Aselsan: BUY on improved risk/reward profile (upgraded to BUY)
Following Aselsan’s strong backlog additions recently (reaching USD 3.3bn in late-October and exceeding our earlier expectations), and the significant depreciation of the TRY in 3Q18, we have revisited our valuation model, revising our KPI assumptions/earnings estimates, reflecting our higher WACC and FX assumptions. Our revised 12M price target (PT) of TRY 32.0/share is now 19% higher and offers 28% upside potential (based on conservative new contract assumptions in 2019E/20E), warranting an upgrade to a BUY rating (previously Sell).
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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