(+) Pegasus 2019 beklentilerini revize etti: Şirket 2019 için olan FAVÖK marjı beklentisini 22.5-23.5% bandından 25.5-26.5% bandına revize etti. Birim gelir kalemlerine ilişkin beklentiler yukarı yönlü revize edilirken, maliyet tarafında yakıt maliyetleri de aşağı yönlü revize edildi. Yakıt dışı birim giderler ise bir miktar yukarı çekildi. Kapasite beklentilerine ilişkin ise bir revizyona gidilmedi.
(+) Pegasus revised up its 2019 guidance The company mostly maintained its capacity guidance while the EBITDA margin expectation was revised up from 22.5-23.5% to 25.5%-26.5%. In more details, the guidance for the unit sales price increases were upwardly adjusted. On the cost side, although the unit non-fuel cost expectations were slightly higher than the previous one, the guidance for unit fuel costs were lowered as the company plug in USD650/ton jet fuel assumption vs. the previous assumption of USD709/ton. Note that the latest estimates have pointed to almost 25% EBITDA margin estimate for 2019 in the market. You may find the details below.
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| 2019 Guidance - New | 2019 Guidance - Previous |
| Capacity Increase (ASK) | 6-8% | 6-8% |
| Utilization (Block Hour) | Flat YoY | 12.1-12.4 |
| Domestic Load Factor | Flat YoY | Flat YoY |
| International Load Factor | Flat YoY | Flat YoY |
| Average # of A/C | 83 | 83 |
| Domestic Yield (TRY) | TRY 25-30 YoY improvement | TRY 15-20 YoY improvement |
| International Yield (€) | EUR 1-2 YoY improvement | Flat YoY |
| Ancillary Rev. Per Pax (€) | EUR13-14 | EUR12-12.5 |
| Total CASK (€c.) | 3.68-3.73 | 3.68-3.73 |
| Non-Fuel CASK (€c.) (***) | 2.36-2.41 | 2.33-2.38 |
| EBITDA Margin (**) (***) | 25.5%-26.5% | 22.5%-23.5% |
| (*) Average jet fuel price per ton is assumed to be US$650/ton (or average brent equivalent of US$68.4/bbl) in 2019 versus US$709/ton (or US$74.7/bbl) in the previous guidance. | ||
| (**) With the implementation of IFRS16 EBITDAR will not be used starting from 2019 fiscal year. Hence comparable figure of EBITDA margin guidance in 2019 is EBITDAR margin in 2018. | ||
| (***) Maintenance impact of IFRS-16 is not included. IFRS-16 maintenance impact: EBITDA Margin to be higher 3-4ppt; CASK non-fuel to be lower €c 0.07-0.10. | ||
