(=) THY plans to carry 80mn passengers in 2019 The management shared its 2019 guidance. Accordingly, the company targets to carry 80mn passengers in 2019 ( - 6.4% YoY increase) comprising of 47mn international and 33mn domestic passengers). Total sales figure is expected to reach USD14.1mn. The total capacity (ASK) is expected to be 195bn while the load factor is targeted to be materialize around 81-82%- suggesting a YoY flat realization. On the cost base side, fuel consumption is expected to increase at 8-9% on YoY basis and 3-5% increase in the non-fuel costs is planned. The EBITDAR margin is expected to materialize in a range of 22-24% in 2019. The company’s sales revenues target and operational guidance on the load factor and the capacity are mostly in line with our expectation. Guidance on EBITDAR margin range is also in line with our expected 22% margin level for 2019. It appears that the company is also expecting to maintain its strong profitability in 2019 as it did in 2018. We welcome the guidance as the market expectations for 2019 should be upwardly revised on the new guidance. Note that our EBITDA expectation for 2019 – as our expectations are mostly in line with 2019 guidance- is 20% higher than Bloomberg consensus.
(=) THY, 2019 yılında 80 milyon yolcu taşımayı planlıyor Şirket 2019 beklentilerini paylaştı. Buna göre, 2019 yılında %6.4 artışa işaret edece şekilde 80 milyon yolcu taşımayı planlıyor. Doluluk oranının ise %81-28 seviyesinde kalması öngörülüyor. FAVKÖK marjının ise %22-24 seviyesinde gerçekleşmesi hedefleniyor. Şirketin açıkladığı rakamlar genel olarak beklentilerimize parallel ve şirketin 2019 yılına ilişkin FAVÖK beklentimiz piyasa beklentilerinin %20 üzerinde. Buna parallel açıklanan hedefler, piyasa beklentilerinde yukarı yönlü revizyonları getirebilir.
