Rolls-Royce Settles Bribery and Corruption Enquiry for GBP 671 Million; Shares Fairly Valued
We are increasing our fair value estimate to GBX 700 per share from GBX 690 for the London-listed shares, as our adjustment for the time value of money (approximately a 4% increase) and marginally lower capital investment expectations more than offset the recently announced bribery and corruption settlements, which amount to GBP 671 million. However, we are decreasing our ADR fair value estimate to $9 per share from $10 after adjusting for the weakening pound. In our ADR estimate, we use a USD/G...
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