Added to YB: 2026-10-01
Pitch date: 2026-09-26
TAVHL.IS [bullish]
TAV Havalimanlari Holding A.S.
-1.3%
current return
Author Info
No bio for this author
Company Info
TAV Havalimanlari Holding A.S., together with its subsidiaries, constructs terminal buildings, and manages and operates terminals or airports in Turkey, Georgia, Kazakhstan, Macedonia, Tunisia, Croatia, Oman, Latvia, Spain, Qatar, Saudi Arabia, and internationally.
Market Cap
TRY 96.8B
Pitch Price
TRY 270.00
Price Target
N/A
Dividend
1.35%
EV/EBITDA
7.47
P/E
18.28
EV/Sales
2.06
Sector
Transportation Infrastructure
Category
value
The Airport That Lost Its City and Found a Continent ($TAVHY)($TAVHL.IS)
TAVHL.IS: TAV has rebuilt the earnings lost with Istanbul Atatürk across 15 airports, with 2025 EBITDA of €560M and free cash flow of €223M. The case rests on Middle East normalization, declining capex and a valuation of 6.6x current guided EBITDA versus roughly 8-11x for listed peers; weighted scenarios imply a euro return above 20% annually, while modeled leverage falls from nearly 3x to about 1.6x by 2029. Turkey, prolonged war and Antalya’s post-2031 concession payments remain material risks.
Read full article (16 min)