Analyst Research Report Snapshot

Title:

BAE SYSTEMS - BEYOND THE HEADLINES

Price:

$10.00

Provider:

Edison Investment Research

Date:

08 Mar 2011

Pages:

4

Type:

AcrobatPDF

Companies referenced:

BAES.L

Available for Immediate Download
Summary:

Results came in slightly behind our expectations as a result of the £100m charge for the Trinidad & Tobago OPV contract and a weaker land systems result. Despite revenue decline in 2011 as BAE rebases land systems, the benefits of ongoing restructuring are set to mitigate this drop, while the non-recurrence of the T&T charge and full impact of the buyback will allow BAE to show bottom-line progress. Beyond 2011, we remain confident that the business can recommence growth and we feel this is being overshadowed by the short-term impact of defence budget slowdowns. The rating of 7.7x CY11 EPS provides significant value in our view.

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