TAV Havalimanlari Holding A.S. (TAVHL.IS) stock analysis

In our weekly check, TAV Havalimanlari Holding A.S. is graded B (A to F). Of 25 checks on debt, profit, cash flow and trend: 17 pass, warnings: 5, red flags: 3.

About TAV Havalimanlari Holding A.S.

TAV Havalimanlari Holding A.S. is an Industrials company (Airlines, Airports & Air Services), listed on IST as TAVHL.IS.

What our checks show for TAVHL.IS

Red flags

• The gross margin fell by 7.1 points, to 36%: costs are rising faster than prices.
• The stock has fallen as much as 81% from a peak. Would you have held through that?
• Recovering from its deepest fall took about 4.3 years.

Warning signs

• Net debt is 3x a year of EBITDA (debt/equity 1.33). That limits room in a downturn and raises refinancing risk.
• Operating profit covers interest only 2.2 times: a weak year could make the payments hard.
• The net margin is only 9.4%: little room if costs rise.
• The price swings a lot: 39.5% annual volatility. Expect large ups and downs.
• Return on capital (ROCE) is only 9.1%.

Strengths

• Operating cash flow is 2.41x net profit: the profit arrives as real cash.
• Analysts expect earnings per share to grow about 51.2% a year over the next years.
• Analysts expect revenue to grow about 22.8% a year over the next years.
• Analysts expect the net margin to improve by 4.9 points from today's 9.4%.
• Revenue grew 16.2% a year over the last 3 years.
• Free cash flow is 10.6% of revenue: cash for dividends, buybacks or growth.

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Questions

What grade does TAV Havalimanlari Holding A.S. (TAVHL.IS) have?

In our weekly check, TAV Havalimanlari Holding A.S. is graded B (A to F). Of 25 checks on debt, profit, cash flow and trend: 17 pass, warnings: 5, red flags: 3. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of TAVHL.IS stock?

This week's biggest flags for TAV Havalimanlari Holding A.S.: Gross margin falling, Deep past fall, Slow recovery after falls. In total 8 of 25 checks show a warning or a red flag.

What does TAV Havalimanlari Holding A.S. do?

TAV Havalimanlari Holding A.S. is an Industrials company (Airlines, Airports & Air Services), listed on IST as TAVHL.IS.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-11-07

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