Aselsan: 3Q21 review – A very weak quarter
Earnings Report / Turkey

Aselsan: 3Q21 review – A very weak quarter

  • Aselsan reported TL602mn net income in 3Q21, lower than our estimate of TL849mn and consensus estimate of TL1,035mn.

  • Aselsan maintained its 2021 guidance.

  • We believe that the initial reaction on stock will be negative due to weaker EBITDA and ongoing NWC deterioration.

Zeynep Erman
Zeynep Erman

Equity Research Analyst

ATA Invest
27 October 2021
Published by