Analyst Research Report Snapshot

Title:

BAE SYSTEMS - STRENGTH IN DEPTH

Price:

$10.00

Provider:

Edison Investment Research

Date:

19 Feb 2010

Pages:

2

Type:

AcrobatPDF

Companies referenced:

BAES.L

Available for Immediate Download
Summary:

BAE Systems announced a resilient set of results demonstrating its ability to deliver against plan even in a challenging environment. The underlying performance of the group was slightly ahead of consensus and we do not believe that there were any significant surprises. With the DoJ/SFO global settlement now firmly behind BAE, focus has turned solely to the outlook and forthcoming budgetary pressures. In our view, BAE has a robust spread across platforms, sub-sectors and technologies with established programmes generating cash and newer businesses focused on areas of future growth. With a strong balance sheet allowing a £500m share buyback and room for acquisitions, we feel the current rating of 8.5x CY10 EPS is undemanding.

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