OTCPK:TKHV.Y

Stock Analysis Report

Türk Hava Yollari Anonim Ortakligi

Executive Summary

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

Snowflake

Fundamentals

Very undervalued with proven track record.


Similar Companies

Share Price & News

How has Türk Hava Yollari Anonim Ortakligi's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

3.8%

TKHV.Y

1.8%

US Airlines

1.0%

US Market


1 Year Return

-31.9%

TKHV.Y

0.5%

US Airlines

8.0%

US Market

Return vs Industry: TKHV.Y underperformed the US Airlines industry which returned 0.5% over the past year.

Return vs Market: TKHV.Y underperformed the US Market which returned 8% over the past year.


Shareholder returns

TKHV.YIndustryMarket
7 Day3.8%1.8%1.0%
30 Day-1.6%-1.5%-0.07%
90 Day-16.3%-6.8%-1.0%
1 Year-31.9%-31.9%1.9%0.5%10.4%8.0%
3 Year8.4%8.4%30.1%25.1%46.2%36.7%
5 Year-42.8%-42.8%52.6%43.8%64.3%46.2%

Price Volatility Vs. Market

How volatile is Türk Hava Yollari Anonim Ortakligi's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Türk Hava Yollari Anonim Ortakligi undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TKHV.Y ($19.08) is trading below our estimate of fair value ($174.1)

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


Price To Earnings Ratio

PE vs Industry: TKHV.Y is good value based on its PE Ratio (5.7x) compared to the Airlines industry average (8.8x).

PE vs Market: TKHV.Y is good value based on its PE Ratio (5.7x) compared to the US market (17.6x).


Price to Earnings Growth Ratio

PEG Ratio: TKHV.Y is good value based on its PEG Ratio (0.3x)


Price to Book Ratio

PB vs Industry: TKHV.Y is good value based on its PB Ratio (0.5x) compared to the US Airlines industry average (1.7x).


Next Steps

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?

19.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TKHV.Y's forecast earnings growth (19.4% per year) is above the savings rate (2.7%).

Earnings vs Market: TKHV.Y's earnings (19.4% per year) are forecast to grow faster than the US market (14.5% per year).

High Growth Earnings: TKHV.Y's earnings are forecast to grow, but not significantly.

Revenue vs Market: TKHV.Y's revenue (11.7% per year) is forecast to grow faster than the US market (7.2% per year).

High Growth Revenue: TKHV.Y's revenue (11.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TKHV.Y's Return on Equity is forecast to be low in 3 years time (12.5%).


Next Steps

Past Performance

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

14.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: TKHV.Y's earnings have grown by 14.7% per year over the past 5 years.

Accelerating Growth: TKHV.Y's earnings growth over the past year (17.5%) exceeds its 5-year average (14.7% per year).

Earnings vs Industry: TKHV.Y earnings growth over the past year (17.5%) exceeded the Airlines industry -30.9%.


Return on Equity

High ROE: TKHV.Y's Return on Equity (8.4%) is considered low.


Return on Assets

ROA vs Industry: TKHV.Y's Return on Assets is below or equal to the Airlines industry average last year.


Return on Capital Employed

ROCE Improving: TKHV.Y has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

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


Financial Position Analysis

Short Term Liabilities: TKHV.Y's short term assets (TRY27.9B) do not cover its short term liabilities (TRY36.3B)

Long Term Liabilities: TKHV.Y's short term assets (27.9B) do not cover its long term liabilities (63.2B)


Debt to Equity History and Analysis

Debt Level: TKHV.Y's debt to equity ratio (50.4%) is considered high

Reducing Debt: TKHV.Y's debt to equity ratio has increased from 3.5% to 50.4% over the past 5 years.

Debt Coverage: TKHV.Y's debt is well covered by operating cash flow (66.5%).

Interest Coverage: TKHV.Y's interest payments on its debt are well covered by EBIT (30.6x coverage).


Balance Sheet

Inventory Level: TKHV.Y has a high level of physical assets or inventory.

Debt Coverage by Assets: TKHV.Y's debt is covered by short term assets (assets are 1.661980x debt).


Next Steps

Dividend

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

0.36%

Forecast Dividend Yield


Dividend Yield vs Market

company0%marketbottom25%1.4%markettop25%3.7%industryaverage2.2%forecastin3Years0.4%

Current dividend yield vs market & industry


Stability and Growth of Payments

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

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

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

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


Current Payout to Shareholders

Dividend Coverage: TKHV.Y is not paying a notable dividend for the US market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of TKHV.Y's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

What is the CEO of Türk Hava Yollari Anonim Ortakligi's salary, the management and board of directors tenure and is there insider trading?

4.4yrs

Average management tenure


CEO

Bilal Eksi (51yo)

3yrs

Tenure

0

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


Management Age and Tenure

4.4yrs

Average Tenure

51yo

Average Age

Experienced Management: TKHV.Y's management team is considered experienced (4.4 years average tenure).


Board Age and Tenure

2.3yrs

Average Tenure

48yo

Average Age

Experienced Board: TKHV.Y's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


Insider Trading

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


Ownership Breakdown


Management Team

  • Ali Yakut

    Chief Information Technology & Transformation Officer

    • Tenure: 4.3yrs
  • Murat Bas

    Senior Vice President of Network Planning

    • Tenure: 4.3yrs
  • Ahmet Olmustur

    Chief Marketing Officer

    • Tenure: 5.4yrs
  • M. Konar

    Chief Commercial Officer

    • Tenure: 6.5yrs
  • Ahmet Bolat (60yo)

    Chief Investment & Technology Officer

    • Tenure: 7.8yrs
  • Abdulkerim Çay (38yo)

    Chief Human Resources Officer

    • Tenure: 4.5yrs
  • Murat Seker

    Chief Financial Officer

    • Tenure: 3.2yrs
  • Kadir Çoskun

    Investor Relations Manager

    • Tenure: 0yrs
  • Bilal Eksi (51yo)

    CEO, President & Director

    • Tenure: 3yrs
  • Zekeriya Demir

    Senior Vice President of Accounting & Financial Control

    • Tenure: 0yrs

Board Members

  • Mehmet Akpinar (57yo)

    Independent Director

    • Tenure: 12.5yrs
  • Orhan Birdal (61yo)

    Director

    • Tenure: 2.3yrs
  • Mecit Es (66yo)

    Deputy Chairman

    • Tenure: 0.8yrs
  • Mehmet Ayci (48yo)

    Chairman of the Board

    • Tenure: 4.5yrs
  • Ogün Sanlier (45yo)

    Independent Director

    • Tenure: 4.5yrs
  • Bilal Eksi (51yo)

    CEO, President & Director

    • Tenure: 3yrs
  • Mithat Aksoy (42yo)

    Director

    • Tenure: 1.4yrs
  • Fatmanur Altun (40yo)

    Independent Director

    • Tenure: 1.8yrs
  • Salim Ermut (38yo)

    Director

    • Tenure: 0.8yrs

Company Information

Türk Hava Yollari Anonim Ortakligi's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Türk Hava Yollari Anonim Ortakligi
  • Ticker: TKHV.Y
  • Exchange: OTCPK
  • Founded: 1933
  • Industry: Airlines
  • Sector: Transportation
  • Market Cap: YTL15.829b
  • Listing Market Cap: YTL2.706b
  • Shares outstanding: 1.38b
  • Website: https://www.turkishairlines.com

Number of Employees


Location

  • Türk Hava Yollari Anonim Ortakligi
  • Genel Yönetim Binasi Yatirimci Iliskileri Müdürlügü
  • 9. Kat
  • Istanbul
  • 34149
  • Turkey

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TKHV.FOTCPK (Pink Sheets LLC)YesClass A Registered SharesUSUSDOct 1993
THYAOIBSE (Borsa Istanbul (BIST))YesClass A Registered SharesTRTRYOct 1993
TKHV.YOTCPK (Pink Sheets LLC)UNSP ADR EACH REPR 10 ORDUSUSDOct 2008
TU5ABST (Boerse-Stuttgart)UNSP ADR EACH REPR 10 ORDDEEUROct 2008

Biography

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 tr ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/22 00:12
End of Day Share Price2019/10/17 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.