BAE Systems : Improvement in margin and FCF… already priced in by the consensus
>Estimates virtually unchanged - Following the publication, we are making virtually no changes to our EPS estimates (0%/0%/-1.1% sur 2021/22/23). For 2021, we are forecasting adjusted EBITA of £ 2.315bn on sales up 4.2% to £ 21.7bn, or a margin of 10.7% (+43bp). The improvement in Electronic Systems (full-year effect of acquisitions, recovery in commercial) was offset by higher head office costs and a deterioration in the Air division margin (cautious margin recognit...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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