After Share Price Correction, BAE Systems Shares Remain Modestly Overvalued
We are increasing our fair value estimate to GBX 580 from GBX 564 per share for the London-listed shares and to $30 from $28 for the ADR to adjust for the time value of money and updated currency assumptions. In our note of February 2017, we upgraded our revenue expectations due to operational and market improvements, such as increasing defense budgets around the globe, increasing production in the F-35 programme (BAE has 17% exposure to the United States' $400 billion F-35 program), and the ext...
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