Aselsan: Price target adjusted for 100% stock split (stays HOLD)
Aselsan’s stock split, via a 100% bonus issue (due to a paid-in capital increase via reclassification from retained earnings), was completed yesterday (5 August). We adjust our 12M price target (PT) for the company’s increased number of shares outstanding (to 2,280m from 1,140m). Our adjusted 12M PT is TRY 16.71/share, offering 3% downside potential. We have made no changes to our earnings forecasts or our equity valuation for Aselsan, and maintain our HOLD rating for the stock.
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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