Increasing Rolls-Royce's FVE Due to Increasing Civil Aviation Services, but Shares Are Overvalued
After updating our sales and profit estimates for Rolls-Royce (increasing our fair value estimate by approximately 3%), adjusting for currency movements, accounting for the time value of money (increasing our fair value estimate by approximately 4%), and incorporating modest tax-rate moderation, we are increasing our fair value estimate to GBX 780 per share (from GBX 700) for the London-listed shares, and to $10 (from $9) for the ADRs. We lowered the Rolls-Royce group's tax-rate assumption to 25...
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