ASELS.IS

“Aselsan is Turkey's defense electronics monopolist with a policy-embedded moat, multi-decade indigenization tailwind, and near-zero domestic competition — a structurally excellent business. However, at TRY 427 (21.5x forward earnings, 7.8x book, near 52-week highs), the current price offers no margin of safety. The more fundamental constraint for non-TRY investors is currency: TRY depreciation has historically consumed 7-10% annually in USD terms, limiting long-term USD-equivalent returns to a modest 1-3x despite TRY-denominated compounding. Governance subordination of minorities, CAATSA tail risk, and full valuation collectively make this a stock to monitor closely and buy only at a meaningful discount — not at today's price.”