Aselsan Elektronik Sanayi Ve Ticaret A.S.: Company Profile and SWOT Analysis by ICDResearch

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									Aselsan Elektronik Sanayi Ve Ticaret A.S.

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Aselsan Elektronik Sanayi Ve                                               Financial Snapshot

Ticaret A.S.                                                               Operating Performance

Fast Facts                                                                 The company reported revenues of US$762.68 million
                                                                           during 2010, with a CAGR of 20.95% during 2006–
                                   Mehmet Akif Ersoy Mah., Ankara,         2010. Its revenue grew at an annual rate of 14.66%
Headquarters Address
                                   06370,Turkey                            over the previous fiscal year. In 2010, the company
                                                                           recorded an operating margin of 20.44%, as against
Telephone                          + 90 312 5921000
                                                                           18.21% in 2009.
Fax                                + 90 312 3541302
                                                                           Revenue and Margins
Website                            www.aselsan.com.tr

Ticker Symbol, Stock Exchange      ASELS, Istanbul Stock Exchange

Number of Employees                4,528

Fiscal Year End                    December

Revenue (in US$ million)           762.68

Revenue (in TRL million)           1,189.79




                                                                           Return on Equity
SWOT Analysis                                                              The company recorded a return on equity (ROE) of
                                                                           28.52% for 2010, as compared to its peers,
Strengths                          Weaknesses                              Rheinmetall AG (Ticker: RHM), Saab AB (Ticker:
                                                                           SAAB B) and OC Oerlikon Corporation AG (Ticker:
Broad offerings                    Delays in production/technical faults   OERL), which recorded ROEs of 12.80%, 3.84% and
                                                                           0.21% respectively. The company reported a net
                                                                           profit margin of 20.44% in 2010.
Strong liquidity position

                                                                           Return on Equity
Strong operating performance

Opportunities                      Threats

Growing global defense market      Government contract compliance

New contracts                      Rapidly changing technology

Strategic alliances/partnerships




                                                                           Liquidity Position

                                                                           The company reported a current ratio of 3.32 in 2010,
                                                                           as compared to its peers, Rheinmetall AG, Saab AB
                                                                           and OC Oerlikon Corporation AG, which recorded
                                                                           current ratios of 1.56, 1.25 and 1.53 respectively. As
                                                                           of December 2010, the company recorded cash and
                                                                           short-term investments of worth US$388.86 million,
                                                                           against zero current debt. The company reported a
                                                                           debt to equity ratio of 0.19 in 2010 as compared to its
                                                                           peers, Rheinmetall AG, Saab AB and OC Oerlikon
                                                                           Corporation AG, which recorded debt to equity ratios
                                                                           of 0.56, 0.15 and 0.72 respectively.




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Aselsan Elektronik Sanayi Ve Ticaret A.S. - SWOT                                                                   Page 1
Profile
Aselsan Elektronik Sanayi Ve Ticaret A.S.

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TABLE OF CONTENTS

1     Business Analysis ................................................................................................................................... 5
    1.1     Company Overview .................................................................................................................................................5
    1.2     Business Description ...............................................................................................................................................5
    1.3     Major Products and Services ...................................................................................................................................6
2     Analysis of Key Performance Indicators ............................................................................................... 7
    2.1     Five Year Snapshot: Overview of Financial and Operational Performance Indicators ...........................................7
    2.2     Key Financial Performance Indicators ...................................................................................................................10
      2.2.1        Revenue and Operating Profit .......................................................................................................................10
      2.2.2        Asset, Liabilities and Capex ..........................................................................................................................11
      2.2.3        Operational Efficiency ....................................................................................................................................12
      2.2.4        Solvency ........................................................................................................................................................13
      2.2.5        Valuation ........................................................................................................................................................14
    2.3     Competitive Benchmarking ....................................................................................................................................15
      2.3.1        Market Capitalization .....................................................................................................................................15
      2.3.2        Efficiency .......................................................................................................................................................17
      2.3.3        Capital Expenditure .......................................................................................................................................18
      2.3.4        Valuation ........................................................................................................................................................19
      2.3.5        Turnover – Inventory and Asset ....................................................................................................................20
      2.3.6        Liquidity ..........................................................................................................................................................21
3     Mergers & Acquisitions and Partnerships ........................................................................................... 22
    3.1     M&A and Partnerships Strategy ............................................................................................................................22
4     SWOT Analysis ...................................................................................................................................... 24
    4.1     SWOT Analysis - Overview ...................................................................................................................................24
    4.2     Strengths ...............................................................................................................................................................24
    4.3     Weaknesses ...........................................................
								
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