BAE Systems : FCF ultimately better than expected, waiting for greater visibility on UK and US budgets
>Upward revision of +2.1% to our 2020 EPS forecast - Following the publication of robust H1 results and having integrated the acquisition of Collins’ military GPS activity (finalised 31 July), we are revising up our estimates and now expect a 4% decline in underlying EBITA to £ 2,033m for a 2.3% sales increase to £ 20.6bn, giving a margin of 9.9% (-65bp). Apart from commercial activities (that penalised H1 results by approximately £ 54m) and particularly avionics acti...BAE Systems is a defense, aerospace and security solutions provider. Co. supplies defense equipment, electronics and services, and cyber, intelligence and security solutions for governments and commercial markets. Co.'s offerings include the: manufacture of Typhoon assemblies for European partner nations and other export customers; design and manufacture of sub-assemblies in the U.K. and provision of equipment in the U.S.; development of future air system capabilities, including unmanned air systems; maintenance, support and training for Typhoon aircraft in service with the U.K. and Saudi Arabian air forces; and design, manufacture and support of defense and commercial avionics equipment.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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