Türk Hava Yollari Anonim Ortakligi

IBSE:THYAO Stock Report

Market Cap: ₺399.8b

Türk Hava Yollari Anonim Ortakligi Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

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 (TRY289.75) is trading above our estimate of fair value (TRY216.82)

Significantly Below Fair Value: THYAO is trading above our estimate of fair value.

Key Valuation Metric

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

Key metric: As THYAO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for THYAO. This is calculated by dividing THYAO's market cap by their current earnings.
What is THYAO's PE Ratio?
PE Ratio2.2x
Earnings₺182.37b
Market Cap₺399.84b

Price to Earnings Ratio vs Peers

How does THYAO's PE Ratio compare to its 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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10.7x
PGSUS Pegasus Hava Tasimaciligi Anonim Sirketi
4.8x-6.2%₺110.7b
TAVHL TAV Havalimanlari Holding
11.8x14.3%₺103.8b
CLEBI Çelebi Hava Servisi
15.9xn/a₺46.6b
QAN Qantas Airways
10.3x9.9%AU$13.0b
THYAO Türk Hava Yollari Anonim Ortakligi
2.2x-13.2%₺399.8b

Price-To-Earnings vs Peers: THYAO is good value based on its Price-To-Earnings Ratio (2.2x) compared to the peer average (10.7x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.10.8x34.9%
THYAO Türk Hava Yollari Anonim Ortakligi
 2.2x-13.2%US$11.36b
THYAO 2.2xIndustry Avg. 10.8xNo. of Companies7PE01020304050+
2 CompaniesEstimated GrowthMarket Cap
Industry Avg.10.8x34.9%
THYAO Türk Hava Yollari Anonim Ortakligi
 2.2x-13.2%US$11.36b
No more companies

Price-To-Earnings vs Industry: THYAO is good value based on its Price-To-Earnings Ratio (2.2x) compared to the Asian Airlines industry average (10.8x).

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 Ratio2.2x
Fair PE Ratio4.5x

Price-To-Earnings vs Fair Ratio: THYAO is good value based on its Price-To-Earnings Ratio (2.2x) compared to the estimated Fair Price-To-Earnings Ratio (4.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst THYAO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₺289.75
₺430.99
+48.7%
10.5%₺494.00₺331.00n/a13
Dec ’25₺285.00
₺427.92
+50.1%
10.7%₺494.00₺331.00n/a13
Nov ’25₺273.00
₺426.76
+56.3%
10.9%₺494.00₺331.00n/a13
Oct ’25₺277.75
₺431.95
+55.5%
11.0%₺494.00₺331.00n/a14
Sep ’25₺300.50
₺430.56
+43.3%
11.4%₺494.00₺331.00n/a13
Aug ’25₺297.50
₺406.86
+36.8%
12.6%₺491.03₺331.00n/a11
Jul ’25₺295.75
₺401.44
+35.7%
13.1%₺491.03₺331.00n/a10
Jun ’25₺302.75
₺379.84
+25.5%
26.3%₺491.03₺115.00n/a10
May ’25₺326.00
₺367.85
+12.8%
23.8%₺491.03₺115.00n/a11
Apr ’25₺303.75
₺368.51
+21.3%
24.0%₺498.34₺115.00n/a11
Mar ’25₺277.75
₺353.83
+27.4%
27.6%₺498.34₺115.00n/a11
Feb ’25₺274.50
₺337.06
+22.8%
25.4%₺408.80₺115.00n/a13
Jan ’25₺228.60
₺324.44
+41.9%
24.4%₺408.80₺115.00n/a13
Dec ’24₺260.75
₺324.44
+24.4%
24.4%₺408.80₺115.00₺285.0013
Nov ’24₺218.10
₺317.89
+45.8%
24.4%₺408.80₺115.00₺273.0013
Oct ’24₺242.50
₺320.02
+32.0%
24.8%₺408.80₺115.00₺277.7513
Sep ’24₺254.00
₺298.04
+17.3%
29.9%₺408.80₺115.00₺300.5014
Aug ’24₺231.00
₺235.22
+1.8%
31.6%₺405.82₺115.00₺297.5013
Jul ’24₺193.70
₺197.34
+1.9%
21.6%₺320.35₺115.00₺295.7514
Jun ’24₺147.00
₺189.40
+28.8%
22.4%₺320.35₺115.00₺302.7515
May ’24₺127.80
₺188.54
+47.5%
23.0%₺320.35₺115.00₺326.0015
Apr ’24₺118.50
₺187.63
+58.3%
23.1%₺320.35₺115.00₺303.7515
Mar ’24₺147.50
₺183.32
+24.3%
25.6%₺335.75₺115.00₺277.7515
Feb ’24₺130.80
₺173.48
+32.6%
32.5%₺335.75₺54.70₺274.5015
Jan ’24₺140.90
₺144.25
+2.4%
23.9%₺186.41₺54.70₺228.6016
Dec ’23₺124.40
₺128.76
+3.5%
32.3%₺186.41₺48.50₺260.7516

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 10:31
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Türk Hava Yollari Anonim Ortakligi is covered by 31 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ömer ÖmerbasAk Yatirim Menkul Degerler A.S.
Ender KaynarAta Invest
Hanzade KilickiranBarclays