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TAV Havalimanlari Holding

IBSE:TAVHL
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TAVHL
IBSE
TRY6B
Market Cap
  1. Home
  2. TR
  3. Transportation
Company description

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 50 days ago. More info.


Add to Portfolio Compare Print
  • TAV Havalimanlari Holding has significant price volatility in the past 3 months.
TAVHL Share Price and Events
7 Day Returns
8.5%
IBSE:TAVHL
2%
Asia Infrastructure
5.4%
TR Market
1 Year Returns
-29.4%
IBSE:TAVHL
-25.3%
Asia Infrastructure
21.4%
TR Market
TAVHL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
TAV Havalimanlari Holding (TAVHL) 8.5% -19.1% -44.4% -29.4% 13.7% -26.5%
Asia Infrastructure 2% -13.2% -21.9% -25.3% -23% -29.3%
TR Market 5.4% -18.9% -17.3% 21.4% 33.1% 42.9%
1 Year Return vs Industry and Market
  • TAVHL underperformed the Infrastructure industry which returned -25.3% over the past year.
  • TAVHL underperformed the Market in Turkey which returned 21.4% over the past year.
Price Volatility
TAVHL
Industry
5yr Volatility vs Market

TAVHL Value

 Is TAV Havalimanlari Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of TAV Havalimanlari Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for TAV Havalimanlari Holding.

IBSE:TAVHL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 23.6%
Perpetual Growth Rate 10-Year TR Government Bond Rate 8.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for IBSE:TAVHL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year TR Govt Bond Rate 8.6%
Equity Risk Premium S&P Global 10%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.72
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.725 (1 + (1- 22%) (179.82%))
1.496
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.5
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.6% + (1.496 * 10%)
23.56%

Discounted Cash Flow Calculation for IBSE:TAVHL 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.

IBSE:TAVHL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 23.56%)
2020 206.00 Analyst x1 166.72
2021 180.00 Analyst x1 117.89
2022 197.00 Analyst x1 104.42
2023 213.53 Est @ 8.39% 91.60
2024 231.58 Est @ 8.45% 80.40
2025 251.26 Est @ 8.5% 70.60
2026 272.69 Est @ 8.53% 62.01
2027 296.01 Est @ 8.55% 54.47
2028 321.36 Est @ 8.56% 47.86
2029 348.92 Est @ 8.58% 42.05
Present value of next 10 years cash flows €838.00
IBSE:TAVHL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €348.92 × (1 + 8.6%) ÷ (23.56% – 8.6%)
€2,532.27
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €2,532.27 ÷ (1 + 23.56%)10
€305.21
IBSE:TAVHL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €838.00 + €305.21
€1,143.21
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,143.21 / 363.28
€3.15
IBSE:TAVHL Discount to Share Price
Calculation Result
Exchange Rate EUR/TRY
(Reporting currency to currency of IBSE:TAVHL)
7.153
Value per Share
(TRY)
= Value per Share in EUR x Exchange Rate (EUR/TRY)
= €3.15 x 7.153
TRY22.51
Value per share (TRY) From above. TRY22.51
Current discount Discount to share price of TRY16.47
= -1 x (TRY16.47 - TRY22.51) / TRY22.51
26.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price TAV Havalimanlari Holding is available for.
Intrinsic value
27%
Share price is TRY16.47 vs Future cash flow value of TRY22.51
Current Discount Checks
For TAV Havalimanlari Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • TAV Havalimanlari Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • TAV Havalimanlari Holding's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are TAV Havalimanlari Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
IBSE:TAVHL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €0.20
IBSE:TAVHL Share Price ** IBSE (2020-03-27) in TRY TRY16.47
IBSE:TAVHL Share Price converted to EUR reporting currency Exchange rate (TRY/ EUR) 0.14 €2.3
Asia Infrastructure Industry PE Ratio Median Figure of 145 Publicly-Listed Infrastructure Companies 10.05x
Turkey Market PE Ratio Median Figure of 276 Publicly-Listed Companies 9.28x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of TAV Havalimanlari Holding.

IBSE:TAVHL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= IBSE:TAVHL Share Price ÷ EPS (both in EUR)

= 2.3 ÷ 0.20

11.39x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TAV Havalimanlari Holding is overvalued based on earnings compared to the Asia Infrastructure industry average.
  • TAV Havalimanlari Holding is overvalued based on earnings compared to the Turkey market.
Price based on expected Growth
Does TAV Havalimanlari Holding's expected growth come at a high price?
Raw Data
IBSE:TAVHL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.39x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
21%per year
Asia Infrastructure Industry PEG Ratio Median Figure of 50 Publicly-Listed Infrastructure Companies 1.13x
Turkey Market PEG Ratio Median Figure of 56 Publicly-Listed Companies 0.48x

*Line of best fit is calculated by linear regression .

IBSE:TAVHL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.39x ÷ 21%

0.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TAV Havalimanlari Holding is good value based on expected growth next year.
Price based on value of assets
What value do investors place on TAV Havalimanlari Holding's assets?
Raw Data
IBSE:TAVHL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €3.63
IBSE:TAVHL Share Price * IBSE (2020-03-27) in TRY TRY16.47
IBSE:TAVHL Share Price converted to EUR reporting currency Exchange rate (TRY/ EUR) 0.14 €2.3
Asia Infrastructure Industry PB Ratio Median Figure of 160 Publicly-Listed Infrastructure Companies 0.8x
Turkey Market PB Ratio Median Figure of 368 Publicly-Listed Companies 1.28x
IBSE:TAVHL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= IBSE:TAVHL Share Price ÷ Book Value per Share (both in EUR)

= 2.3 ÷ 3.63

0.63x

* Primary Listing of TAV Havalimanlari Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TAV Havalimanlari Holding is good value based on assets compared to the Asia Infrastructure industry average.
X
Value checks
We assess TAV Havalimanlari Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Infrastructure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Infrastructure industry average (and greater than 0)? (1 check)
  5. TAV Havalimanlari Holding has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TAVHL Future Performance

 How is TAV Havalimanlari Holding expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
21%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is TAV Havalimanlari Holding expected to grow at an attractive rate?
  • TAV Havalimanlari Holding's earnings growth is expected to exceed the low risk savings rate of 8.6%.
Growth vs Market Checks
  • TAV Havalimanlari Holding's earnings growth is expected to exceed the Turkey market average.
  • TAV Havalimanlari Holding's revenue growth is positive but not above the Turkey market average.
Annual Growth Rates Comparison
Raw Data
IBSE:TAVHL Future Growth Rates Data Sources
Data Point Source Value (per year)
IBSE:TAVHL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 21%
IBSE:TAVHL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 3.9%
Asia Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 10.8%
Asia Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 8.6%
Turkey Market Earnings Growth Rate Market Cap Weighted Average 19.3%
Turkey Market Revenue Growth Rate Market Cap Weighted Average 13.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
IBSE:TAVHL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
IBSE:TAVHL Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 855 238 138 2
2021-12-31 789 226 115 3
2020-12-31 750 262 90 6
2020-03-29
IBSE:TAVHL Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 749 139 73
2019-09-30 1,219 372 277
2019-06-30 1,195 390 262
2019-03-31 1,188 551 254
2018-12-31 697 412 70
2018-09-30 807 334 86
2018-06-30 930 377 123
2018-03-31 1,042 341 143
2017-12-31 1,139 334 175
2017-09-30 1,230 378 182
2017-06-30 1,174 289 156
2017-03-31 1,133 450 124

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • TAV Havalimanlari Holding's earnings are expected to grow significantly at over 20% yearly.
  • TAV Havalimanlari Holding's revenue is expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
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.
Raw Data
IBSE:TAVHL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from TAV Havalimanlari Holding Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

IBSE:TAVHL Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.33 0.38 0.28 2.00
2021-12-31 0.25 0.32 0.17 2.00
2020-12-31 0.15 0.25 0.06 2.00
2020-03-29
IBSE:TAVHL Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 0.20
2019-09-30 0.76
2019-06-30 0.72
2019-03-31 0.70
2018-12-31 0.19
2018-09-30 0.24
2018-06-30 0.34
2018-03-31 0.39
2017-12-31 0.48
2017-09-30 0.50
2017-06-30 0.43
2017-03-31 0.34

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • TAV Havalimanlari Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess TAV Havalimanlari Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Asia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
TAV Havalimanlari Holding has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TAVHL Past Performance

  How has TAV Havalimanlari Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare TAV Havalimanlari Holding's growth in the last year to its industry (Infrastructure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • TAV Havalimanlari Holding's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • TAV Havalimanlari Holding's 1-year earnings growth exceeds its 5-year average (4.6% vs -5.3%)
  • TAV Havalimanlari Holding's earnings growth has exceeded the Asia Infrastructure industry average in the past year (4.6% vs 1.8%).
Earnings and Revenue History
TAV Havalimanlari Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from TAV Havalimanlari Holding Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

IBSE:TAVHL Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 749.23 73.43 34.54
2019-09-30 1,218.56 276.74 175.28
2019-06-30 1,195.36 261.54 175.18
2019-03-31 1,187.55 254.45 175.14
2018-12-31 697.35 70.23 25.40
2018-09-30 806.56 86.36 58.18
2018-06-30 930.04 122.89 98.12
2018-03-31 1,041.77 143.08 137.00
2017-12-31 1,138.52 174.50 175.47
2017-09-30 1,229.82 182.18 174.31
2017-06-30 1,174.02 155.59 170.13
2017-03-31 1,133.10 124.20 166.37
2016-12-31 1,115.42 127.15 163.01
2016-09-30 1,023.69 151.18 156.27
2016-06-30 1,026.40 152.77 151.63
2016-03-31 1,036.72 193.67 147.31
2015-12-31 1,030.84 209.66 142.82
2015-09-30 1,004.83 212.98 134.24
2015-06-30 973.43 221.65 139.15
2015-03-31 948.81 228.70 142.68
2014-12-31 936.77 218.38 146.02
2014-09-30 947.63 192.70 156.45
2014-06-30 979.89 164.88 154.75
2014-03-31 1,023.01 137.28 154.07
2013-12-31 1,048.96 132.89 154.17
2013-09-30 1,029.15 138.35 143.42
2013-06-30 976.25 132.39 146.38
2013-03-31 895.12 132.64 147.11

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • TAV Havalimanlari Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • TAV Havalimanlari Holding used its assets less efficiently than the Asia Infrastructure industry average last year based on Return on Assets.
  • TAV Havalimanlari Holding's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess TAV Havalimanlari Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Infrastructure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. 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 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TAVHL Health

 How is TAV Havalimanlari Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

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.
Net Worth
  • 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.
Balance sheet
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 checks below.
Assets
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 0.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, 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.
Raw Data

All data from TAV Havalimanlari Holding Company Filings, last reported 2 months ago.

IBSE:TAVHL Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,309.56 1,434.56 583.81
2019-09-30 1,061.85 1,454.39 563.26
2019-06-30 938.27 1,446.79 465.78
2019-03-31 927.03 1,459.99 550.22
2018-12-31 1,031.81 1,475.30 552.54
2018-09-30 1,001.84 1,405.31 364.74
2018-06-30 905.86 1,496.71 248.12
2018-03-31 806.36 1,129.79 202.53
2017-12-31 889.29 1,142.91 344.21
2017-09-30 902.56 1,184.01 312.03
2017-06-30 804.80 1,198.39 192.66
2017-03-31 759.03 1,250.92 161.90
2016-12-31 807.09 1,275.59 316.83
2016-09-30 792.23 1,328.68 248.96
2016-06-30 715.67 1,381.41 226.48
2016-03-31 707.19 1,443.75 64.51
2015-12-31 813.43 1,510.70 211.67
2015-09-30 797.83 1,333.57 114.14
2015-06-30 731.57 1,474.36 121.01
2015-03-31 776.67 1,513.73 89.15
2014-12-31 745.69 1,536.66 57.58
2014-09-30 714.83 1,531.70 67.93
2014-06-30 618.50 1,609.19 260.96
2014-03-31 566.55 1,460.73 145.73
2013-12-31 626.27 1,473.51 97.82
2013-09-30 614.42 1,462.70 64.59
2013-06-30 557.29 1,393.80 87.60
2013-03-31 565.22 1,390.86 133.56
  • TAV Havalimanlari Holding's level of debt (109.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (205.9% vs 109.5% today).
  • Debt is not well covered by operating cash flow (9.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.2x coverage).
X
Financial health checks
We assess TAV Havalimanlari Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. TAV Havalimanlari Holding has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TAVHL Dividends

 What is TAV Havalimanlari Holding's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.54%
Current annual income from TAV Havalimanlari Holding dividends. Estimated to be 5.26% next year.
If you bought TRY2,000 of TAV Havalimanlari Holding shares you are expected to receive TRY131 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • TAV Havalimanlari Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Turkey (2.88%).
  • TAV Havalimanlari Holding's dividend is below the markets top 25% of dividend payers in Turkey (8.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
IBSE:TAVHL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Asia Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 124 Stocks 3.5%
Turkey Market Average Dividend Yield Market Cap Weighted Average of 68 Stocks 7.2%
Turkey Minimum Threshold Dividend Yield 10th Percentile 1.5%
Turkey Bottom 25% Dividend Yield 25th Percentile 2.9%
Turkey Top 25% Dividend Yield 75th Percentile 8.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

IBSE:TAVHL Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.17 2.00
2021-12-31 0.12 2.00
2020-12-31 0.07 2.00
2020-03-29
IBSE:TAVHL Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-02-10 0.151 5.467
2020-02-07 0.164 3.962
2019-02-14 0.298 8.174
2019-02-13 0.348 7.589
2018-03-06 0.142 4.492
2018-02-21 0.238 4.855
2017-02-17 0.145 3.717
2016-02-12 0.290 7.167
2015-02-20 0.300 4.396
2015-02-19 0.301 4.342
2014-11-07 0.185 2.935
2014-08-08 0.188 3.064
2014-05-09 0.188 3.204
2014-02-18 0.176 3.365
2013-08-26 0.390 7.571
2013-04-30 0.390 8.267

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TAV Havalimanlari Holding has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • TAV Havalimanlari Holding has only been paying a dividend for 7 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of TAV Havalimanlari Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess TAV Havalimanlari Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can TAV Havalimanlari Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. TAV Havalimanlari Holding has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TAVHL Management

 What is the CEO of TAV Havalimanlari Holding's salary, the management and board of directors tenure and is there insider trading?

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.
CEO
Mustafa Sener
AGE 65
TENURE AS CEO 23.2 years
CEO Bio

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.

CEO Compensation
  • 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 .
Management Team Tenure

Average tenure and age of the TAV Havalimanlari Holding management team in years:

7.9
Average Tenure
48
Average Age
  • The average tenure for the TAV Havalimanlari Holding management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Mustafa Sener

TITLE
President
AGE
65
TENURE
23.2 yrs

Burcu Geris

TITLE
CFO & VP
AGE
41

Kemal Unlu

TITLE
Vice President of Operations
AGE
61
TENURE
1.2 yrs

Binnur Onaran

TITLE
Chief Information Officer and Chief Executive Officer of TAV Information Technology
AGE
50

Ceyda Akbal

TITLE
General Counsel
AGE
43
TENURE
7.9 yrs

Bengi Vargul

TITLE
Corporate Communication Director
AGE
45
TENURE
8.2 yrs

Aslihan Cortuk

TITLE
Marketing Director
TENURE
5.3 yrs

Hakan Öker

TITLE
Vice President of Human Resources
AGE
56
TENURE
4.2 yrs

Vehbi Kaptan

TITLE
Deputy Chief Executive Officer of TAV Airports
AGE
48

David Tarac

TITLE
Deputy Chief Executive Officer
AGE
47
TENURE
8.2 yrs
Board of Directors

Edward Rodolphe Arkwright

TITLE
Chairman of the Board
AGE
45
TENURE
2.7 yrs

Mustafa Sener

TITLE
President
AGE
65
TENURE
23.2 yrs

Ali Kurtdarcan

TITLE
Deputy Chair
AGE
69

Fernando Echegaray del Pozo

TITLE
Vice Chairman
AGE
58

Franck Mereyde

TITLE
Deputy CEO & Director
AGE
47

Aylin Selen

TITLE
Independent Director

Ebru Capa

TITLE
Independent Director

Filiz Demiröz

TITLE
Independent Director

Jean Vernhes

TITLE
Independent Director

Jerome Paul Marie Calvet

TITLE
Director
AGE
41
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (TRY) Value (TRY)
X
Management checks
We assess TAV Havalimanlari Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. TAV Havalimanlari Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TAVHL News

Simply Wall St News

TAVHL Company Info

Description

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.

Details
Name: TAV Havalimanlari Holding A.S.
TAVHL
Exchange: IBSE
Founded: 1997
TRY5,983,242,187
363,281,250
Website: http://www.tavhavalimanlari.com.tr
Address: TAV Havalimanlari Holding A.S.
Vadistanbul Bulvar,
Ayazaga Mahallesi Cendere Caddesi No: 109L 2C,
Istanbul,
Turkey
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
IBSE TAVHL Ordinary Shares Borsa Istanbul (BIST) TR TRY 23. Feb 2007
OTCPK TAVH.Y UNSP ADR EACH REP 4 SHS Pink Sheets LLC US USD 22. Jan 2009
BST 5THA UNSP ADR EACH REP 4 SHS Boerse-Stuttgart DE EUR 22. Jan 2009
Number of employees
Current staff
Staff numbers
15,275
TAV Havalimanlari Holding employees.
Industry
Airport Services
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/29 17:47
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/03/26
Last earnings filing: 2020/02/08
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.