Page 92 - TURKRptOct19

both record high figures.
Pegasus targeted an Ebitda margin of 22.5-23.5% this year, it said in January. In June, the company revised its Ebitda margin target to 25.5-26.5%.
Pegasus managed to increase the number of passengers it served by 7.7% in 2018 to a total of 30mn people. The domestic passenger volume rose 4.8% y/y to 17.7mn while the international passenger volume moved up 12% y/y to 11.7mn.
Pegasus operated charter flights since 1991. Following its acquisition by Esas Holding at the beginning of 2005, Pegasus changed its business model, introducing a low-cost network carrier model for the first time in Turkey. In 2013, the company held an initial public offering (IPO) to sell a 34.53% stake.
Pegasus has a 49% stake in Kyrgyzstan’s Air Manas.
As another example of “negligible flash crashes” in Turkish assets, Pegasus shares fell from TRY70.1 as of 11:50 local time on September 4, 10 minutes before the end of the first trading session, to TRY60.45 as of 11:55 with the sale orders from a single brokerage house.
The circuit breaker cut trading in Pegasus shares while local brokerage houses Is Invest and Ak Invest immediately issued research reports to hike their target prices for Pegasus.
Since August, research reports suggesting some incredible target prices for Pegasus have been flying around although they are not explainable simply with the fundamentals.
Pegasus reported on September 10 that the number of passengers it served declined by 0.7% on an annual basis to 2.96mn in August.
The domestic passengers tally plunged 12.4% y/y to 1.39mn while the international passenger total jumped around 15% y/y to 1.44mn in the month.
The load factor improved to 89.7% from 88.6% a year ago, the company revealed in a filing with Borsa Istanbul.
In the first eight months of this year, Pegasus carried a total of 19.71mn passengers, marking a 2.9% y/y decline.
The number of domestic passengers dropped by as much as 15.2% y/y to 10.3mn, reflecting the impact of Turkish economic problems on consumers. Pegasus also carried a little more than 9mn international passengers in January-June, which translated as a sharp 18% y/y increase.
The load factor declined to 85.9% in the first eight months of the year from
92 TURKEY Country Report October 2019 www.intellinews.com