Pegasus Hava Tasimaciligi AS

IBSE:PGSUS

土耳其 / 工業 / 客運航空

綜觀

股息

10 年 DCF EBITDA 退出價

股價

264.75 TRY

公允價值

505.08 TRY

Metrics	Range	Conclusion
Discount Rate	10.5% - 9.5%	10.0%
Terminal EBITDA Multiple	5.8x - 7.8x	6.8x
Fair Value	₺448.23 - ₺566.19	₺505.08
Upside	68.0% - 112.3%	89.3%

3.4%

Revenue 10y CAGR

31.0%

10y Avg EBITDA Margin

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

264.75 TRY

公允價值

505.08 TRY

看漲

89.3%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(TRY in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	111,823	150,422	152,231	162,817	135,199	141,043	143,863	146,741	149,676	152,669	155,722
% Growth	58.5%	34.5%	1.2%	7.0%	-17.0%	4.3%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	20,910	44,213	43,538	55,844	41,443	44,009	44,889	45,787	46,703	47,637	48,590
% of Revenue	18.7%	29.4%	28.6%	34.3%	30.7%	31.2%	31.2%	31.2%	31.2%	31.2%	31.2%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(TRY in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		44,213	43,538	55,844	41,443	44,009	44,889	45,787	46,703	47,637	48,590
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(15,816)	(16,660)	(19,574)	(16,107)	(17,568)	(17,919)	(18,278)	(18,643)	(19,016)	(19,396)

EBIT		28,397	26,878	36,271	25,336	26,441	26,970	27,509	28,059	28,621	29,193
Pro forma Taxes		(3,976)	(3,763)	(5,078)	(3,547)	(3,702)	(3,776)	(3,851)	(3,928)	(4,007)	(4,087)
NOPAT	16,726	24,421	23,115	31,193	21,789	22,739	23,194	23,658	24,131	24,614	25,106

Capital Expenditures	#NUM!	(20,111)	(11,544)	(14,203)	(4,918)	(4,241)	(4,325)	(4,412)	(4,326)	(4,354)	(4,364)
NWC Investment	4,934	4,612	216	1,265	(3,300)	698	337	344	351	358	365
(+) D&A	1,462	15,816	16,660	19,574	16,107	17,568	17,919	18,278	18,643	19,016	19,396

Free Cash Flow	#NUM!	24,738	28,447	37,828	29,678	36,765	37,125	37,868	38,799	39,633	40,503
% Growth		NM	15%	33%	-22%	24%	1%	2%	2%	2%	2%

載入錯誤

Pegasus Hava Tasimaciligi AS

IBSE:PGSUS

土耳其 / 工業 / 客運航空

10 年 DCF EBITDA 退出價