Update shared on 03 Dec 2025
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).
- Details of the Air Albania stake sale, including the timetable and valuation, have not yet been disclosed. Management has committed to provide further updates as the transaction progresses (regulatory filing).
- New interline and codeshare agreements with Air Transat are now live. These agreements enable single-ticket, through-checked journeys and expand connectivity between Canada, Turkiye, and major destinations across Europe, Asia, and the Middle East (company announcement).
- Under the Air Transat partnership, both airlines will place their codes on each other's services, initially on the Toronto–Istanbul route. More connecting flights and an additional weekly Air Transat frequency are planned from May 28, 2026 (company announcement).
- Turkish Airlines has publicly denied media reports that it is negotiating to acquire all shares in SunExpress, reaffirming that the leisure carrier continues under its existing 50-50 joint venture structure with Lufthansa (regulatory filing).
Valuation Changes
- Fair Value: Unchanged at TRY 478.72 per share, indicating no revision to the central valuation estimate.
- Discount Rate: Fallen slightly from 41.69 percent to 41.46 percent, supporting a marginally higher valuation multiple.
- Revenue Growth: Risen slightly from 8.53 percent to 8.54 percent, reflecting a modestly more optimistic long term top line outlook.
- Net Profit Margin: Risen slightly from 6.87 percent to 6.90 percent, pointing to a small upward adjustment in expected profitability.
- Future P/E: Fallen slightly from 21.55x to 21.29x, suggesting a marginally lower multiple applied to forward earnings despite the stronger fundamentals.
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