 1,725 |
| EBITDA 1 | 328.6 | 12.23 | 149.5 | 322.1 | 308.9 | 472.8 | 612.3 | 549.3 |
| EBIT 1 | 229.3 | -79.6 | 50.2 | 195.6 | 197.1 | 368.3 | 457.4 | 454.1 |
| Operating Margin | 30.01% | -27.82% | 9.62% | 21.6% | 18.88% | 23.86% | 24.14% | 26.32% |
| Earnings before Tax (EBT) 1 | 119.5 | - | 82.7 | 119.9 | 256.4 | 193.7 | 252.8 | 301.1 |
| Net income 1 | 373.1 | -270.4 | 44.7 | 93.9 | 228.2 | 128.1 | 224.7 | 208.9 |
| Net margin | 48.84% | -94.53% | 8.56% | 10.37% | 21.87% | 8.3% | 11.86% | 12.11% |
| EPS 2 | 1.027 | -0.7450 | 0.1300 | 0.2601 | 0.6280 | 0.3511 | 0.5546 | 0.5751 |
| Free Cash Flow 1 | 73.27 | -25.62 | -207.4 | -247.4 | -155.8 | 65.17 | 75.14 | -664 |
| FCF margin | 9.59% | -8.96% | -39.72% | -27.33% | -14.93% | 4.22% | 3.97% | -38.49% |
| FCF Conversion (EBITDA) | 22.3% | - | - | - | - | 13.79% | 12.27% | - |
| FCF Conversion (Net income) | 19.64% | - | - | - | - | 50.87% | 33.44% | - |
| Dividend per Share 2 | 0.1600 | 0.1279 | - | - | - | 0.2630 | 0.2000 | 0.2451 |
| Announcement Date | 2/7/20 | 2/16/21 | 2/15/22 | 2/14/23 | 2/14/24 | - | - | - |
1EUR in Million2EUR
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 S1 | 2023 Q3 | 2023 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 199.8 | 166.3 | 147.9 | 235.9 | 316.5 | 285.5 | 237.2 | 232.1 | 401.6 | 397.6 | 321.8 |
| EBITDA 1 | 93 | 32.3 | 31.97 | 86.79 | 128.3 | - | 40.34 | 77.24 | 106.1 | 170.6 | 55.93 |
| EBIT | - | - | - | - | - | - | - | - | - | - | - |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - |
| Net income 1 | 64.8 | -43.4 | -21.29 | 34.78 | 84.09 | 1.479 | -43.08 | 29.74 | - | 181.5 | 65.47 |
| Net margin | 32.43% | -26.1% | -14.39% | 14.74% | 26.57% | 0.52% | -18.16% | 12.81% | - | 45.65% | 20.35% |
| EPS | - | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 10/21/21 | 2/15/22 | 4/26/22 | 7/27/22 | 10/26/22 | 2/14/23 | 4/25/23 | 7/26/23 | 7/26/23 | 10/24/23 | 2/14/24 |
1EUR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 815 | 762 | 1,017 | 1,604 | 1,148 | 1,754 | 1,630 | 1,490 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.479 x | 62.28 x | 6.802 x | 4.98 x | 3.718 x | 3.71 x | 2.663 x | 2.713 x |
| Free Cash Flow 1 | 73.3 | -25.6 | -207 | -247 | -156 | 65.2 | 75.1 | -664 |
| ROE (net income / shareholders' equity) | 31.7% | -26.7% | 4.66% | 11.1% | 19% | 8.98% | 11.9% | 13.1% |
| ROA (Net income/ Total Assets) | 10.2% | -7.93% | 1.28% | 3.16% | 5.52% | 6.8% | 6.3% | 5.9% |
| Assets 1 | 3,647 | 3,410 | 3,498 | 2,967 | 4,137 | 1,884 | 3,567 | 3,540 |
| Book Value Per Share 2 | 3.630 | 2.710 | 2.740 | 3.320 | 3.880 | 3.980 | 4.250 | 4.580 |
| Cash Flow per Share 2 | 0.3800 | 0.0100 | 0.6600 | 0.7700 | 0.1600 | 0.8800 | 1.030 | 1.090 |
| Capex 1 | 65.6 | 28.6 | 22.4 | 135 | 214 | 225 | 74.4 | 69.9 |
| Capex / Sales | 8.59% | 10.01% | 4.3% | 14.89% | 20.54% | 14.56% | 3.93% | 4.05% |
| Announcement Date | 2/7/20 | 2/16/21 | 2/15/22 | 2/14/23 | 2/14/24 | - | - | - |
1EUR in Million2EUR
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
7
Last Close Price
6.264
EUR
Average target price
7.248
EUR
Spread / Average Target
+15.71%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +101.95% | 2.43B | |
| +7.13% | 28.15B | |
| +14.40% | 12.88B | |
| +1.11% | 12.49B | |
| +22.68% | 10.66B | |
| +6.10% | 9.26B | |
| -11.93% | 6.8B | |
| +12.66% | 6.57B | |
| +6.89% | 6.3B | |
| +38.59% | 3.57B |
- Stock Market
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- TAVHL Stock
- Financials TAV Havalimanlari Holding
