Türk Hava Yollari Anonim Ortakligi

THYAO: Share Buyback Will Drive Future Value Despite Margin Pressure

AN

AnalystConsensusTarget

AnalystConsensusTarget

Not Invested

Based on Analyst Price Targets

Published

19 Nov 24

Updated

03 Dec 25

Views

231

n/a

n/a

AnalystConsensusTarget's Fair Value

n/a

1Y

-5.3%

7D

-1.0%

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1Y

-5.3%

7D

-1.0%

You can edit this narrative until Dec 4 6:10 AM. Then, changes will post as Updates.

Author's Valuation

₺478.7243.5% undervalued

AnalystConsensusTarget Fair Value

Shared on 03 Dec 25

THYAO: Expanded European Partnerships Will Support Stronger Long Term Revenue Outlook

Analysts have modestly raised their price target on Türk Hava Yollari Anonim Ortakligi to TRY 478.72, citing slightly higher long term revenue growth and profit margin assumptions, along with a marginally lower discount rate that supports a stronger valuation multiple. What's in the News The board has approved the sale of Turkish Airlines' entire 49% stake in Air Albania, marking a full exit from the joint venture as the carrier reallocates capital to other European opportunities (regulatory filing).

Shared on 19 Nov 25

Fair value Increased 3.83%

THYAO: Expansion Into New Markets Will Support Stronger Revenue Outlook

Analysts have raised their price target for Türk Hava Yollari Anonim Ortakligi from ₺461.06 to ₺478.72. They cite an improved outlook for revenue growth, despite a slightly higher discount rate and a reduced profit margin forecast.

Shared on 01 Nov 25

Fair value Increased 0.19%

Analysts have slightly increased their price target for Türk Hava Yollari Anonim Ortakligi to $461.06 from $460.20. They cite updated profit margin and growth expectations, despite recent downward revisions in projected profitability ratios.

Shared on 18 Oct 25

Fair value Increased 0.12%

Analysts have slightly raised their price target for Türk Hava Yollari Anonim Ortakligi from ₺459.63 to ₺460.20, reflecting updated views on revenue growth and profitability outlook. What's in the News The company completed the repurchase of 6,276,244 shares, accounting for 0.45% of its equity, for TRY 0.02 million between April 7, 2025 and June 30, 2025 under the previously announced buyback program (Key Developments).

Shared on 04 Oct 25

Analysts have maintained their price target for Türk Hava Yollari Anonim Ortakligi at ₺459.63, noting slight adjustments to growth and valuation assumptions which offset each other in the updated outlook. Valuation Changes Consensus Analyst Price Target remains unchanged at TRY 459.63.

Shared on 01 May 25

Fair value Decreased 14%

Shared on 23 Apr 25

Fair value Increased 4k%

AnalystConsensusTarget has decreased shares outstanding growth rate from -0.0% to -0.0%.

Shared on 17 Apr 25

AnalystConsensusTarget has increased revenue growth from 10.4% to 12.1%.

Shared on 09 Apr 25

AnalystConsensusTarget has increased revenue growth from 7.4% to 10.4%.

Shared on 02 Apr 25

Fair value Increased 0.51%

AnalystConsensusTarget has increased revenue growth from 4.3% to 7.4%, decreased profit margin from 11.0% to 8.8% and increased future PE multiple from 16.4x to 18.6x.

Shared on 26 Mar 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 19 Mar 25

Fair value Decreased 97%

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 12 Mar 25

AnalystConsensusTarget Fair Value

₺478.72

43.5% undervalued

Future estimation in

Growth p.a.

Growth p.a.

%

Decrease

Increase

Current revenue growth rate

8.65%

Airlines revenue growth rate

0.97%

Risk Level (Discount Rate)

Our default considers factors like the company's size, volatility, profitablity and country of operation.

%

0

Decrease

Increase

Current discount rate

10.00%

Calculation

US$2.07b

Earnings '28

x

21.29x

PE Ratio '28

=

US$44.02b

Market Cap '28

US$44.02b

Market Cap '28

/

1.38b

No. shares '28

=

US$31.90

Share Price '28

US$31.90 Share Price '28

Discounted to 2025 @ 41.46% p.a.

=

US$11.27

Fair Value '25

US$11.27 Fair Value '25

Converted to TRY @ 42.4473 USD/TRY Exchange Rate

=

₺478.38

Fair Value '25