After Share Price Correction, We See Buying Opportunity in Babcock’s Shares
We are increasing our fair value estimate to GBX 1,060 from GBX 1,040 per share for the London-listed shares to adjust for the time value of money and modestly updated pension assumptions. Narrow-moat Babcock is one of the main beneficiaries of rising U.K defence budgets and a pickup in outsourcing in the international defense market. Due to lower volumes from the Queen Elizabeth Class aircraft carrier programme, Babcock’s revenue in the marine sector will be modestly down in fiscal 2018; howeve...Babcock International Group is a holding company. Through its subsidiaries, Co. operates in four sectors: Marine, which provides an array of marine and naval engineering services; Land, which provides fleet management and training for customer-owned defense, emergency services, global airport and commercial vehicle fleets, as well as engineering services and technical training for customers worldwide; Aviation, which delivers an array of engineering services to defense and civil customers; and Cavendish Nuclear, which delivers nuclear engineering on nuclear decommissioning programs and projects across the U.K., as well as nuclear engineering services in training and operation support.
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