PGSUS Aviation & Transportation
🏢 Company Profile
Airline transportation; Turkey's largest low-cost airline.
- ESAS HOLDİNG A.Ş. — 52.81%
- Last quarter (2026/6): sales 78468731000 TL, net profit margin -16.0% (negative)
- Sales growth: YoY %+26.5 (increase).
- Net profit growth: YoY -602.5% (contraction).
- Owners' Equity Growth: YoY %-2.7 (decline)
- Asset turnover 0.9 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 226.4% (high leverage); total liabilities (short+long) / owners' equity 291%.
- Net financial debt 194810777000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 0.8 — short-term liability pressure.
- Current ratio (TradingView balance sheet section) 0.8 — short-term liability pressure.
- Multiples: P/B 0.6 · EV/EBITDA 8.7.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
📋 Announced Financial Statements· manually added financial table summary · last pull: 2026-09-23
| Period | Sales Revenues (mlr TL) | Net Profit (mlr TL) | Profit Margin | Total Assets (mlr TL) | Equity (mlr TL) | Financial Debt (mlr TL) | Financial Debt / Equity |
|---|---|---|---|---|---|---|---|
| 2026/6 | 78.5 (+ 26.5% YoY) | -12.6 (- 602.5% YoY) | %-16.0 | 440.5 | 112.7 | 255.0 | 226.4% |
| 2026/3 | 32.8 (+ 38.9% YoY) | -7.8 (+ 194.5% YoY) | %-23.7 | 421.1 | 115.7 | 238.9 | 206.4% |
| 2025/12 | 181.5 (+ 24.0% YoY) | 16.2 (- 6.9% YoY) | 8.9% | 483.0 | 137.6 | 274.6 | 199.6% |
| 2025/9 | 114.4 (+ 36.1% YoY) | 13.3 (+ 17.7% YoY) | 11.6% | 388.3 | 112.7 | 219.3 | 194.6% |
| 2025/6 | 62.0 (+ 41.1% YoY) | 2.5 (+ 403.4% YoY) | 4.0% | 349.8 | 97.1 | 192.4 | 198.1% |
| 2025/3 | 23.6 (+ 35.6% YoY) | -2.6 (- 24.7% YoY) | %-11.2 | 309.9 | 80.4 | 176.3 | 219.3% |
| 2024/12 | 146.4 | 17.4 | 11.9% | 370.8 | 98.1 | 217.7 | 222.0% |
| 2024/9 | 84.0 | 11.3 | 13.5% | 276.2 | 75.4 | 157.4 | 208.8% |
| 2024/6 | 44.0 | 0.5 | 1.1% | 238.7 | 59.7 | 136.8 | 229.2% |
| 2024/3 | 17.4 | -3.5 | %-20.1 | 223.2 | 55.2 | 130.4 | 236.3% |
Income statement items (sales revenues and net profit) are cumulative from the beginning of the year; balance sheet items are period-end balances. Source: İş Yatırım financial statements (based on KAP announcements).
🔎 Fundamental Analysis Summary · automatic
- Revenue (TTM) 170.58 billion TL, EBITDA 29.48 billion TL — EBITDA margin 17.3% (solid EBITDA margin).
- Net profit margin -0.8% (records a net loss).
- EV/EBITDA 8.3 — reasonable EV/EBITDA.
- Net financial debt 194.81 billion TL (321% of market value).
- Current ratio 0.84 — under short-term liability pressure.
Rule-based summary: It is generated from İş Yatırım financial statements (TTM) and TradingView base data with fixed thresholds; no LLM, no hallucination risk. It is not investment advice.
Valuation and Profitability · single source, last 12 months
Last 5 trading days return: -2.6%
| Market value | 59.9 billion TRY |
| Equity (2026/6) | 112.7 billion TL |
| Net profit (last 12 months) | 1.1 billion TL |
| P/E (last 12 months) | 52.4 |
| P/B | 0.53 |
| ROE (last 12 months) | 1.0% |
| Financial debt / equity | 226% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 29.5 billion TL |
| EBITDA margin | 17.3% |
| EV / EBITDA | 8.3 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Aviation & Transportation sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | positive |
| Score | +1 |
| Channels | interest rate increase, domestic demand increase, commodity decrease |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | STRONG SELL |
| Short term (EMA 5-8-13-21) | SELL |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | SELL |
| Wave Trend (indicator) | SELL |
| Channel position | 9% |
| Trend strength (r) | -0.87 |
| Score | 0 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- Pegasus plane hit a flock of birds: Plane with torn wings made emergency landing in Istanbul | Istanbul News — Yeni Şafak · 30.10
- Last hours for the huge discount opportunity at Pegasus — Turizm Ajansı · 29.10
- iFFALCON TV to Areas 30.000 BolPuan Opportunity! Pegasus Campaign — TeknoTalk · 28.10
- From Pegasus 3 Daily Campaign! 40% Discount on Plane Tickets — AirlineHaber · 27.10
- Pegasus pilot's mistake confused German airport: 'Turned back at the last moment from a major disaster' — Sözcü Gazetesi · 24.10
- Pegasus aircraft began takeoff in the wrong direction in Frankfurt — Haber Aero · 23.10
📋 KAP Notifications
- 23 October 15:41 — Circuit Breaker Notification on a Share Basis→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- October 13, 18:36 — Special Situation Disclosure (General)→
- 12 Ekim 14:58 — SPK Transaction Ban Due to Share Announcement →
- October 1, 18:13 — Company General Information Form→
- October 1, 18:11 — Financial Fixed Asset Acquisition→
- 30 September 15:58 — VIOP Transaction Cancellation Announcements→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Pegasus, trading at 150.30 TL with a 0.66% decline on September 23, 2026. Short, medium and long-term EMA sequence is in SELL position; only Wave Trend is BUY — chart at 1/4 SELL level. Channel position at 79%, trend strength (r) -0.83 continues to seek reaction within a strong downtrend. Stock is priced 4% above the 60-day low of 143.90 TL and 27% below the 205.00 TL peak; 60-day return is weak at -14.16%.
🌍 Macroeconomic Evaluation
The macro equation for the aviation sector is three-legged: jet fuel price, exchange rate and domestic demand. The moderate trend in oil prices supports fuel costs, while Pegasus's high foreign currency obligations make the USD/TL trajectory the most critical variable in the balance sheet; TL remaining balanced at 48.83 level limits the pressure on losses. The decline in inflation to 31.5% and interest rate cut expectations carry potential relief on financing and leasing costs. Domestic demand remains strong; extension of tourism season and capacity increase on international routes support occupancy rates. The strong trend in foreign tourist inflows feeds international route revenues in foreign currency. In an environment where gram gold is at 6.786 TL, the non-postponement of travel expenses is a positive signal in terms of consumer behavior. Main risks; exchange rate shock, impact of geopolitical developments on tourism flows and sharp increase in fuel prices.
🧾 Balance Sheet Evaluation
Pegasus, despite increasing its sales by 26.5% in the first half of 2026, showed a loss-adjacent appearance with a 602.5% decline in net profit; announced a net loss of 4.8 billion TL for the second quarter with 45.7 billion TL sales (+19.0). The main driver of the loss is the exchange rate difference and monetary position expenses created by the high foreign currency open position under inflation accounting; operational side remains relatively resilient. The company, which generated 198.0 billion TL sales and 1.1 billion TL net profit in the last four quarters, has a market value of ~75 billion TL; due to low profit, P/E ratio appears unreasonably high at ~65.8x, therefore valuation should be followed via P/B ~0.7x and EV/Sales. Financial debt/equity at 226.4 with one of the highest leverages in BIST-30; ~185 billion TL net debt (aircraft financing weighted) is structurally necessary for the sector but creates full sensitivity to interest and exchange rate volatility. ROE at 1.0 is at break-even level. Occupancy rates and unit revenues are strong; the problem is not operational but in the financial structure. In summary, Pegasus is a growth story operationally healthy but with high balance sheet leverage; it has the capacity to quickly repair the profit statement with exchange rate stability and interest rate cuts.
This section is manually updated; for informational purposes only, not investment advice.