Lowering BAE’s FVE to GBX 520 due to Increased Pension Deficit: Shares Fairly Valued
We are lowering our fair value estimate to GBX 520 from GBX 530 per share for the London listed shares and to $27 from $28 for the ADR due to the increasing pension deficit and updated currency assumptions. The deficit of BAE Systems Pension Scheme, which was sectionalized into a BAE Systems section and an Airbus section during 2016, increased to GBP 6.1 billion end June 2016 for GBP 4.5 billion end December 2015 mainly due to lower discount rates. BAE Systems’ first-half 2016 results fall clos...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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