ASELSAN (ASELS) 4Q24 Financial Performance Analysis
Tacirler Investment
Following ASELSAN's robust 4Q24 financial results, we have updated our forecasts in line with our macro expectations and raised our 12-month target price from TL107.60 to TL120.00 and add to our model portfolio. As of January 10th, ASELSAN, which we initiated coverage on, indicates a 40% upside potential compared to the latest closing price, and we maintain our "BUY" recommendation. The key catalysts behind our valuation are: i) a continued increase in new contract acquisitions driving the total backlog to record levels, ii) the expanding backlog providing strong visibility and supporting future financial performance, and iii) ASELSAN's ability to maintain its competitive edge on the global stage while effective cost management positively impacts margins. Based on our 2025 estimates, the company is trading at 17.6x P/E and 4.8x EV/EBITDA multiples.