Tav fully focuses on Turkey's third airport tender
According to airporthaber.com, TAV CEO Sener said that Istanbul is the main hub for TAV, that they are fully focused on the third airport tender and will do their best to win the tender. Additionally, Sener indicated the growth potential of Turkey by relying on the propensity to fly ratio, which is at 1.9x in Turkey, vs. 3-4x in developed markets.
We welcome management's determination to win the upcoming third airport tender, but we would emphasize that such determination may result in acceptance of low IRRs, as the competition in the tender will likely be intense. We do not expect any material impact from these comments on the share performance.