PEGASUS HAVA TASIMACILIGI ANONIM SIRKETI

Financials Pegasus Hava Tasimaciligi Anonim Sirketi

Equities

PGSUS

TREPEGS00016

Airlines

Market Closed - Borsa Istanbul Other stock markets 11:09:52 2024-05-14 EDT			5-day change	1st Jan Change
204 ^TRY	+1.43%		-4.40%	+53.52%

05-08	Pegasus Hava Tasimaciligi Anonim Sirketi Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-04	Pegasus Hava Tasimaciligi Anonim Sirketi Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,839	7,632	8,690	49,104	66,444	102,000	-	-
Enterprise Value (EV) ¹	15,256	23,038	38,380	97,284	66,444	194,525	195,458	183,282
P/E ratio	6.63 x	-3.88 x	-4.41 x	6.92 x	3.18 x	8.02 x	7.29 x	7.1 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	0.8 x	1.59 x	0.81 x	1.15 x	0.94 x	0.98 x	0.77 x	0.7 x
EV / Revenue	1.38 x	4.8 x	3.6 x	2.28 x	0.94 x	1.87 x	1.48 x	1.26 x
EV / EBITDA	4.23 x	47.9 x	16.9 x	6.9 x	3.07 x	6.28 x	4.52 x	4.13 x
EV / FCF	5.04 x	-	-1,261 x	10.9 x	-	12.2 x	15.5 x	7.71 x
FCF Yield	19.8%	-	-0.08%	9.19%	-	8.23%	6.43%	13%
Price to Book	1.65 x	1.42 x	1.28 x	2.72 x	-	1.43 x	0.98 x	0.78 x
Nbr of stocks (in thousands)	500,023	500,023	500,023	500,023	500,023	500,000	-	-
Reference price ²	17.68	15.26	17.38	98.20	132.9	204.0	204.0	204.0
Announcement Date	20-03-03	21-03-04	22-03-04	23-03-06	24-03-04	-	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,025	4,804	10,664	42,732	70,532	104,148	131,730	145,104
EBITDA ¹	3,610	481.3	2,271	14,099	21,626	30,996	43,236	44,338
EBIT ¹	2,062	-1,702	-545.5	9,634	13,823	17,971	21,133	27,063
Operating Margin	18.7%	-35.43%	-5.11%	22.55%	19.6%	17.26%	16.04%	18.65%
Earnings before Tax (EBT) ¹	1,394	-2,025	-2,057	6,619	10,115	10,799	14,125	19,676
Net income ¹	1,333	-1,965	-1,972	7,100	20,908	10,602	15,113	18,245
Net margin	12.09%	-40.91%	-18.5%	16.62%	29.64%	10.18%	11.47%	12.57%
EPS ²	2.666	-3.930	-3.945	14.20	41.81	25.44	27.99	28.75
Free Cash Flow ¹	3,026	-	-30.44	8,940	-	16,001	12,570	23,771
FCF margin	27.45%	-	-0.29%	20.92%	-	15.36%	9.54%	16.38%
FCF Conversion (EBITDA)	83.83%	-	-	63.41%	-	51.62%	29.07%	53.61%
FCF Conversion (Net income)	226.95%	-	-	125.91%	-	150.92%	83.17%	130.29%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	20-03-03	21-03-04	22-03-04	23-03-06	24-03-04	-	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	3,492	4,064	8,351	17,840	12,477	8,793	15,109	28,073	18,557
EBITDA ¹	477.7	342.1	1,594	8,198	3,966	1,204	4,748	12,056	3,618
EBIT	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income ¹	-969.7	-1,100	-790.5	4,838	4,152	-598.1	1,925	7,719	11,861
Net margin	-27.77%	-27.06%	-9.47%	27.12%	33.28%	-6.8%	12.74%	27.5%	63.92%
EPS	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	22-03-04	22-05-10	22-08-15	22-11-09	23-03-06	23-05-10	23-08-14	23-11-08	24-03-04

¹TRY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,417	15,407	29,689	48,180	-	92,525	93,458	81,282
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.778 x	32.01 x	13.07 x	3.417 x	-	2.985 x	2.162 x	1.833 x
Free Cash Flow ¹	3,026	-	-30.4	8,940	-	16,001	12,570	23,771
ROE (net income / shareholders' equity)	29.3%	-36.6%	-32.4%	57%	-	21.4%	18.1%	14.3%
ROA (Net income/ Total Assets)	7.68%	-7.84%	-4.81%	9.55%	-	6.15%	6.53%	7.35%
Assets ¹	17,362	25,065	40,984	74,383	-	172,397	231,325	248,234
Book Value Per Share ²	10.70	10.80	13.60	36.10	-	142.0	208.0	263.0
Cash Flow per Share ²	7.130	0.7700	5.730	27.90	-	74.20	50.60	60.30
Capex ¹	148	-	3,542	-	-	21,373	9,289	6,682
Capex / Sales	1.34%	-	33.21%	-	-	20.52%	7.05%	4.6%
Announcement Date	20-03-03	21-03-04	22-03-04	23-03-06	24-03-04	-	-	-

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

Ratings for Pegasus Hava Tasimaciligi Anonim Sirketi

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

204 TRY

Average target price

224.7 TRY

Spread / Average Target

+10.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Airlines

	1st Jan change	Capi.
PEGASUS HAVA TASIMACILIGI ANONIM SIRKETI	+53.52%	3.12B
DELTA AIR LINES, INC.	+31.89%	34.2B
RYANAIR HOLDINGS PLC	-1.55%	23.24B
SINGAPORE AIRLINES LIMITED	+4.27%	20.79B
INTERGLOBE AVIATION LIMITED	+39.78%	18.87B
UNITED AIRLINES HOLDINGS, INC.	+33.52%	17.89B
AIR CHINA LIMITED	-18.02%	14.34B
TÜRK HAVA YOLLARI ANONIM ORTAKLIGI	+35.72%	13.46B
CHINA SOUTHERN AIRLINES COMPANY LIMITED	-7.55%	12.36B
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.	+18.77%	11.51B

Other Airlines