Favourable defence trends
Ultra has confirmed that it expects trading to be in line with consensus expectations for the current year. We therefore maintain our estimates and will reassess the outlook for 2017 at the full year results in March. By then the new US administration should be in place and the domestic outlook should also be more tangible. While weaker sterling remains a positive, the return to genuine underlying organic growth next year remains a hope at present, rather than a given. The shares have performed well since our Outlook note in September, approaching the fair value of 2,037p. The defence sector has performed over the period, largely reflecting prospects for increased global defence spending following the US election.Ultra Electronics Holdings is a holding company. Through its subsidiaries, Co. is engaged in the design, development and manufacture of electronic systems for the international defence and aerospace markets. Co. manages a range of capabilities, generating solutions and products in the Defence & Aerospace, Security & Cyber, Transport and Energy markets. Co. is organized into three operating segments – Aerospace & Infrastructure, Communications & Security and Maritime & Land.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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