Strong Finish to Fiscal 2016 for BAE Systems; Saudi British Defence Programme Extended Until 2021
We are increasing our fair value estimate to GBX 564 from GBX 520 per share for narrow-moat BAE's London-listed shares and that for the ADR to $28 from $26, as the operational and market improvements (reflected in the firm’s strong fiscal 2016 results) exceeded our expectations. We increased our 2017 revenue growth rate to 4.1% (previously 2.4%), as a result of increasing defense budgets around the globe, increasing production in the F-35 programme (BAE has 17% exposure to the United States' $40...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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