Mustafa Bayram

Pegasus posted €278mn net income in 3Q22 which was 22% higher than our estimate and 21% higher than consensus estimate. The company’s EBITDA was €469mn in 3Q22 which was 11% higher than our estimate and 9% higher than consensus. The company’s revenu...

THYAO posted US$1,515mn net income in 3Q22, in line with our estimate and 12% higher than consensus estimate. The company recorded US$1,911mn EBITDA which was 7% above our expectation of US$1,782mn. In 3Q22, THYAO recorded 31.5% EBITDA margin 150bps...

Sisecam reported TL 4,801mn net income in 3Q22 which was 10% above our estimate of TL 4,384mn. The company’s EBITDA surged by 189% y/y to TL5,730mn in 3Q22, which was 2% higher than our estimate. The company generated 22.0% EBITDA margin in 3Q22, 48b...

TAV Holding posted EUR98mn net income in 3Q22, higher than our estimate of EUR72mn and consensus of EUR76mn net income. The company reported EUR138mn EBITDA, 4% higher than our estimate of EUR132mn and consensus estimate of EUR132mn. After 3Q22 resul...

We revised up our 12-month BIST-100 target to 4,800 from 4,000, indicating an upside of 25%. Amid macro uncertainties, depending on signals in 4Q22, we might see lower levels in equitiesbefore it gets better. Our top picks: Bim, Coca Cola Icecek, Mi...

Pegasus posted €40.4mn net loss in 2Q22 which was 16% lower than our est. and 21% lower than cons. The company’s EBITDA was €104mn in 2Q22 which was 23% higher than our est. and 21% higher than cons. The company’s revenues increased by 226% y/y to €5...

Turkish Airlines posted US$576mn net income in 2Q22, 30% higher than our est and 33% higher than cons. The company recorded US$972mn EBITDA which was 16% above our expectation of US$840mn. In 2Q22, THYAO recorded 21.4% EBITDA margin 265bps higher tha...

Sisecam reported TL 5,379mn net income in 2Q22 which was 37% above our estimate of TL 3,935mn and 35% above consensus estimate of TL3,977mn. Higher than expected operating profit, higher financial income and lower taxes were the main reasons behind stronger than expected net income. Top line increased by 228% y/y to TL23.3bn in 2Q22. Sisecam’s net sales increased by 228% y/y to TL23.26bn in 2Q22, implying a 94% topline growth in Euro terms. Topline growth of 228% was mainly driven by 218% growth in Architectural glass and 424% growth in chemicals which is also supported by inorganic growth. EBITDA was 8% higher than our estimate.