Türk Hava Yollari Anonim Ortakligi (IBSE:THYAO) - Share price, News & Analysis

THYAO fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	4/6
Past Performance	3/6
Financial Health	3/6
Dividends	0/6

THYAO Stock Overview

Türk Hava Yollari Anonim Ortakligi provides air transport and aircraft technical maintenance services in Turkey and internationally.

Rewards

Trading at 59.6% below our estimate of its fair value

Earnings are forecast to grow 28.24% per year

Became profitable this year

Risk Analysis

No risks detected for THYAO from our risk checks.

Türk Hava Yollari Anonim Ortakligi Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Türk Hava Yollari Anonim Ortakligi
Historical stock prices
Current Share Price	₺50.25
52 Week High	₺52.90
52 Week Low	₺12.10
Beta	0.95
1 Month Change	11.62%
3 Month Change	72.92%
1 Year Change	251.89%
3 Year Change	289.84%
5 Year Change	524.22%
Change since IPO	851,017.89%

Shareholder Returns

	THYAO	TR Airlines	TR Market
7D	4.3%	4.0%	1.3%
1Y	251.9%	-1.7%	61.2%

Return vs Industry: THYAO exceeded the TR Airlines industry which returned -1.7% over the past year.

Return vs Market: THYAO exceeded the TR Market which returned 61.2% over the past year.

Price Volatility

Is THYAO's price volatile compared to industry and market?
THYAO volatility
THYAO Average Weekly Movement	5.6%
Airlines Industry Average Movement	5.1%
Market Average Movement	5.9%
10% most volatile stocks in TR Market	8.7%
10% least volatile stocks in TR Market	4.1%

Stable Share Price: THYAO is not significantly more volatile than the rest of TR stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: THYAO's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1933	37,487	Bilal Eksi	https://www.turkishairlines.com

Türk Hava Yollari Anonim Ortakligi provides air transport and aircraft technical maintenance services in Turkey and internationally. The company offers domestic and international passenger and cargo air transportation services; repair and maintenance, and technical and infrastructure support services related to aviation sector; catering and aviation ground handling services; software system maintenance and information technology consulting services. It is also involved in training, airport operation, and investment activities; the manufacture and trading of cabin interior accessories and aircraft seats; and the trading of aviation fuel.

Türk Hava Yollari Anonim Ortakligi Fundamentals Summary

How do Türk Hava Yollari Anonim Ortakligi's earnings and revenue compare to its market cap?
THYAO fundamental statistics
Market Cap	₺69.34b
Earnings (TTM)	₺10.00b
Revenue (TTM)	₺126.74b

6.9x

P/E Ratio

0.5x

P/S Ratio

Is THYAO overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
THYAO income statement (TTM)
Revenue	₺126.74b
Cost of Revenue	₺98.47b
Gross Profit	₺28.27b
Other Expenses	₺18.27b
Earnings	₺10.00b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 10, 2022

Earnings per share (EPS)	7.24
Gross Margin	22.30%
Net Profit Margin	7.89%
Debt/Equity Ratio	62.5%

How did THYAO perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is THYAO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for THYAO?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for THYAO. This is calculated by dividing THYAO's market cap by their current preferred multiple.
What is THYAO's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	₺69.34b

THYAO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.9x
Enterprise Value/EBITDA	10.9x
PEG Ratio	0.2x

Price to Earnings Ratio vs Peers

How does THYAO's PE Ratio compare to its peers?

THYAO PE Ratio vs Peers

The above table shows the PE ratio for THYAO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	12.3x

Forward PE

Price-To-Earnings vs Peers: THYAO is good value based on its Price-To-Earnings Ratio (6.9x) compared to the peer average (12.3x).

Price to Earnings Ratio vs Industry

How does THYAO's PE Ratio compare vs other companies in the Global Airlines Industry?

Price-To-Earnings vs Industry: THYAO is good value based on its Price-To-Earnings Ratio (6.9x) compared to the Asian Airlines industry average (12.5x)

Price to Earnings Ratio vs Fair Ratio

What is THYAO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

THYAO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	6.9x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate THYAO's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of THYAO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: THYAO (TRY50.25) is trading below our estimate of fair value (TRY124.43)

Significantly Below Fair Value: THYAO is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: THYAO is good value based on its PEG Ratio (0.2x)

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Future Growth

How is Türk Hava Yollari Anonim Ortakligi forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

28.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: THYAO's forecast earnings growth (28.2% per year) is above the savings rate (9%).

Earnings vs Market: THYAO's earnings (28.2% per year) are forecast to grow faster than the TR market (16.1% per year).

High Growth Earnings: THYAO's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: THYAO's revenue (16% per year) is forecast to grow faster than the TR market (13.8% per year).

High Growth Revenue: THYAO's revenue (16% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: THYAO's Return on Equity is forecast to be low in 3 years time (11.8%).

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Past Performance

How has Türk Hava Yollari Anonim Ortakligi performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

13.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: THYAO has high quality earnings.

Growing Profit Margin: THYAO became profitable in the past.

Past Earnings Growth Analysis

Earnings Trend: THYAO has become profitable over the past 5 years, growing earnings by 13.4% per year.

Accelerating Growth: THYAO has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: THYAO has become profitable in the last year, making it difficult to compare its past year earnings growth to the Airlines industry (44%).

Return on Equity

High ROE: THYAO's Return on Equity (9.5%) is considered low.

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Financial Health

How is Türk Hava Yollari Anonim Ortakligi's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: THYAO's short term assets (TRY81.8B) do not cover its short term liabilities (TRY112.0B).

Long Term Liabilities: THYAO's short term assets (TRY81.8B) do not cover its long term liabilities (TRY182.0B).

Debt to Equity History and Analysis

Debt Level: THYAO's net debt to equity ratio (19.1%) is considered satisfactory.

Reducing Debt: THYAO's debt to equity ratio has increased from 35.4% to 62.5% over the past 5 years.

Debt Coverage: THYAO's debt is well covered by operating cash flow (98%).

Interest Coverage: THYAO's interest payments on its debt are well covered by EBIT (16.3x coverage).

Balance Sheet

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Dividend

What is Türk Hava Yollari Anonim Ortakligi current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate THYAO's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate THYAO's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if THYAO's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if THYAO's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: THYAO is not paying a notable dividend for the TR market.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as THYAO has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

6.9yrs

Average management tenure

CEO

Bilal Eksi (53 yo)

5.67yrs

Tenure

Mr. Bilal Eksi serves as General Manager at Türk Hava Yollari Anonim Ortakligi since October 21, 2016 and served as its Chief Executive Officer. Mr. Eksi serves as the President of Türk Hava Yollari Anonim...

Leadership Team

Experienced Management: THYAO's management team is seasoned and experienced (6.9 years average tenure).

Board Members

Experienced Board: THYAO's board of directors are considered experienced (3.2 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/26 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31