Aselsan (ASELS) Company Report
Tacirler Investment
National Power ASELSAN Ready for the Future
We include ASELSAN in our coverage with a 12-month target price of 107.60 TL, offering a 38% upside potential, and assign a "BUY" recommendation. The main catalysts driving our valuation are: (i) the maintenance of record-high total backlog levels through new contract acquisitions, and (ii) the increase in global defense spending driven by geopolitical risks, reinforcing ASELSAN's competitive edge and position in global defense markets. Based on our 2025 forecasts, ASELSAN is trading at a P/E multiple of 19.4x and an EV/EBITDA multiple of 8.9x.