Turkish Airlines: In line with our expectations but higher than consensus

  • 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 higher than our estimate of 30.0%.

November 4th, 2022
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