Aselsan: Higher than expected net income but NWC needs still increased

  • Aselsan reported TL1,696mn net income in 1Q22, 9% higher than our estimate of TL1,560mn.

  • The company posted TL1,037mn EBITDA in 1Q22, 4% higher than our estimate of TL1,001mn.

  • Based on our 2022 est, Aselsan is trading at 9.6x EV/EBITDA, implying 13% discount compared to its 5yr hist multiple

April 27th, 2022
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