Investment Consensus:
TAV Hvalimanlari Holding AS is a well-structured company with a comprehensive service offering portfolio that has been hindered by political risk that attributed to a decrease in investor positive sentiment for securities within the region. The analysis shows that the Company is committed to effectively managing their risks, and are committed to exploring innovative means in increasing profitability. High expectations for increases in passenger traffic within the Company’s operating regions support the conclusion that the company is on track to sustain and grow it’s profitability.
At this time, East Mill Capital Research Group supports investments in this company and is committing to a position within the Research Fund.
Executive Summary:
TAV Havalimanlari Holding AS (hereinafter referred to as; “TAV”, “TAV Airport Holdings”, “the Company”) is a Turkey-based company engaged in the development, construction and management of airports, aircraft hangars, duty free shops, hotels, cafes and restaurants as well as passenger lounges.
It operates in five main segments: Terminal Operations, Catering Operations, Duty-free Shop Operations, Ground Handling and Bus Services Operations and Other Non-Aviation Administrative Services.
TAV Airport Holdings renders it’s services at Istanbul Ataturk Airport’s international and domestic terminal buildings, car parks and general aviation terminal, as well as other airports, including Ankara Esenboga Airport , Izmir Adnan Menderes Airport and Antalya Gazipasa Airport in Turkey, as well as international airports in Georgia, Tunisia, Macedonia Latvia and Saudi Arabia. TAV owns Havas Co, a ground handling services company; ATU, a duty-free operator and BTA, a food and beverage company – a portfolio of non-aviation services crucial to sustaining airline and airport profitability.
TAV was established as a joint venture between Tepe and Akfen groups and Airport Consulting Vienna in 1997. TAV Airports is the leading airport operator in Turkey as per the DHMI 2010 passenger statistics including transfer passengers.