Narrow-Moat BAE Reports Mixed 2018 Results
Narrow-moat BAE Systems reported mixed 2018 results, roughly in line at the group level but with some divisional underperformance on margins. We are maintaining our GBX 630 and $33 fair value estimates for the local and ADR shares, respectively.Electronic systems, with the highest division margins and contributing 30%-plus of group cash flow, delivered in-line results and its steady performance should continue in 2019 with 70% of revenue in the order backlog. The division, which provides elect...
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