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MarketScreener Homepage  >  Equities  >  ISTANBUL STOCK EXCHANGE  >  Aselsan Elektronik Sanayi ve Ticaret AS    ASELS   TRAASELS91H2

ASELSAN ELEKTRONIK SANAYI VE TICARET AS

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Turkey signs $3.5 billion deal for Sikorsky helicopters

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02/21/2014 | 07:27pm EST

(Reuters) - Turkey signed a deal worth $3.5 billion on Friday to buy helicopters from United Technologies Corp's (>> United Technologies Corporation) Sikorsky Aircraft unit, finalizing an order originally agreed upon in 2011, the prime minister said.

(Reuters) - Turkey signed a deal worth $3.5 billion on Friday to buy helicopters from United Technologies Corp's (>> United Technologies Corporation) Sikorsky Aircraft unit, finalizing an order originally agreed upon in 2011, the prime minister said.

The agreement includes options that analysts say could result in billions of dollars of additional orders over the next three decades.

The 109 helicopters, a version of Sikorsky's popular Black Hawk, will be assembled in Turkey. The main contractor is Turkish Aerospace Industries with components to be supplied by Sikorsky, Aselsan (>> Aselsan Elektronik Sanayi ve Ticaret AS) and other Turkish companies.

Sikorsky said the deal marked the start of an important partnership with Turkish industry.

"Turkey is such an important market in terms of being a large customer, and it is also strategically important in terms of who they are in the world," Sikorsky President Mick Maurer said in a telephone interview.

He said the agreement would allow Turkish industry to develop the capability to produce nearly every part of the helicopter, including a newly designed Turkish cockpit.

Maurer declined to give many details about the new agreement but said it would give his company a second source for many of the helicopter's components.

He said Sikorsky would work with Turkey to market the international version of the Black Hawk in other countries, leveraging Turkey's existing relationships in those areas and generating additional orders for Turkish suppliers.

"We're going out arm in arm, as we bring in other sales outside of Turkey that will be supplied by the new supply chain," Maurer said.

Maurer said the company expected continued demand for the helicopter in Asia, the Middle East and Europe.

Even if the co-marketing efforts do not pan out, the deal still gives Sikorsky access to "one of the biggest export helicopter markets in the world," said aerospace analyst Richard Aboulafia. "Turkey has requirements that go way beyond these numbers," he said.

Virginia-based defense consultant Jim McAleese said the deal would help Sikorsky weather a downturn in U.S. helicopter orders and underscored the "franchise value" of the company just weeks after speculation that United Technologies could spin it off as a low-value asset.

"This could not have come at a better time," McAleese said.

Despite the deal, Sikorsky on Friday announced it would begin laying off 600 workers in coming weeks, citing continued "challenging and unstable economic conditions." [ID:nL2N0LQ2BO]

Sam Mehta, president of Sikorsky's Defense Systems and Services division, said the deal marked the start of a 30-year relationship, and included options for a wide range of Turkish government agencies to buy versions of the helicopter.

It also opened opportunities for servicing and repairing the helicopters, he said.

(Reporting by Seda Sezer in Turkey and Andrea Shalal in Huntsville, Alabama; Editing by Nick Tattersall, Lisa Shumaker and Ken Wills)

By Seda Sezer and Andrea Shalal

Stocks mentioned in the article
ChangeLast1st jan.
ASELSAN ELEKTRONIK SANAYI VE TICARET AS End-of-day quote.
ONE STOP SYSTEMS, INC. -1.12% 1.76 Delayed Quote.-9.28%
UNITED TECHNOLOGIES CORPORATION 1.19% 146.99 Delayed Quote.38.04%
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Financials (TRY)
Sales 2019 12 844 M
EBIT 2019 2 337 M
Net income 2019 2 906 M
Finance 2019 326 M
Yield 2019 0,69%
P/E ratio 2019 7,68x
P/E ratio 2020 7,28x
EV / Sales2019 1,69x
EV / Sales2020 1,30x
Capitalization 22 059 M
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 24,09  TRY
Last Close Price 19,35  TRY
Spread / Highest target 46,5%
Spread / Average Target 24,5%
Spread / Lowest Target 0,78%
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NameTitle
Haluk Görgün Chairman & Chief Executive Officer
Okan Turan Chief Financial Officer & Vice President
Yavuz Bayiz VP-Communications & Information Technologies
Mehmet Feyzi Çelik Vice President-Technology & Strategy
Mustafa Murat Seker Vice Chairman
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