BGC Partners - ASELSAN (UPGRADED TO BUY)
Upgraded to BUY with 39% upside potential… Updating with the latest macro and currency assumptions, 4Q18 financials, and 2019 guidance, we elevate our TP for Aselsan by 17% to TL33.0/share from TL28.3/share. On a y/y basis, Aselsan shares are down by 22% in the last 12M, underperforming BIST100 by 11%. Main upside risk is weaker TL against hard currencies, as the company’s revenues are 77% in FX while COGS is 60% in TL. In addition, Aselsan has TL955mn long FX position in 4Q18 (US$118mn and EUR65mn); so the company is a net beneficiary of weak TL. The stock trades at 22% discount to peers based on 2019E P/E and EV/EBITDA, (40% on P/E - a better indicator), and close to historic lows on 12M Forward Looking P/E figures.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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