Financials ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi

Equities

ASELS

TRAASELS91H2

Aerospace & Defense

Market Closed - Borsa Istanbul 11:09:59 2024-04-26 am EDT 5-day change 1st Jan Change
59.1 TRY +2.87% Intraday chart for ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi +0.68% +31.39%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 23,872 41,610 47,606 141,702 205,109 269,496 - -
Enterprise Value (EV) 1 22,590 41,419 50,517 146,849 205,109 286,392 287,274 269,496
P/E ratio 7.15 x 9.35 x 6.68 x 11.9 x - 11.1 x 8.3 x -
Yield 0.73% 0.8% 0.84% 0.28% - 0.52% 0.76% -
Capitalization / Revenue 1.83 x 2.58 x 2.36 x 4.02 x 2.79 x 2.88 x 2.11 x 1.6 x
EV / Revenue 1.74 x 2.57 x 2.51 x 4.16 x 2.79 x 3.07 x 2.25 x 1.6 x
EV / EBITDA 7.92 x 10.5 x 9.18 x 15.5 x 12.8 x 12.6 x 9.27 x 6.37 x
EV / FCF 45.6 x -114 x -50.2 x -358 x - 33.2 x 14.2 x 18.5 x
FCF Yield 2.19% -0.87% -1.99% -0.28% - 3.01% 7.04% 5.4%
Price to Book 1.77 x 2.33 x 1.86 x 3.58 x - 3.24 x 2.41 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 59.10 59.10 59.10
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 93,415 127,487 168,294
EBITDA 1 2,854 3,927 5,502 9,472 16,027 22,704 30,980 42,294
EBIT 1 2,613 3,642 5,070 8,883 12,625 21,270 30,124 38,708
Operating Margin 20.08% 22.61% 25.17% 25.18% 17.16% 22.77% 23.63% 23%
Earnings before Tax (EBT) 1 3,309 4,885 7,196 9,899 7,210 24,278 33,490 -
Net income 1 3,340 4,449 7,131 11,916 7,290 23,592 31,143 -
Net margin 25.67% 27.63% 35.41% 33.77% 9.91% 25.26% 24.43% -
EPS 2 0.7326 0.9757 1.564 2.613 - 5.348 7.117 -
Free Cash Flow 1 495.7 -362.2 -1,007 -410.4 - 8,620 20,210 14,563
FCF margin 3.81% -2.25% -5% -1.16% - 9.23% 15.85% 8.65%
FCF Conversion (EBITDA) 17.37% - - - - 37.97% 65.24% 34.43%
FCF Conversion (Net income) 14.84% - - - - 36.54% 64.89% -
Dividend per Share 2 0.0382 0.0734 0.0877 0.0877 - 0.3087 0.4470 -
Announcement Date 2/11/20 2/23/21 3/1/22 2/28/23 3/26/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4
Net sales 1 3,318 9,847 4,365 6,476 6,887 17,553 8,297 9,770 14,000 41,526
EBITDA 1 571.9 3,029 1,037 1,669 1,402 5,365 1,907 2,487 2,758 8,875
EBIT - - - - - - - - - -
Operating Margin - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - -
Net income 1 602.5 3,990 1,696 2,140 1,956 6,124 2,267 3,146 4,388 -2,511
Net margin 18.16% 40.52% 38.84% 33.05% 28.41% 34.89% 27.33% 32.2% 31.34% -6.05%
EPS - - - - - - - - - -
Dividend per Share - - - - - - - - - -
Announcement Date 10/26/21 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
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 - 0.7442 x 0.5738 x -
Free Cash Flow 1 496 -362 -1,007 -410 - 8,620 20,210 14,563
ROE (net income / shareholders' equity) 28.3% 28.4% 32.8% 36.6% - 36% 35.6% -
ROA (Net income/ Total Assets) 26.1% 14.9% 17.7% 19.5% - 20.7% 22.1% -
Assets 1 12,797 29,864 40,254 61,229 - 113,973 140,920 -
Book Value Per Share 2 2.960 3.920 5.610 8.690 - 18.30 24.50 -
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 - 9,686 10,728 10,949
Capex / Sales 12.73% 12.92% 17.08% 17.47% - 10.37% 8.42% 6.51%
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
OUTPERFORM
Number of Analysts
9
Last Close Price
59.1 TRY
Average target price
58.83 TRY
Spread / Average Target
-0.46%
Consensus

Quarterly revenue - Rate of surprise

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