Qatar Typhoon contract win increases our fair value estimate for BAE.
After publication of first-half 2017 results, we are maintaining our fair value estimate of GBX 580 per share for BAE Systems' London-listed shares and $30 for the ADR, along with our narrow moat rating. The firm's first-half 2017 results fall closely in line with our increased expectations (as expressed in our note of early July). Revenue increased 9% on a reported basis (4% organically) due to operational and market improvements, such as increasing defense budgets around the globe, increasing ...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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