Financials ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi

Equities

ASELS

TRAASELS91H2

Aerospace & Defense

Market Closed - Borsa Istanbul 11:09:54 2024-05-31 am EDT 5-day change 1st Jan Change
58.65 TRY -2.41% Intraday chart for ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi -1.01% +30.39%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 23,872 41,610 47,606 141,702 205,109 267,444 - -
Enterprise Value (EV) 1 22,590 41,419 50,517 146,849 205,109 284,340 285,222 267,444
P/E ratio 7.15 x 9.35 x 6.68 x 11.9 x - - 8.77 x -
Yield 0.73% 0.8% 0.84% 0.28% - - 0.86% -
Capitalization / Revenue 1.83 x 2.58 x 2.36 x 4.02 x 2.79 x 2.63 x 1.97 x 1.32 x
EV / Revenue 1.74 x 2.57 x 2.51 x 4.16 x 2.79 x 2.8 x 2.1 x 1.32 x
EV / EBITDA 7.92 x 10.5 x 9.18 x 15.5 x 12.8 x 11.4 x 8.97 x 5.89 x
EV / FCF 45,577,088 x -114,356,921 x -50,176,555 x -357,795,620 x - - 17,759,747 x 18,364,623 x
FCF Yield 0% -0% -0% -0% - - 0% 0%
Price to Book 1.77 x 2.33 x 1.86 x 3.58 x - 2.35 x 2.21 x -
Nbr of stocks (in thousands) 4,560,000 4,560,000 4,560,000 4,560,000 4,560,000 4,560,000 - -
Reference price 2 5.235 9.125 10.44 31.08 44.98 58.65 58.65 58.65
Announcement Date 2/11/20 2/23/21 3/1/22 2/28/23 3/26/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 13,013 16,104 20,139 35,282 73,593 101,679 135,733 202,474
EBITDA 1 2,854 3,927 5,502 9,472 16,027 25,051 31,788 45,377
EBIT 1 2,613 3,642 5,070 8,883 12,625 20,780 30,484 40,968
Operating Margin 20.08% 22.61% 25.17% 25.18% 17.16% 20.44% 22.46% 20.23%
Earnings before Tax (EBT) 3,309 4,885 7,196 9,899 7,210 - 30,281 37,793
Net income 1 3,340 4,449 7,131 11,916 7,290 23,011 25,822 41,119
Net margin 25.67% 27.63% 35.41% 33.77% 9.91% 22.63% 19.02% 20.31%
EPS 0.7326 0.9757 1.564 2.613 - - 6.691 -
Free Cash Flow 495.7 -362.2 -1,007 -410.4 - - 16,060 14,563
FCF margin 3.81% -2.25% -5% -1.16% - - 11.83% 7.19%
FCF Conversion (EBITDA) 17.37% - - - - - 50.52% 32.09%
FCF Conversion (Net income) 14.84% - - - - - 62.19% 35.42%
Dividend per Share 0.0382 0.0734 0.0877 0.0877 - - 0.5026 -
Announcement Date 2/11/20 2/23/21 3/1/22 2/28/23 3/26/24 - - -
1TRY in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1
Net sales 1 9,847 4,365 6,476 6,887 17,553 8,297 9,770 14,000 41,526 15,139
EBITDA 1 3,029 1,037 1,669 1,402 5,365 1,907 2,487 2,758 8,875 3,398
EBIT - - - - - - - - - -
Operating Margin - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - -
Net income 1 3,990 1,696 2,140 1,956 6,124 2,267 3,146 4,388 -2,511 1,404
Net margin 40.52% 38.84% 33.05% 28.41% 34.89% 27.33% 32.2% 31.34% -6.05% 9.27%
EPS - - - - - - - - - -
Dividend per Share - - - - - - - - - -
Announcement Date 3/1/22 4/26/22 8/11/22 10/19/22 2/28/23 4/26/23 8/15/23 10/31/23 3/26/24 5/28/24
1TRY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - 2,911 5,147 - 16,896 17,778 -
Net Cash position 1 1,281 191 - - - - - -
Leverage (Debt/EBITDA) - - 0.529 x 0.5433 x - 0.6745 x 0.5593 x -
Free Cash Flow 496 -362 -1,007 -410 - - 16,060 14,563
ROE (net income / shareholders' equity) 28.3% 28.4% 32.8% 36.6% - 23.3% 32.5% -
ROA (Net income/ Total Assets) 26.1% 14.9% 17.7% 19.5% - 19.4% 22.1% -
Assets 1 12,797 29,864 40,254 61,229 - 118,613 116,843 -
Book Value Per Share 2 2.960 3.920 5.610 8.690 - 25.00 26.60 -
Cash Flow per Share 2 0.1900 0.3800 0.5300 1.260 - 2.430 2.630 -
Capex 1 1,657 2,081 3,439 6,165 - 14,176 14,597 17,039
Capex / Sales 12.73% 12.92% 17.08% 17.47% - 13.94% 10.75% 8.42%
Announcement Date 2/11/20 2/23/21 3/1/22 2/28/23 3/26/24 - - -
1TRY in Million2TRY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
58.65 TRY
Average target price
65.94 TRY
Spread / Average Target
+12.42%
Consensus

Quarterly revenue - Rate of surprise

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