BAE’s F-35 Fighter Jet Programme Ramping Up, but Pricing Risk Looms; Shares Overvalued
We are maintaining our fair value estimate of GBX 520 per share for BAE's London-listed shares, as our adjustment for the time value of money since our prior update is offset by modest adjustments to our EBIT margin and interest-cost assumptions. However, due to updated currency assumptions, we decrease our fair value estimate for the ADR to $26 from $27. We maintain our narrow moat rating. In our previous notes, we highlighted BAE's 17% attractive exposure to the United States' $400 billion F-3...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.
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