{"id":2386,"date":"2026-05-03T15:49:42","date_gmt":"2026-05-03T12:49:42","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2386"},"modified":"2026-05-03T15:51:09","modified_gmt":"2026-05-03T12:51:09","slug":"tavhl-hisse-analizi-2026-bilano-verileri-ve-teknik-yorum","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2386","title":{"rendered":"TAVHL Hisse Analizi 2026: Bilan\u00e7o Verileri ve Teknik Yorum"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"TAVHL Teknik Analiz ve Gelecek Beklentileri: Hisse Al\u0131m B\u00f6lgesinde mi?\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/UsSCuAsxU4g?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>TAV Havalimanlar\u0131 (TAVHL) Stratejik ve Finansal G\u00f6r\u00fcn\u00fcm Brifingi<\/h1>\n<p>Bu belge, TAV Havalimanlar\u0131 Holding A.\u015e.&#8217;nin (TAVHL) 2025\/03 ve 2026\/03 d\u00f6nemlerini kapsayan finansal performans\u0131n\u0131, borsa verilerini, teknik analiz g\u00f6stergelerini ve kurumsal yap\u0131s\u0131n\u0131 sentezleyen kapsaml\u0131 bir incelemedir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>TAV Havalimanlar\u0131, 2026 y\u0131l\u0131 Mart ay\u0131 itibar\u0131yla net sat\u0131\u015flar\u0131nda y\u0131ll\u0131k %27,58 oran\u0131nda bir b\u00fcy\u00fcme kaydederek 18,39 milyar TL has\u0131lata ula\u015fm\u0131\u015ft\u0131r. Ancak bu gelir art\u0131\u015f\u0131na kar\u015f\u0131n, \u015firketin net d\u00f6nem zarar\u0131 1,73 milyar TL&#8217;den 2,99 milyar TL&#8217;ye y\u00fckselmi\u015f, net bor\u00e7luluk ise %51,99 artarak 87,88 milyar TL seviyesine ula\u015fm\u0131\u015ft\u0131r. Borsa \u0130stanbul&#8217;da (XU030) i\u015flem g\u00f6ren hisse, k\u0131sa ve orta vadeli hareketli ortalamalar\u0131n\u0131n alt\u0131nda seyretmekle birlikte, osilat\u00f6rlerin &#8220;a\u015f\u0131r\u0131 sat\u0131m&#8221; b\u00f6lgesinde olmas\u0131 potansiyel bir toparlanma sinyali olarak de\u011ferlendirilmektedir. \u015eirketin piyasa de\u011feri yakla\u015f\u0131k 101,17 milyar TL&#8217;dir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Finansal Performans Analizi<\/h2>\n<h3>Gelir Tablosu Dinamikleri (Mio TL)<\/h3>\n<p>\u015eirketin operasyonel gelirleri art\u0131\u015f e\u011filimindedir, ancak maliyet ve gider kalemlerindeki b\u00fcy\u00fcme karl\u0131l\u0131\u011f\u0131 bask\u0131lamaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025\/03<\/td>\n<td>2026\/03<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Net Sat\u0131\u015flar<\/td>\n<td>14.418,83<\/td>\n<td>18.395,16<\/td>\n<td>%27,58<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti<\/td>\n<td>9.367,37<\/td>\n<td>12.428,89<\/td>\n<td>%32,68<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>5.051,46<\/td>\n<td>5.966,26<\/td>\n<td>%18,11<\/td>\n<\/tr>\n<tr>\n<td>Faaliyet Giderleri<\/td>\n<td>2.997,09<\/td>\n<td>4.174,84<\/td>\n<td>%39,30<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K<\/b><\/td>\n<td><b>3.405,42<\/b><\/td>\n<td><b>3.931,69<\/b><\/td>\n<td><b>%15,45<\/b><\/td>\n<\/tr>\n<tr>\n<td>Net D\u00f6nem Kar\u0131\/Zarar\u0131<\/td>\n<td>-1.738,32<\/td>\n<td>-2.990,09<\/td>\n<td>a.d.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Kritik G\u00f6zlemler:<\/b><\/p>\n<ul>\n<li><b>Sat\u0131\u015f Kompozisyonu:<\/b> Yurti\u00e7i sat\u0131\u015flar %45,13 art\u0131\u015fla 7,37 milyar TL&#8217;ye ula\u015f\u0131rken, yurtd\u0131\u015f\u0131 sat\u0131\u015flar %16,37 art\u0131\u015fla 10,23 milyar TL olmu\u015ftur.<\/li>\n<li><b>Pazarlama Giderleri:<\/b> Faaliyet giderleri i\u00e7inde en dikkat \u00e7ekici art\u0131\u015f, %352,89 ile pazarlama giderlerinde ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Bask\u0131s\u0131:<\/b> Finansman giderleri 2,81 milyar TL seviyesinde olup, net sat\u0131\u015flara oran\u0131 %15,29&#8217;dur.<\/li>\n<\/ul>\n<h3>Bilan\u00e7o ve Sermaye Yap\u0131s\u0131 (Mio TL)<\/h3>\n<p>\u015eirketin aktif b\u00fcy\u00fckl\u00fc\u011f\u00fc %26,63 oran\u0131nda bir geni\u015fleme g\u00f6stererek 246,23 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Varl\u0131klar:<\/b> D\u00f6nen varl\u0131klar 38,21 milyar TL (%12,77 art\u0131\u015f), duran varl\u0131klar ise 208,02 milyar TL (%29,55 art\u0131\u015f) seviyesindedir.<\/li>\n<li><b>Bor\u00e7luluk:<\/b> Toplam bor\u00e7lar 168,42 milyar TL&#8217;ye y\u00fckselmi\u015ftir. K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler %10,56 artarken, uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerde %37,76&#8217;l\u0131k daha belirgin bir art\u0131\u015f g\u00f6zlemlenmektedir.<\/li>\n<li><b>Net Bor\u00e7:<\/b> 2025\/03 d\u00f6neminde 57,82 milyar TL olan net bor\u00e7, 2026\/03 d\u00f6neminde 87,88 milyar TL&#8217;ye \u00e7\u0131karak finansal yap\u0131 \u00fczerinde risk unsuru olu\u015fturmaya ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Ana ortakl\u0131\u011fa ait \u00f6zkaynaklar %22,57 art\u0131\u015fla 77,12 milyar TL olmu\u015ftur.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Operasyonel Karl\u0131l\u0131k ve Oran Analizi<\/h2>\n<p>\u015eirketin kar marjlar\u0131nda bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re daralma ya\u015fanm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Br\u00fct Kar Marj\u0131:<\/b> %35,03&#8217;ten %32,43&#8217;e gerilemi\u015ftir (-260 bps).<\/li>\n<li><b>FAV\u00d6K Marj\u0131:<\/b> %23,62&#8217;den %21,37&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>\u00d6zsermaye Karl\u0131l\u0131\u011f\u0131:<\/b> Negatif b\u00f6lgede kalarak -%2,95&#8217;ten -%3,89&#8217;a gerilemi\u015ftir.<\/li>\n<li><b>ROIC (Yat\u0131r\u0131lan Sermaye Karl\u0131l\u0131\u011f\u0131):<\/b> Olumlu bir geli\u015fme olarak %6,96&#8217;dan %8,72&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Likidite:<\/b> Cari oran 0,78 ile istikrarl\u0131 seyrederken, nakit oran 40,61&#8217;den 30,31&#8217;e d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Borsa Verileri ve Teknik Analiz<\/h2>\n<p>30 Nisan 2026 verileri itibar\u0131yla TAVHL hisse senedinin performans\u0131 \u015fu \u015fekildedir:<\/p>\n<h3>Piyasa De\u011ferleme \u00c7arpanlar\u0131<\/h3>\n<ul>\n<li><b>Kapan\u0131\u015f Fiyat\u0131:<\/b> 278,50 TL<\/li>\n<li><b>Piyasa De\u011feri:<\/b> 101,17 Milyar TL (2,25 Milyar USD)<\/li>\n<li><b>F\/K Oran\u0131:<\/b> 64,68<\/li>\n<li><b>PD\/DD Oran\u0131:<\/b> 1,31<\/li>\n<li><b>Hisse Ba\u015f\u0131na Kar:<\/b> 4,31 TL<\/li>\n<li><b>Y\u0131ll\u0131k Getiri:<\/b> %21,88 (Haftal\u0131k getiri -%9,65 ile negatiftir).<\/li>\n<\/ul>\n<h3>Teknik G\u00f6stergeler ve Yorumlar<\/h3>\n<p>Teknik analiz verileri hissenin k\u0131sa vadede bask\u0131 alt\u0131nda oldu\u011funu ancak tepki al\u0131mlar\u0131na a\u00e7\u0131k bir b\u00f6lgede bulundu\u011funu g\u00f6stermektedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>G\u00f6sterge<\/td>\n<td>De\u011fer<\/td>\n<td>Sinyal\/Durum<\/td>\n<\/tr>\n<tr>\n<td>RSI<\/td>\n<td>33,80<\/td>\n<td>A\u015f\u0131r\u0131 sat\u0131m s\u0131n\u0131r\u0131na yak\u0131n<\/td>\n<\/tr>\n<tr>\n<td>Momentum<\/td>\n<td>84,78<\/td>\n<td>Zay\u0131f seyir<\/td>\n<\/tr>\n<tr>\n<td>MACD<\/td>\n<td>-7,03<\/td>\n<td>Negatif b\u00f6lgede<\/td>\n<\/tr>\n<tr>\n<td>CCI<\/td>\n<td>-158,88<\/td>\n<td>A\u015f\u0131r\u0131 sat\u0131m b\u00f6lgesinde<\/td>\n<\/tr>\n<tr>\n<td>Stokastik<\/td>\n<td>11,84<\/td>\n<td>A\u015f\u0131r\u0131 sat\u0131m, toparlanma sinyali<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Teknik De\u011ferlendirme:<\/b> Hisse fiyat\u0131; 3, 5, 10, 20, 50 ve 100 g\u00fcnl\u00fck hareketli ortalamalar\u0131n (Hrk. Ort. 50: 310,83 TL) alt\u0131nda i\u015flem g\u00f6rmektedir. Son iki g\u00fcnde fiyat d\u00fc\u015ferken i\u015flem hacminin azalmas\u0131, sat\u0131c\u0131lar\u0131n isteksizle\u015fti\u011fine i\u015faret etmektedir. Osilat\u00f6rlerin a\u015f\u0131r\u0131 sat\u0131m b\u00f6lgesinde olmas\u0131, hissenin &#8220;gere\u011finden fazla d\u00fc\u015ft\u00fc\u011f\u00fc&#8221; \u015feklinde yorumlanabilmektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Kurumsal Yap\u0131 ve \u0130\u015ftirakler<\/h2>\n<p>TAV Havalimanlar\u0131, k\u00fcresel \u00f6l\u00e7ekte g\u00fc\u00e7l\u00fc bir ortakl\u0131k ve i\u015ftirak yap\u0131s\u0131na sahiptir:<\/p>\n<ul>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b>\n<ul>\n<li><b>Aeroports de Paris SA:<\/b> %46,12<\/li>\n<li><b>Di\u011fer (Halka A\u00e7\u0131k):<\/b> %53,88 (Halka a\u00e7\u0131kl\u0131k oran\u0131 %48,00)<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00d6nemli \u0130\u015ftirakler:<\/b>\n<ul>\n<li><b>TAV Kazakhstan LLP:<\/b> %85,00 pay oran\u0131.<\/li>\n<li><b>TAV Milas-Bodrum Terminal \u0130\u015fletmecili\u011fi A.\u015e.:<\/b> %100,00 pay oran\u0131.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. G\u00fcncel Haberler ve \u00d6nemli Geli\u015fmeler<\/h2>\n<ul>\n<li><b>28.04.2026:<\/b> TAVHL paylar\u0131nda devre kesici uygulamas\u0131 devreye girmi\u015ftir.<\/li>\n<li><b>28.04.2026:<\/b> TAV&#8217;\u0131n 2026 ilk \u00e7eyrek cirosunun 361 milyon Euro oldu\u011fu a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/li>\n<li><b>21.04.2026:<\/b> Yabanc\u0131 yat\u0131r\u0131mc\u0131lar\u0131n Borsa \u0130stanbul&#8217;da g\u00fc\u00e7l\u00fc al\u0131m yapt\u0131\u011f\u0131, ilk \u00e7eyrekte toplam 2,25 milyar dolarl\u0131k giri\u015f oldu\u011fu bildirilmi\u015ftir.<\/li>\n<li><b>10.04.2026:<\/b> \u015eirket esas s\u00f6zle\u015fme de\u011fi\u015fikli\u011finin tescil edildi\u011fi duyurulmu\u015ftur.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2386\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>TAV Havalimanlar\u0131 (TAVHL) 2026 Analizi: Sat\u0131\u015flarda B\u00fcy\u00fcme, Finansallarda Bask\u0131<br \/>\nUla\u015ft\u0131rma sekt\u00f6r\u00fcn\u00fcn devlerinden TAV Havalimanlar\u0131, 2026 y\u0131l\u0131na operasyonel b\u00fcy\u00fcme ile ba\u015flasa da finansal tablolar\u0131nda zorlu bir s\u00fcre\u00e7ten ge\u00e7iyor. Net sat\u0131\u015flar\u0131n\u0131 %27,5&#8217;in \u00fczerinde art\u0131ran \u015firket, 18,4 milyar TL has\u0131lat elde etmesine ra\u011fmen y\u00fcksek finansman giderleri ve artan bor\u00e7 y\u00fck\u00fc nedeniyle 3 milyar TL&#8217;ye yak\u0131n net zarar a\u00e7\u0131klad\u0131. Teknik a\u00e7\u0131dan &#8220;a\u015f\u0131r\u0131 sat\u0131m&#8221; sinyalleri veren TAVHL hissesi i\u00e7in piyasa \u00e7arpanlar\u0131 ve 361 milyon Euro&#8217;luk ilk \u00e7eyrek cirosu, uzun vadeli yat\u0131r\u0131mc\u0131lar i\u00e7in kritik veriler sunuyor. \u0130\u015fte TAV Havalimanlar\u0131&#8217;n\u0131n son bilan\u00e7osu ve teknik g\u00f6r\u00fcn\u00fcm\u00fcne dair bilmeniz gereken her \u015fey!<\/p>\n","protected":false},"author":9,"featured_media":2385,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[337],"tags":[31],"class_list":["post-2386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hisse-teknik-analizi","tag-tavhl"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2386"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2386\/revisions"}],"predecessor-version":[{"id":2388,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2386\/revisions\/2388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/2385"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}