TAVHL Aviation & Transportation
🏢 Company Profile
Airport operations (Build-Operate-Transfer and operator model); 15 airports in 8 countries; ground services, duty-free retail and food and beverage with its subsidiaries. Source: Midas company cards, 24.10.2026.
- AEROPORTS DE PARIS SA — 46.12%
- TEPE İNŞAAT SANAYİ ANONİM ŞİRKETİ — 4.02%
- Last quarter (2026/6): sales 45144268000 TL, net profit margin 1.9% (thin)
- Sales growth: YoY %+32.9 (increase).
- Net profit growth: YoY -151.6% (contraction).
- Owners' Equity Growth: YoY %+6.2 (increase)
- Asset turnover 0.8 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 134.3% (high leverage); total liabilities (short+long) / owners' equity 221.6%.
- Net financial debt 96193503000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 0.9 — short-term liability pressure.
- Current ratio (TradingView balance sheet section) 0.9 — short-term liability pressure.
- Multiples: P/E 19.1 · P/B 1.2 · EV/EBITDA 6.7 · dividend yield 1.3.
- 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 | 45.1 (+ 32.9% YoY) | 0.9 (- 151.6% YoY) | 1.9% | 265.8 | 82.7 | 111.0 | 134.3% |
| 2026/3 | 18.4 (+ 27.6% YoY) | -2.9 (+ 72.7% YoY) | %-15.7 | 246.2 | 77.8 | 102.7 | 131.9% |
| 2025/12 | 96.7 (+ 24.8% YoY) | 4.2 (- 54.9% YoY) | 4.3% | 296.9 | 95.3 | 106.5 | 111.8% |
| 2025/9 | 60.9 (+ 40.1% YoY) | 4.6 (- 34.0% YoY) | 7.6% | 248.2 | 81.2 | 89.9 | 110.7% |
| 2025/6 | 34.0 (+ 35.4% YoY) | -1.7 (- 156.2% YoY) | %-5.0 | 228.4 | 71.2 | 84.0 | 118.0% |
| 2025/3 | 14.4 (+ 34.0% YoY) | -1.7 (- 559.9% YoY) | %-11.6 | 194.5 | 63.5 | 75.7 | 119.3% |
| 2024/12 | 77.5 | 9.2 | 11.9% | 233.8 | 78.0 | 88.9 | 113.9% |
| 2024/9 | 43.4 | 7.0 | 16.1% | 191.1 | 61.4 | 69.8 | 113.7% |
| 2024/6 | 25.1 | 3.0 | 12.0% | 172.1 | 53.7 | 64.2 | 119.6% |
| 2024/3 | 10.8 | 0.4 | 3.4% | 166.4 | 50.7 | 63.7 | 125.6% |
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) 99.05 billion TL, FAVÖK 31.38 billion TL — FAVÖK margin 31.7% (high FAVÖK margin).
- Net profit margin 8.5% (normal net profit margin).
- EV/EBITDA 5.7 — low EV/EBITDA — cheap zone.
- Net financial debt 97.86 billion TL (106% of market value).
- Current ratio 1.26 — balanced liquidity.
- Dividend yield 1.4%.
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: -4.0%
| Market value | 92.6 billion TL |
| Equity (2026/6) | 82.7 billion TL |
| Net profit (last 12 months) | 6.7 billion TL |
| P/E (last 12 months) | 13.8 |
| P/B | 1.12 |
| ROE (last 12 months) | 8.1% |
| Financial debt / equity | 134% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 31.4 million TL |
| EBITDA margin | 31.7% |
| EV / EBITDA | 5.7 |
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 | 8% |
| Trend strength (r) | -0.26 |
| Score | 0 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- 14 different target prices for TAVHL: Will it reach 435 TL? — Paratic News · 29.10
- TAV Airports Served 89.4 Million Passengers in the First 9 Months of 2026: Revenue 1.46 Billion Euros — Insurance News · 27.10
- TAV Airports Reached 89 Million Passengers in 9 Months — Yeni İstiklal · 27.10
- TAV Airports' 9-month EBITDA increased by 7.4 percent — hibya.com · 23.10
📋 KAP Notifications
- 22 Ekim 17:25 — Circuit Breaker Notification on a Share Basis→
- 22 Ekim 15:18 — Special Situation Disclosure (General)→
- 22 Ekim 15:10 — Credit Rating→
- 21 October 18:16 — Credit Rating→
- 21 October 18:16 — Special Situation Disclosure (General)→
- 21 October 18:16 — Activity Report (Consolidated)→
- 21 October 18:15 — Disclaimer (Consolidated)→
- 21 October 18:15 — Financial Report→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
TAV Airports, trading up 1.08% at 281.00 TL on September 23, 2026. Short-term EMA and Wave Trend in BUY position; medium and long-term in HOLD — table at 2/4 NEUTRAL level. Channel position at 75%, trend strength (r) 0.17 indicates the direction has not yet become clear. The stock is priced 23% above the 60-day low of 228.10 TL and 9% below the 307.40 TL peak; strong tourism season data and passenger numbers keep interest alive.
🌍 Macroeconomic Evaluation
Airport operations is a foreign exchange-weighted model fed by tourism revenues; strong foreign tourist arrivals to Turkey and the extended season support TAV's traffic revenues. A significant portion of revenues is euro-based, so the trend of EUR/TL and USD/TL directly affects profitability; USD/TL trading at 48.83 supports this channel. Inflation falling to 31.5% and interest rate cut expectations are the most important macro catalysts to reduce the company's high project financing burden. Global aviation demand remaining above pre-pandemic levels provides a structural tailwind. The resilience of travel demand even with gram gold at 6.786 TL confirms the shift in consumer behavior priorities. Main risks; geopolitical developments' impact on tourism flows, euro weakness, and uncertainties regarding concession periods.
🧾 Balance Sheet Evaluation
TAV increased its sales by 32.9% in the first half of 2026; in the second quarter, it recorded 26.7 billion TL in sales (+36.9%) and 3.8 billion TL in net profit, marking a strong rebound from last year's weak base. Quarterly net margin of 14.1% is at the opposite end of last year's first half's -5.0%; increased passenger traffic and strengthened commercial area revenues drive profitability. The company, which generated 107.9 billion TL in sales and 6.7 billion TL in net profit over the last four quarters, has a market cap of ~102 billion TL; with P/E ~15.2x, P/B ~1.2x and EV/EBITDA ~7.4x, its valuation is reasonable compared to global airport operators, below its historical averages. Although financial debt/equity of 134.3% appears high, most of it is long-term project financing for concession investments; net debt ~94.6 billion TL is ~3.6x EBITDA and within sector norms. ROE of 8.1% is in a recovery trend; strong second-half seasonal profits could push it higher. 1.3% dividend yield is limited. In summary, TAV is a quality infrastructure asset with reasonable multiples, foreign exchange-based revenue structure, and strong seasonal dynamics; the main valuation support is the sustainability of passenger growth.
This section is manually updated; for informational purposes only, not investment advice.