Equity Analysis /
Turkey

TAV Airports Holding: Another value enhancing deal completed in 2021

  • We are revising up our 12-mnth TP by 28% to TL52.0 from TL40.8, implying 78.3% upside potential

  • Antalya Airport is currently operated by TAVHL-Fraport JV

  • The new concession period will be for 25 years, starting from Jan 2027E to Dec 2051E

Aytunc Uz
Aytunc Uz

Equity Research Analyst

ATA Invest
3 December 2021
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