Increasing FVE After BAE's Qatar Typhoon Contract Win, but Shares Still Fairly Valued
We are increasing our fair value estimate for BAE Systems to GBX 600 from GBX 580 for the London-listed shares and to $32 from $30 for the ADRs to adjust for the time value of money, updated pension fund assumptions, and a modest increase to our longer-term forecasts resulting from the recent Qatar Typhoon contract win. We maintain our narrow moat rating.The value of BAE’s underfunded pension plan was GBP 5.9 billion at the end of June, a small improvement from the GBP 6.1 billion deficit at y...
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