TAV Havalimanlari Holding A.S.

股價

24.00 EUR

公允價值

22.25 EUR

22.6%

Normalized EBIT Margin

12.6%

Normalized CapEx as % of Revenue

20.0%

Normalized Tax Rate

Earnings Power Value

股價

24.00 EUR

公允價值

22.25 EUR

看漲

-7.3%

Adj EBIT Margin

Normalized EBIT Margin

Normalized Tax Rate

CapEx

Adj Earnings

Fair Value


Estimate Adjusted EBIT Margin

	Fiscal Year Ending					LTM
	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-24
(TRY in millions)	FY-4	FY-3	FY-2	FY-1	FY	LTM

Revenue	2,737	7,886	18,308	34,433	59,211	59,211

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	(2,494)	1,250	2,424	8,459	8,594	8,594
(+) Net Interest Expense	510	1,264	1,859	2,933	3,476	3,476
(+) Other Non Operating Exp.	1,302	(1,431)	(299)	(4,916)	(2,144)	(2,144)
(+) D&A	430	1,016	1,645	3,004	4,789	4,789
(+) Non-recurring Items	322	6	(179)	296	1,123	1,123
Adjusted EBITDA	70	2,104	5,450	9,775	15,837	15,837

(-) D&A	(430)	(1,016)	(1,645)	(3,004)	(4,789)	(4,789)

Adjusted EBIT	(360)	1,089	3,805	6,771	11,049	11,049
% of Revenue	-13.2%	13.8%	20.8%	19.7%	18.7%	18.7%


	Low	Median	High

Adjusted EBIT Margin	0.0%	18.7%	20.8%

支援算式

Equity Waterfall


Equity Waterfall

	Model
(TRY in millions)	Low	Mid	High	Market
Enterprise Value	(2,727)	108,862	143,728	115,500
(+) Cash & Short Term Investments	15,353	15,353	15,353	15,353
(+) Investments & Other	28,756	28,756	28,756	28,756
(-) Debt	(67,903)	(67,903)	(67,903)	(67,903)
(-) Other Liabilities	(558)	(558)	(558)	(558)
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	(27,079)	84,510	119,376	91,148
(/) Shares Outstanding	86.9	86.9	86.9	86.9
Implied Stock Price (TRY)	0.00	972.02	1,373.04	1,048.36
FX Rate: TRY/EUR	43.68	43.68	43.68	43.68
Implied Stock Price (EUR)	0.00	22.25	31.43	24.00

Upside / (Downside)	-100.00%	-7.28%	30.97%


Stock Price	24.00
Stock Price Close	24.00
Restatment Type	Original
Reporting Currency	TRY
Trading Currency	EUR
FX Rate: TRY/EUR	43.68
Market Cap	1,955.2
Shares Outstanding	363.3
Share Exchange Ratio	0.2
Liquid Long-term Investments	0

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