Decent order intake but weak profitability for BAE Systems in first half; shares fairly valued.
After publication of first-half 2018 results, we are maintaining our fair value estimate of GBX 630 per share for BAE Systems' London-listed shares and $35 for the ADR, along with our narrow moat rating. The results were slightly below our expectations, but modest downward revisions of 2018 estimates are largely offset by lower pension deficit estimates. Revenue in the first half was down 7% on a reported basis and 3% organically as strong F-35 and APKWS production volumes (booked in electronic ...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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