Aselsan: Analyst day and post-4Q model revision (stays SELL)
Post Aselsan’s 4Q17 results and recent analyst meeting in Ankara in late-February, we have rolled over our valuation model and updated our earnings estimates, reflecting management’s FY18E guidance, the company’s updated backlog delivery schedule and our updated FX assumptions. Our revised 12M price target (PT) of TRY 26.94/share is 9% higher, but still suggests 11% dowside potential. We maintain our SELL rating and expect the stock to remain under pressure, given the recent news about an upcoming SPO.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.