TAV Havalimanlari Holding A.S., together with its subsidiaries, constructs terminal buildings, and manages and operates terminals or airports in Turkey, Georgia, Tunisia, Macedonia, Latvia, Oman, Spain, Saudi Arabia, and internationally.
The last earnings update was 21 days ago.
Discounted Cash Flow Calculation for BST:5THA using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for
TAV Havalimanlari Holding
is arrived at by discounting future cash flows to their present value using the 2 stage method.
We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Note: Free cash flow to equity valuations ignore the company's cash or debt.
BST:5THA DCF 1st Stage: Next 10 year cash flow forecast
The current share price of
TAV Havalimanlari Holding
is above its future cash flow value.
Often investors are willing to pay a
for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.
The amount the stock market is willing to pay for
TAV Havalimanlari Holding's
is considered below, and whether this is a fair price.
Price based on past earnings
TAV Havalimanlari Holding's earnings available for a low price, and how does
this compare to other companies in the same industry?
TAV Havalimanlari Holding's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
TAV Havalimanlari Holding's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can
be gauged below. We look back 3 years and see if they were any good at
predicting what actually occurred. We also show the highest and lowest estimates
looking forward to see if there is a wide range.
TAV Havalimanlari Holding's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent
earnings report. Some checks require at least 3 or 5 years worth of data.
TAV Havalimanlari Holding
has a total score of
5/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
A company's financial position is much like your own financial position,
it includes everything you own
The boxes below represent the relative size of what makes up
TAV Havalimanlari Holding's finances.
The net worth of a company is the difference between its assets and liabilities.
TAV Havalimanlari Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
TAV Havalimanlari Holding's long term commitments exceed its cash and other short term assets.
This treemap shows a more detailed breakdown of
TAV Havalimanlari Holding's finances. If any of them are yellow this
indicates they may be out of proportion and red means they relate to one of the
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Low level of unsold assets.
Debt is not covered by short term assets, assets are 0.7x debt.
Nearly all companies have debt. Debt in itself isn’t
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.
The graphic below shows equity (available funds) and debt, we ideally want to
see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and
whether the level has increased over the past 5 years.
Management is one of the most important areas of a company. We look at
unreasonable CEO compensation, how long the team and board of directors have
been around for and insider trading.
TENURE AS CEO
Dr. Mustafa Sani Sener, B.Sc.(Eng), M.Phil., Ph.D., has been the Chief Executive Officer, President and Executive Director of TAV Havalimanlari Holding A.S. since 1997. Mr. Sener assumed various positions from project manager to general manager in many domestic and international projects. He serves as a Member of Board of Directors of the Airports Council International (ACI) Europe. He graduated from the Department of Mechanical Engineering at Karadeniz Technical University in 1977 and completed his graduate studies in fluid mechanics in 1979 at Sussex University, the United Kingdom. Mr. Sener received a honorary PhD by Karadeniz Technical University, Faculty of Mechanical Engineering for his contributions to the development of Turkish engineering on an international level. He has been awarded an Honorary Doctorate in engineering from KTU for his invaluable contributions to the development of Turkish engineering at the international level, as well as an Honorary Doctorate in Business Administration from American New Hampshire University for his accomplishments in Project and Risk Management throughout his tenure at TAV. He attended training on the management of complex systems at the Massachusetts Institute of Technology (MIT). He served as the President of Foreign Economic Relations Board’s Turkish- French Business Council in 2012. Mr. Sener was honored with the "Legion d'honneur” of the Chevalier order by France thanks to his contributions to the bilateral relations between Turkey and France. In the voting carried out by Thomson Extel among national and international finance corporations, he was chosen first in the category of “The Best CEO” in Turkey in 2010, 2011, 2014, 2015 and 2016, and third in the European Transport Sector in 2014.
Insufficient data for Mustafa to compare compensation growth.
Insufficient data for Mustafa to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure
Average tenure and age of the
TAV Havalimanlari Holding
management team in years:
The average tenure for the TAV Havalimanlari Holding management team is over 5 years, this suggests they are a seasoned and experienced team.
CFO & VP
Vice President of Operations
Chief Information Officer and Chief Executive Officer of TAV Information Technology
Corporate Communication Director
Vice President of Human Resources
Deputy Chief Executive Officer of TAV Airports
Deputy Chief Executive Officer
Board of Directors
Edward Rodolphe Arkwright
Chairman of the Board
Fernando Echegaray del Pozo
Deputy CEO & Director
Jerome Paul Marie Calvet
Who owns this company?
Recent Insider Trading
No 3 month open market individual insider trading information.
TAV Havalimanlari Holding A.S., together with its subsidiaries, constructs terminal buildings, and manages and operates terminals or airports in Turkey, Georgia, Tunisia, Macedonia, Latvia, Oman, Spain, Saudi Arabia, and internationally. It operates through Terminal Operations, Catering Operations, Duty Free Operations, Ground Handling and Bus Operations, and Other segments. The Terminal Operations segment operates terminal buildings, car parks, and general aviation terminals. This segment also engages in the ground handling operations, as well as operation of parking-apron-taxi ways. The Catering Operations segment manages food and beverage operations of the terminal for the passengers and the terminal personnel. The Duty Free Operations segment sells duty free goods for the international arriving and departing passengers. The Ground Handling and Bus Operations segment offers traffic, ramp, flight operation, cargo, and various other ground handling services for domestic and international flights; and operates buses. The Other segment provides lounge, IT, security and education, and airline taxi services. TAV Havalimanlari Holding A.S. also provides software and system services. The company was formerly known as Tepe Akfen Vie Yatirim Yapim ve Isletme A.S. and changed its name to TAV Havalimanlari Holding A.S. in August 2006. TAV Havalimanlari Holding A.S. was founded in 1997 and is headquartered in Istanbul, Turkey.
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