No, quite the opposite. The P/E looks high because Q1 2026 was unusually weak. TAV is facing temporary headwinds from geopolitics, aircraft shortages, the loss of its Kazakhstan fuel business, and Antalya-related debt and payments.
Most of these issues should be relatively short term. If earnings normalize, today’s P/E will look very different.
Fantastic piece !
Great piece. Does the PE at 45 says it’s priced for perfection ?
No, quite the opposite. The P/E looks high because Q1 2026 was unusually weak. TAV is facing temporary headwinds from geopolitics, aircraft shortages, the loss of its Kazakhstan fuel business, and Antalya-related debt and payments.
Most of these issues should be relatively short term. If earnings normalize, today’s P/E will look very different.
Awesome piece
Thank you! Really glad you enjoyed it.
Trades in the US with the symbol TAVHY. The ETF WAGN holds a 7.7% position in TAV as well as positions in RIG (and VAL), Warrior MET, and Kaspi.
Today I’ll share a bit more information about TAVHY and some of the risks in our chat.