Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) fair value: what the stock is really worth
As of Nov 11, 2026: fair value (intrinsic value) of Pegasus Hava Tasimaciligi Anonim Sirketi stock TRY 138, price TRY 155, that is 10.8% below the price, quality 42 out of 100. Rating: overvalued. Calculated from audited financials with 24 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 10, 2026.
How to read this chart
60‑month range 13.64 TRY – 282.75 TRY · fair‑value band 96.71 TRY – 179.61 TRY · the 154.80 TRY price screens above the 138.16 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 10, 2026.
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Pegasus Hava Tasimaciligi Anonim Sirketi, together with its subsidiaries, operates as an airline company. It offers services on short- and medium-haul and point-to-point routes on its domestic and international transit network.
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The company also provides cargo and training services, as well as operates scheduled flights on international and domestic routes. As of December 31, 2025, it operated 127 aircraft. The company was incorporated in 1990 and is headquartered in Istanbul, Turkey.
Pegasus Hava Tasimaciligi Anonim Sirketi is a subsidiary of Esas Holding A.S.
Stock analysis
Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) currently trades at 154.80 TRY, while our model-based Fair Value estimate is 138.16 TRY, 11% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 1,043 TRY per share, and 23 of the 24 models we run sit above the 154.80 TRY price.
Bear case: the Asset-Based group reads lowest at 153.87 TRY, and 1 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 96.71 TRY (bear) to 179.61 TRY (bull), the price of 154.80 TRY 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 42/100 (below-average quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Pegasus Hava Tasimaciligi Anonim Sirketi, reported revenue of 154B TRY in FY2025 versus 10.7B TRY in FY2021, a compound +95.0%/yr. Reported net income was 13.8B TRY in FY2025.
Key figures
Market cap 77.4B TRY (≈ $1.5B) Small · P/S ratio 0.43 · EPS (TTM) −0.7200 TRY · Net margin −0.8% · Return on equity −1.2% · Return on assets (EBIT) 5.3% (5-year average) · Operating margin −4.6% · Revenue (TTM) 171B TRY.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 21 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 35% 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 −11%, PGSUS screens richer than that median.
Fair Value models
Bear96.71 TRYFair Value 138.16 TRYBull179.61 TRY
Price 154.80 TRY · Downside -10.8%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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.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.
Best data coverage
FCF DCF782.44 TRY1,189 TRY2,037 TRY78
Growth DCF756.25 TRY1,183 TRY1,721 TRY78
Owner Earnings675.44 TRY1,104 TRY1,751 TRY75
All 24 models by family
DCF Models
FCF DCF782.44 TRY1,189 TRY2,037 TRY78
Owner Earnings675.44 TRY1,104 TRY1,751 TRY75
5Y Revenue Exit544.69 TRY835.28 TRY1,222 TRY72
5Y EBITDA Exit741.14 TRY1,270 TRY1,954 TRY74
5Y P/E Exit592.36 TRY940.69 TRY1,347 TRY70
10Y Revenue Exit628.17 TRY918.88 TRY1,360 TRY66
10Y EBITDA Exit742.69 TRY1,182 TRY1,881 TRY67
10Y P/E Exit661.72 TRY982.84 TRY1,449 TRY63
Earnings-Based
Graham-Dodd187.00 TRY1,092 TRY1,520 TRY63
Lynch FV309.17 TRY441.67 TRY574.18 TRY61
PEG = 1.0309.17 TRY441.67 TRY574.18 TRY57
EPV261.59 TRY283.02 TRY300.01 TRY74
Multiples
P/E Multiple433.13 TRY577.51 TRY721.89 TRY63
P/S Multiple350.63 TRY467.51 TRY584.38 TRY58
P/B Multiple775.10 TRY1,033 TRY1,292 TRY55
EV/EBIT208.64 TRY358.21 TRY507.79 TRY64
EV/EBITDA473.86 TRY711.84 TRY949.83 TRY66
EV/Revenue80.17 TRY217.43 TRY354.69 TRY50
Asset-Based
NCAV (Graham)114.83 TRY153.87 TRY229.66 TRY54
Growth DCF
Growth DCF756.25 TRY1,183 TRY1,721 TRY78
Rev-Margin DCF544.69 TRY834.58 TRY1,237 TRY72
Economic Profit
Residual Income183.98 TRY198.54 TRY227.52 TRY71
ROIC Compounder272.70 TRY320.66 TRY379.88 TRY72
Growth Earnings
Growth-Adj P/E454.80 TRY649.71 TRY844.62 TRY67
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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
+37.8%
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.
+53.4%
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.
+100.1%
Start year 2020 (pandemic). Over 10 years: +46.1% a year
Revenue growth 15 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.
+40.1%
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What shareholders gained per year (last 5 years), in TRY ⓘ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. Measured in TRY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+59.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+59.5%
Dividend (yield on the price)0.0%
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.59.5% vs 59.6%, steady
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.−22% → 11%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less 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).
−26.7%
The company could shrink this much every year for the next five years and today's price would still be justified.
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.
+21.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (Turkey: IMF forecast 19.3% a year to 2030, 28.5% from 2016 to 2025) that is about −38.5% a year for the price and +2.2% for the forecasts.
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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.Airlines · 54 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score42 · Below median
Fair Value upside−10.8% · Below median
Profitability
Return on assets3.4% · Above median
Net margin (12 months)−0.8% · Below median
Operating margin (12 months)−4.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)19.0% · Above median
Balance sheet
Debt / equity0.22× · Lowest 25%
Valuation Multiplesvs Airlines median · lower = cheaper
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). "Pegasus Hava Tasimaciligi Anonim Sirketi, Fair Value". https://www.fairvalue-calculator.com/stock/PGSUS
Frequently asked questions
Is Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of 138.16 TRY versus a price of 154.80 TRY, about 11% lower (overvalued).
What is the fair value of PGSUS?
Our model-based fair value for Pegasus Hava Tasimaciligi Anonim Sirketi is 138.16 TRY (as of Nov 10, 2026), built from audited fundamentals. The current price: 154.80 TRY.
What is the quality score of PGSUS?
Pegasus Hava Tasimaciligi Anonim Sirketi has a Quality Score of 42/100. 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 Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
Our model-based price target is the fair value of 138.16 TRY (as of Nov 10, 2026) from 24 valuation models. Cautious scenario 96.71 TRY, optimistic scenario 179.61 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Pegasus Hava Tasimaciligi Anonim Sirketi, stock forecast for 2026?
Our models put fair value at 138.16 TRY, about 11% lower versus a price of 154.80 TRY (overvalued). Cautious scenario 96.71 TRY, optimistic scenario 179.61 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
Pegasus Hava Tasimaciligi Anonim Sirketi reported trailing-twelve-month revenue of about 171B TRY (latest available figure, as of Nov 10, 2026).
What growth is priced into Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
For today's price to be fair in a discounted-cash-flow model, Pegasus Hava Tasimaciligi Anonim Sirketi would have to grow free cash flow by -26.7 % per year for five years (discount rate 14.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +100.1 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of PGSUS use?
Our models discount Pegasus Hava Tasimaciligi Anonim Sirketi at 14.2 %: a base by market capitalisation (small), damped by beta 0.15, country premium for Turkey. 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 Pegasus Hava Tasimaciligi Anonim Sirketi that is -26.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.2 %) and the same formula as our fair value.
How much growth has Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) delivered so far?
Over the past 5 years revenue at Pegasus Hava Tasimaciligi Anonim Sirketi grew +100.1 % a year. The price currently implies free-cash-flow growth of -26.7 % 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 Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Pegasus Hava Tasimaciligi Anonim Sirketi (-26.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
The free-cash-flow yield on the price is 41.66 %: that much free cash flow Pegasus Hava Tasimaciligi Anonim Sirketi produces per unit of market value. When it exceeds the discount rate of our models (14.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pegasus Hava Tasimaciligi Anonim Sirketi it is 138.16 TRY per share (as of Nov 10, 2026), against a price of 154.80 TRY. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Pegasus Hava Tasimaciligi Anonim Sirketi, stock overvalued or undervalued in 2026?
As of Nov 10, 2026, PGSUS trades above its calculated fair value: price 154.80 TRY, fair value 138.16 TRY, a gap of about −11% (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 PGSUS?
No. The price is what the market pays today (154.80 TRY); the fair value is what the company's own numbers justify (138.16 TRY). For Pegasus Hava Tasimaciligi Anonim Sirketi the two are 16.64 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Pegasus Hava Tasimaciligi Anonim Sirketi, worth?
The market values Pegasus Hava Tasimaciligi Anonim Sirketi at about 77.4B TRY (market capitalisation, as of Nov 10, 2026). Per share that is 154.80 TRY; our models calculate a fair value of 138.16 TRY per share.
What do the bullish and bearish scenarios say about PGSUS?
Our models span a range for Pegasus Hava Tasimaciligi Anonim Sirketi: cautious scenario 96.71 TRY, base 138.16 TRY, optimistic 179.61 TRY per share (as of Nov 10, 2026, price 154.80 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
Balance-sheet figures for Pegasus Hava Tasimaciligi Anonim Sirketi (as of Nov 10, 2026): return on equity −1.2%, debt of 0.22 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is PGSUS from its 52-week high?
Pegasus Hava Tasimaciligi Anonim Sirketi trades at 154.80 TRY, about 31% below its 52-week high of 224.00 TRY and 35% above the low of 115.00 TRY (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of 138.16 TRY is for.
Which stocks are comparable to Pegasus Hava Tasimaciligi Anonim Sirketi,?
From the same area (Industrials) we also value Delta Air Lines, Inc, United Airlines Holdings, Ryanair Holdings, InterGlobe Aviation Limited, 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 Pegasus Hava Tasimaciligi Anonim Sirketi, stock attractive at the current price?
The data as of Nov 10, 2026: price 154.80 TRY, calculated fair value 138.16 TRY (−11%), Quality Score 42/100, from 24 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 PGSUS calculated?
We run Pegasus Hava Tasimaciligi Anonim Sirketi through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 138.16 TRY 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 14.0% above its aggregate fair value. Pegasus Hava Tasimaciligi Anonim Sirketi 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 Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
The closing price on Nov 11, 2026 was 154.80 TRY. Our model-based fair value is 138.16 TRY, about 11% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pegasus Hava Tasimaciligi Anonim Sirketi, right now?
A fairly wide model range (96.71 TRY to 179.61 TRY) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Pegasus Hava Tasimaciligi Anonim Sirketi
How large is the market capitalisation of Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
The market capitalisation of Pegasus Hava Tasimaciligi Anonim Sirketi is 77.4B TRY (≈ $1.5B). 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 Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
The price-to-sales ratio of Pegasus Hava Tasimaciligi Anonim Sirketi is 0.43 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
Earnings per share at Pegasus Hava Tasimaciligi Anonim Sirketi are −0.7200 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
The net margin of Pegasus Hava Tasimaciligi Anonim Sirketi is −0.8% (last twelve months). 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 Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
The return on equity (ROE) of Pegasus Hava Tasimaciligi Anonim Sirketi is −1.2% (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 Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
On an EBIT basis the return on assets of Pegasus Hava Tasimaciligi Anonim Sirketi is 5.3% (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.
What is the operating margin of Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
The operating margin of Pegasus Hava Tasimaciligi Anonim Sirketi is −4.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
Revenue at Pegasus Hava Tasimaciligi Anonim Sirketi is growing +19.0% versus a year earlier (3y avg +53.4%). 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 Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS)?
Earnings per share at Pegasus Hava Tasimaciligi Anonim Sirketi are growing −78.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) carry?
The net debt of Pegasus Hava Tasimaciligi Anonim Sirketi is 120B TRY (fiscal year 2024, ≈ 3.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Why does Pegasus Hava Tasimaciligi Anonim Sirketi meet the fair value rule although the fair value shown is lower?
Peak profit dampened: 464.40 TRY → 138.16 TRY. The latest annual profit is far above the years before, and such peaks rarely last. So we calculate cautiously with 138.16 TRY instead of 464.40 TRY. If the profit stays high, we ease the caution year by year. As in the backtest, the fair value rule checks the value before: +200% against the price.
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Thin data
Nov 10, 2026