Tav Havalimanlari Holding AS (TAVHY) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Tav Havalimanlari Holding AS stock $17.10, price $23.00, that is 25.7% below the price, quality 47 out of 100. Rating: overvalued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $7.98 – $34.64 · fair‑value band $12.70 – $26.27 · the $23.00 price screens above the $17.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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TAV Havalimanlari Holding A.S., together with its subsidiaries, constructs terminal buildings, and manages and operates terminals or airports in Turkey, Georgia, Kazakhstan, Macedonia, Tunisia, Croatia, Oman, Latvia, Spain, Qatar, Saudi Arabia, and internationally.
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It operates through Terminal Operations, Catering Operations, Duty Free Operations, Ground Handling and Bus Operations, and Other segments.
The Terminal Operations segment engages in the operation of terminal buildings, car parks, general aviation terminals, and parking-apron-taxi way, as well as ground handling operations.
Its Catering Operations segment manages food and beverage operations of the terminal for passengers and the terminal personnel. The Duty Free Operations segment sells duty free goods for the international arriving and departing passengers.
Its Ground Handling and Bus Operations segment is involved in the provision of traffic, ramp, flight operations, cargo, and other ground handling services for domestic and international flights, as well as the operation of buses.
The Other segment provides lounge, IT, security and education, and airline taxi services, as well as software and system services. The company was formerly known as Tepe Akfen Vie Yatirim Yapim ve Isletme A.S. and changed its name to TAV Havalimanlari Holding A.S. in August 2006.
TAV Havalimanlari Holding A.S. was founded in 1997 and is based in Istanbul, Turkey.
Stock analysis
Tav Havalimanlari Holding AS (TAVHY) currently trades at $23.00, while our model-based Fair Value estimate is $17.10, 26% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $32.34 per share, and 9 of the 23 models we run sit above the $23.00 price.
Bear case: the Growth Earnings group reads lowest at $13.49, and 14 of the 23 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $12.70 (bear) to $26.27 (bull), the price of $23.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Tav Havalimanlari Holding AS reported revenue of €1.7B in FY2025 versus €522M in FY2021, a compound +35.2%/yr. Reported net income was €60.6M in FY2025, compounding +7.9%/yr from FY2021.
Key figures
Market cap $2.1B Mid · P/E ratio 12.0 · P/S ratio 0.42 · EPS (TTM) $1.91 · Dividend yield 0.2% · Net margin 3.5% · Return on equity 10.5% · Return on assets (EBIT) 7.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (medium confidence).
What moves the price
The share trades about 31% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −13% fair-value upside, at −26%, TAVHY screens richer than that median.
Fair Value models
Bear$12.70Fair Value $17.10Bull$26.27
Price $23.00 · Downside -25.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.63 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+42.1%
Start year 2020 (pandemic). Over 10 years: +5.7% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+11.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.7%
Dividend (yield on the price)0.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−0.1% vs −11.3%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−12% → 20%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +13.4% a year for the price and +8.2% for the forecasts.
Compare Tav Havalimanlari Holding AS with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Airports & Air Services · 48 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Bottom 25%
Fair Value upside−25.7% · Below median
Profitability
Return on equity (12 months)10.5% · Below median
Return on assets1.2% · Bottom 25%
Net margin (12 months)8.5% · Below median
Operating margin (12 months)0.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)21.2% · Top 25%
Dividend yield (12 months)0.2% · Bottom 25%
Balance sheet
Debt / equity0.75× · Above median
Valuation Multiplesvs Airports & Air Services median · lower = cheaper
P/E (12 months)12.0× · Cheapest 25%
P/B1.19× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)1.18× · Cheaper than median
Price / free cash flow (fiscal year)13.3× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 47
FUTURE (revenue growth)100· sector 28
PAST (return on equity)42· sector 45
HEALTH (low debt)62· sector 85
DIVIDEND (yield)4· sector 69
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Tav Havalimanlari Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/TAVHY
Frequently asked questions
Is Tav Havalimanlari Holding AS (TAVHY) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $17.10 versus a price of $23.00, about 26% lower (overvalued).
What is the fair value of TAVHY?
Our model-based fair value for Tav Havalimanlari Holding AS is $17.10 (as of Nov 7, 2026), built from audited fundamentals. The current price: $23.00.
What is the quality score of TAVHY?
Tav Havalimanlari Holding AS has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Tav Havalimanlari Holding AS (TAVHY)?
Our model-based price target is the fair value of $17.10 (as of Nov 7, 2026) from 23 valuation models. Cautious scenario $12.70, optimistic scenario $26.27. It is a calculation from audited fundamentals, not an analyst target.
What is the Tav Havalimanlari Holding AS stock forecast for 2026?
Our models put fair value at $17.10, about 26% lower versus a price of $23.00 (overvalued). Cautious scenario $12.70, optimistic scenario $26.27. The calculation is refreshed regularly with new filings.
What is the revenue of Tav Havalimanlari Holding AS (TAVHY)?
Tav Havalimanlari Holding AS reported trailing-twelve-month revenue of about €1.6B (latest available figure, as of Nov 7, 2026).
Does Tav Havalimanlari Holding AS pay a dividend?
Tav Havalimanlari Holding AS currently shows a dividend yield of 0.19% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Tav Havalimanlari Holding AS (TAVHY)?
Tav Havalimanlari Holding AS has a dividend yield of 0.2%.
What growth is priced into Tav Havalimanlari Holding AS (TAVHY)?
For today's price to be fair in a discounted-cash-flow model, Tav Havalimanlari Holding AS would have to grow free cash flow by +15.9 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +42.1 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of TAVHY use?
Our models discount Tav Havalimanlari Holding AS at 11.2 %: a base by market capitalisation (small), country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Tav Havalimanlari Holding AS that is +15.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Tav Havalimanlari Holding AS (TAVHY) delivered so far?
Over the past 5 years revenue at Tav Havalimanlari Holding AS grew +42.1 % a year. The price currently implies free-cash-flow growth of +15.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Tav Havalimanlari Holding AS (TAVHY) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Tav Havalimanlari Holding AS (+15.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Tav Havalimanlari Holding AS (TAVHY)?
The free-cash-flow yield on the price is 7.50 %: that much free cash flow Tav Havalimanlari Holding AS produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tav Havalimanlari Holding AS (TAVHY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tav Havalimanlari Holding AS it is $17.10 per share (as of Nov 7, 2026), against a price of $23.00. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Tav Havalimanlari Holding AS stock overvalued or undervalued in 2026?
As of Nov 7, 2026, TAVHY trades above its calculated fair value: price $23.00, fair value $17.10, a gap of about −26% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TAVHY?
No. The price is what the market pays today ($23.00); the fair value is what the company's own numbers justify ($17.10). For Tav Havalimanlari Holding AS the two are $5.90 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tav Havalimanlari Holding AS worth?
The market values Tav Havalimanlari Holding AS at about $2.1B (market capitalisation, as of Nov 7, 2026). Per share that is $23.00; our models calculate a fair value of $17.10 per share.
What do the bullish and bearish scenarios say about TAVHY?
Our models span a range for Tav Havalimanlari Holding AS: cautious scenario $12.70, base $17.10, optimistic $26.27 per share (as of Nov 7, 2026, price $23.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TAVHY?
Tav Havalimanlari Holding AS trades at a price-to-earnings ratio of 12.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $17.10 is built from several models across several years. Other multiples: P/B 1.2, P/S 1.2.
How solid is the balance sheet of Tav Havalimanlari Holding AS (TAVHY)?
Balance-sheet figures for Tav Havalimanlari Holding AS (as of Nov 7, 2026): return on equity 10.5%, debt of 0.75 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is TAVHY from its 52-week high?
Tav Havalimanlari Holding AS trades at $23.00, about 31% below its 52-week high of $33.46 and 14% above the low of $20.10 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $17.10 is for.
Which stocks are comparable to Tav Havalimanlari Holding AS?
From the same area (Industrials) we also value Aena S.M.E., S.A, Airports of Thailand Public Company, GMR Airports Limited, Shanghai International Airport Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Tav Havalimanlari Holding AS stock attractive at the current price?
The data as of Nov 7, 2026: price $23.00, calculated fair value $17.10 (−26%), Quality Score 47/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TAVHY calculated?
We run Tav Havalimanlari Holding AS through 23 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $17.10 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Tav Havalimanlari Holding AS itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Tav Havalimanlari Holding AS (TAVHY)?
The closing price on Nov 6, 2026 was $23.00. Our model-based fair value is $17.10, about 26% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tav Havalimanlari Holding AS right now?
Weak quality (47/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range ($12.70 to $26.27) leaves room in how you read the outcome.
Where does the earnings growth of Tav Havalimanlari Holding AS (TAVHY) come from?
Earnings per share at Tav Havalimanlari Holding AS grew −1.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.4 %, EBIT margin −4.8 %, tax rate +1.2 %, residual (interest, one-offs) −2.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Tav Havalimanlari Holding AS
How large is the market capitalisation of Tav Havalimanlari Holding AS (TAVHY)?
The market capitalisation of Tav Havalimanlari Holding AS is $2.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Tav Havalimanlari Holding AS (TAVHY)?
The price-to-sales ratio of Tav Havalimanlari Holding AS is 0.42 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tav Havalimanlari Holding AS (TAVHY)?
Earnings per share at Tav Havalimanlari Holding AS are $1.91 (price ÷ EPS = P/E 12.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tav Havalimanlari Holding AS (TAVHY)?
The dividend yield of Tav Havalimanlari Holding AS is 0.2% (payout 2.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Tav Havalimanlari Holding AS (TAVHY)?
The net margin of Tav Havalimanlari Holding AS is 3.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Tav Havalimanlari Holding AS (TAVHY)?
The return on equity (ROE) of Tav Havalimanlari Holding AS is 10.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Tav Havalimanlari Holding AS (TAVHY)?
On an EBIT basis the return on assets of Tav Havalimanlari Holding AS is 7.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at Tav Havalimanlari Holding AS (TAVHY)?
Revenue at Tav Havalimanlari Holding AS is growing +21.2% versus a year earlier (3y avg +18.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Tav Havalimanlari Holding AS (TAVHY)?
Earnings per share at Tav Havalimanlari Holding AS are growing +55.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Tav Havalimanlari Holding AS (TAVHY) carry?
The net debt of Tav Havalimanlari Holding AS is €1.4B (fiscal year 2025, ≈ 9.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 7, 2026