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TAV Havalimanlari Holding A.S. is a leading company specializing in airport development, administration, and management. It undertakes the construction of terminal facilities and oversees the complete operation of terminals and entire airports across a wide international footprint, including Turkey, Kazakhstan, Georgia, Macedonia, Latvia, Tunisia, Saudi Arabia, Oman, and Spain. The company's business activities are structured into several key segments. Its Terminal Operations division manages the functioning of terminal buildings, parking facilities, and general aviation terminals, in…
TAV is at a profitability trough as earnings are depressed by FX losses, higher depreciation/amortization, finance costs, and a negative equity-accounted contribution. New Antalya and Almaty required heavy upfront spending, while passenger traffic and commercial revenues should scale gradually over 2027–2028. TAV trades at attractive valuation multiples as compared to other airport concession operators while offering strong medium-term growth.
TAV Airports Holding is upgraded to strong buy with a $39.10 base target, implying 35% upside. Despite uninspiring 2026 guidance and Middle East turmoil, TAVHY's concession-based model shields it from significant volume-driven revenue shocks. EBITDA margins are set to improve in 2026, with multi-year growth forecasts of 6.8% sales and 8.3% EBITDA through 2028.
TAV Havalimanlari Holding A.S. (TAVHY) Q4 2025 Earnings Call Transcript
TAV Airports' H1 2025 results showed 12% revenue growth, but net profit turned to a loss due to higher financing costs and forex losses. Geopolitical tensions and currency risks weighed on Turkish airport traffic and financials, though international airports performed better. Despite weak current performance and lower free cash flow, I maintain my "Buy" rating, adjusting the price target to $38.
TAV Airports benefits from high inflation in Turkey and Kazakhstan, as most of its revenue is in hard currencies while many costs are in local currencies. The company's core business model involves long-term airport operating rights, providing stable cash flows and a durable competitive moat. With major investments recently completed, TAV is entering a low-capex phase that should boost free cash flow.