AVIATION STATS-TAVHL (TACIRLER YATIRIM ) WE REVIEW TAV AIRPORTS` FEBRUARY PASSENGER GROWTH AS `SLIGHTLY POSITIVE.` WHILE THE WEAKNESS IN DOMESTIC PASSENGER NUMBERS PUT SOME PRESSURE ON OVERALL TRAFFIC, INTERNATIONAL PASSENGER GROWTH CONTINUED. WE MAINTAIN TAVHL IN OUR MODEL PORTFOLIO WITH A TARGET PRICE OF TL396 AND A 60% UPSIDE POTENTIAL. WE ALSO REITERATE OUR BUY RECOMMENDATION. HIGHLIGHTS THE WEAKNESS IN DOMESTIC PASSENGER TRAFFIC WAS PARTIALLY OFFSET BY THE GROWTH IN INTERNATIONAL TRAFFIC IN FEBRUARY, TOTAL PASSENGER TRAFFIC INCREASED BY 3% Y/Y, REACHING 5.5MN PASSENGERS. THE NUMBER OF DOMESTIC PASSENGERS DECLINED BY 2% COMPARED TO THE PREVIOUS YEAR, TOTALING 2.55MN, WHILE INTERNATIONAL PASSENGER NUMBERS ROSE BY 8% Y/Y, REACHING 3.1MN. DURING THE FIRST TWO MONTHS OF THE FIRST QUARTER OF 2025, TOTAL PASSENGER TRAFFIC INCREASED BY 7% Y/Y, REACHING 11.9MN PASSENGERS. DOMESTIC PASSENGER TRAFFIC GREW BY 4% COMPARED TO THE SAME PERIOD LAST YEAR, REACHING 5.4MN, WHILE INTERNATIONAL PASSENGER NUMBERS INCREASED BY 10% Y/Y, REACHING 6.6MN. STRONG GROWTH IN INTERNATIONAL PASSENGER TRAFFIC INTERNATIONAL PASSENGER TRAFFIC DEMONSTRATED STRONG GROWTH IN THE FIRST TWO MONTHS OF 2025, WITH A 10% INCREASE COMPARED TO THE SAME PERIOD IN 2024. ANKARA`S INTERNATIONAL PASSENGER NUMBERS GREW BY 9%, WHILE IZMIR RECORDED A 21% INCREASE IN INTERNATIONAL PASSENGER TRAFFIC, AND ALMATY EXPERIENCED A GROWTH RATE EXCEEDING 10%. THE INCREASE IN IZMIR’S INTERNATIONAL PASSENGER TRAFFIC WAS LARGELY DRIVEN BY THE FLIGHTS OPERATED BY SUN EXPRESS AND PEGASUS. 2025 EXPECTATIONS LOOKING AHEAD TO 2025, WE BELIEVE THAT A POTENTIAL RESOLUTION IN THE RUSSIA-UKRAINE CONFLICT COULD POSITIVELY IMPACT PASSENGER TRAFFIC. ALTHOUGH THERE HAS NOT YET BEEN CONCRETE PROGRESS TOWARD PEACE, POTENTIAL POLICY CHANGES UNDER A TRUMP ADMINISTRATION COULD ACT AS A SUPPORTIVE FACTOR. TAV AIRPORTS HAS SET AMBITIOUS TARGETS FOR 2025, PROJECTING REVENUE BETWEEN EUR1.75BN AND EUR1.85BN, WITH TOTAL PASSENGER TRAFFIC EXPECTED TO REACH BETWEEN 110MN - 120MN. THE COMPANY ANTICIPATES INTERNATIONAL PASSENGER TRAFFIC TO BE BETWEEN 75MN - 83MN, WHILE EBITDA IS FORECASTED TO RANGE BETWEEN EUR520MN AND EUR590MN. CAPITAL EXPENDITURES FOR THE YEAR ARE ESTIMATED TO BE BETWEEN EUR140MN AND EUR160MN, WITH AN ADDITIONAL INVESTMENT OF EUR150MN - EUR300MN PLANNED FOR THE ALMATY NEW INVESTMENT PROGRAM, WHICH WILL BE IMPLEMENTED OVER A THREE TO FOUR-YEAR PERIOD FROM 2025 TO 2028. THE NET DEBT/EBITDA RATIO IS EXPECTED TO FALL WITHIN THE RANGE OF 2.5X - 3.0X IN 2025. TACIRLER YATIRIM MENKUL DEGERLER A.S. WWW.TACIRLER.COM.TR *** YASAL UYARI BURADA YER ALAN YATIRIM BILGI, YORUM VE TAVSIYELER YATIRIM DANISMANLIGI KAPSAMINDA DEGILDIR.YATIRIM DANISMANLIGI HIZMETI ; ARACI KURUMLAR, PORTFOY YONETIM SIRKETLERI, MEVDUAT KABUL ETMEYEN BANKALAR ILE MUSTERI ARASINDA IMZALANACAK YATIRIM DANISMANLIGI SOZLESMESI CERCEVESINDE SUNULMAKTADIR.BURADA YER ALAN YORUM VE TAVSIYELER, YORUM VE TAVSIYEDE BULUNANLARIN KISISEL GORUSLERINE DAYANMAKTADIR.BU GORUSLER MALI DURUMUNUZ ILE RISK VE GETIRI TERCIHLERINIZE UYGUN OLMAYABILIR.BU NEDENLE, SADECE BURADA YER ALAN BILGILERE DAYANILARAK YATIRIM KARARI VERILMESI BEKLENTILERINIZE UYGUN SONUCLAR DOGURMAYABILIR. 11.03.2025 18:09:19