BAE Systems PLC

BAE Systems is a defense, aerospace and security solutions provider. Co. supplies defense equipment, electronics and services, and cyber, intelligence and security solutions for governments and commercial markets. Co.'s offerings include the: manufacture of Typhoon assemblies for European partner nations and other export customers; design and manufacture of sub-assemblies in the U.K. and provision of equipment in the U.S.; development of future air system capabilities, including unmanned air systems; maintenance, support and training for Typhoon aircraft in service with the U.K. and Saudi Arabian air forces; and design, manufacture and support of defense and commercial avionics equipment.
  • TickerBA.
  • ISINGB0002634946
  • ExchangeLondon Stock Exchange
  • SectorAerospace & Defense
  • CountryUnited Kingdom
Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/05/2020

In this report we analyse the notable differences between the published results of phase I tests for COVID-19 vaccines even though, at this stage, it is difficult to compare one trial with another. Phase I results have been positive overall, in terms of both safety (primary challenge) but also efficacy, with all recording the production of neutralising antibodies. We think that the results published by BioNtech and Moderna lend even greater credibility to the mRNA approach. We are sti...

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/08/2020

Nous analysons ici les différences notables entre les phases 1 publiées sur le vaccin contre la COVID-19, bien qu’il soit, à ce stade, délicat de comparer une étude à une autre. Les résultats de phase 1 sont dans l’ensemble positifs en termes de sécurité (enjeu premier) mais aussi d’efficacité avec la production, pour l’ensemble, d’anticorps neutralisants. Nous croyons que les résultats de BioNtech et Moderna crédibilisent d’autant plus l’approche à ARNm. Nous maintenons notre recomma...

Antoine Boivin-Champeaux ...
  • Yan Derocles

BAE Systems : FCF ultimately better than expected, waiting for greater visibility on UK and US budgets

>Upward revision of +2.1% to our 2020 EPS forecast - Following the publication of robust H1 results and having integrated the acquisition of Collins’ military GPS activity (finalised 31 July), we are revising up our estimates and now expect a 4% decline in underlying EBITA to £ 2,033m for a 2.3% sales increase to £ 20.6bn, giving a margin of 9.9% (-65bp). Apart from commercial activities (that penalised H1 results by approximately £ 54m) and particularly avionics acti...

Antoine Boivin-Champeaux ...
  • Yan Derocles

BAE Systems : Un FCF finalement meilleur que prévu – En attendant une plus forte visibilité sur les budgets UK et US

>Relèvement de +2.1% de notre BPA 2020e - Suite à la publication de solides résultats S1 et de l’intégration de l’acquisition de l’activité GPS militaire de Collins (finalisation le 31/07), nous ajustons à la hausse nos estimations pour désormais attendre un recul de l’underlying EBITA de 4% à 2 033 M£ pour des ventes en hausse de 2.3% à 20.6 Md£, soit une marge de 9.9% (-65 pb). A l’exception des activités commerciales (qui ont pénalisé les résultats S1 de c54 M£) et...

BAE Systems: 1 director bought

A director at BAE Systems bought 40,546 shares at 493p and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

Valérie GASTALDY

Short term view - BAE SYSTEMS : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at 494.75 p, then 471.71 p. Passing 546.40 p would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - BAE SYSTEMS : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 494,75 p, puis 471,71 p. Le franchissement de 546,40 p remettrait en cause la suite de la baisse.

Valérie GASTALDY

Analyse court terme - BAE SYSTEMS : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 494,75 p, puis 471,71 p. Le franchissement de 546,40 p remettrait en cause la suite de la baisse.

Valérie GASTALDY

Short term view - BAE SYSTEMS : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at 494.75 p, then 471.71 p. Passing 546.40 p would question the continuation of the fall.

Valérie GASTALDY

Analyse moyen terme - BAE SYSTEMS : Les cours baissent.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

BAE Systems: 1 director bought

A director at BAE Systems bought 40,546 shares at 493p and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

Antoine Boivin-Champeaux ...
  • Yan Derocles

BAE Systems : FCF ultimately better than expected, waiting for greater visibility on UK and US budgets

>Upward revision of +2.1% to our 2020 EPS forecast - Following the publication of robust H1 results and having integrated the acquisition of Collins’ military GPS activity (finalised 31 July), we are revising up our estimates and now expect a 4% decline in underlying EBITA to £ 2,033m for a 2.3% sales increase to £ 20.6bn, giving a margin of 9.9% (-65bp). Apart from commercial activities (that penalised H1 results by approximately £ 54m) and particularly avionics acti...

Antoine Boivin-Champeaux ...
  • Yan Derocles

BAE Systems : Un FCF finalement meilleur que prévu – En attendant une plus forte visibilité sur les budgets UK et US

>Relèvement de +2.1% de notre BPA 2020e - Suite à la publication de solides résultats S1 et de l’intégration de l’acquisition de l’activité GPS militaire de Collins (finalisation le 31/07), nous ajustons à la hausse nos estimations pour désormais attendre un recul de l’underlying EBITA de 4% à 2 033 M£ pour des ventes en hausse de 2.3% à 20.6 Md£, soit une marge de 9.9% (-65 pb). A l’exception des activités commerciales (qui ont pénalisé les résultats S1 de c54 M£) et...

Antoine Boivin-Champeaux ...
  • Yan Derocles

BAE Systems : FY 2020 guidance in line with results above expectations

>Sales 5% above consensus, an overall good performance - BAE Systems has just reported H1 2020 results ahead of both our expectations and those of the consensus. Adjusted EBITA totalled £ 895m (ODDO BHF: £ 814m), down by 11% compared to last year, for sales of £ 9.87bn (ODDO BHF: £ 9,406m, consensus: £9,394m) relatively better than expected. Underlying net result came in at £ 559m, 4% above our forecast and spot on for the consensus (ODDO BHF: £ 538m, consensus: £ 555...

Antoine Boivin-Champeaux ...
  • Yan Derocles

BAE Systems : FY 2020 guidance in line with results above expectations

>Sales 5% above consensus, an overall good performance - BAE Systems has just reported H1 2020 results ahead of both our expectations and those of the consensus. Adjusted EBITA totalled £ 895m (ODDO BHF: £ 814m), down by 11% compared to last year, for sales of £ 9.87bn (ODDO BHF: £ 9,406m, consensus: £9,394m) relatively better than expected. Underlying net result came in at £ 559m, 4% above our forecast and spot on for the consensus (ODDO BHF: £ 538m, consensus: £ 555...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Qu’il est loin le temps du surbooking…

Si la trajectoire de retour des capacités en Chine a pu alimenter l’espoir, nous anticipons une reprise une nouvelle fois décalée dans le temps avec une chute du trafic de 60% en 2020 et un rebond limité à 40% en 2021. Les multiples relativement élevés rendent les titres vulnérables à d’éventuelles déceptions ce qui nous pousse à être sélectif. Nous privilégions les valeurs défense comme Thales et Leonardo. Airbus est notre seule recommandation positive sur le civil. Dans l’aérie...

BAE Systems plc: Update to Key Rating Factors After Affirmation of BAE's Baa2 Rating

CORPORATES CREDIT OPINION 2 May 2017 Update RATINGS BAE SYSTEMS plc Domicile United Kingdom Long Term Rating Baa2 Type LT Issuer Rating Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Jeanine Arnold 49-69-70730-789 VP-Senior Analyst [email protected] Matthias

BAE SYSTEMS plc - December 2016 (LTM): Peer Snapshot

Peer Snapshot: BAE SYSTEMS plc - December 2016 (LTM) 5 April 2017 (in US millions) FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Dec-16

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/05/2020

In this report we analyse the notable differences between the published results of phase I tests for COVID-19 vaccines even though, at this stage, it is difficult to compare one trial with another. Phase I results have been positive overall, in terms of both safety (primary challenge) but also efficacy, with all recording the production of neutralising antibodies. We think that the results published by BioNtech and Moderna lend even greater credibility to the mRNA approach. We are sti...

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/08/2020

Nous analysons ici les différences notables entre les phases 1 publiées sur le vaccin contre la COVID-19, bien qu’il soit, à ce stade, délicat de comparer une étude à une autre. Les résultats de phase 1 sont dans l’ensemble positifs en termes de sécurité (enjeu premier) mais aussi d’efficacité avec la production, pour l’ensemble, d’anticorps neutralisants. Nous croyons que les résultats de BioNtech et Moderna crédibilisent d’autant plus l’approche à ARNm. Nous maintenons notre recomma...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/03/2020

Our new production scenario (-12%, of which -32% of H1) prompts us to a further marked downward revision to our estimates (~-60% since January, -40% vs 2020 consensus estimates). Whilst valuations might now suggest that a large portion is already factored in, despite the recent rebound, visibility remains too low for us to be more constructive and we maintain our strict stock picking strategy. Michelin, Volkswagen, Peugeot and Plastic Omnium remain our preferred stocks whilst we are s...

Increased risk weighs on BAE SYSTEMS, penalising its rating down to Neutral

The independent financial analyst theScreener just lowered the general evaluation of BAE SYSTEMS (GB), active in the Aerospace & Defense industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date July 24, 2020, the closing price was GBp 477.90 and its target price was estimated at GBp 420.44.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Bae Systems – AGM 7 May 2020

Against a background of significant government and social challenges, and the uncertainty as to the duration of the resulting disruption, the Board believes it is in the Company`s best interests, having regard to all stakeholdersninterests, to defer the decision on the 13.8 pence per share dividend proposed by the Board when announcing the Companyns 2019 results in February.   According to the Guardian, BAE Systems sold £15bn worth of arms to Saudis during the last five years, the period covered by Riyadhns involvement in the deadly bombing campaign in the war in Yemen. The figure was provi...

Expert Corporate Governance Service (ECGS)

Bae Systems - AGM 09 May 2019

Item 2: Approve the Remuneration Report The structure is weighted more towards rewarding long-term performance, but maximum long-term incentive pay and the maximum bonus opportunity are excessive.  The quantum for the year was also considered excessive. The company operates two long term incentive plans, one of which does not apply performance conditions, which does not meet best practice. Both the STI and LTI are heavily reliant on EPS.  Over-reliance on EPS could result in management making decisions to maximize profits for the short term, often at the expense of long term shareholder value...

Bae Systems PLC – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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