BAE Systems : Solid FY 2023 print but FY 2024 guidance looks a bit timid
>Solid FY 2023 print with Underlying FCF 40% above css and book-to-bill at 1.5x - BAE Systems just reported solid FY 2023 results, bang in line at the EBIT level but far above in terms of FCF generation. At £ 2,682m (+8.2% and +9% l-f-l) underlying EBIT came in bang in line with consensus forecasts (ODDO BHF: £ 2,685m; VA Css: £ 2,686m) with a margin of 10.6%. Maritime being above estimates whereas Electronic Systems was a bit short. Adjusted FCF far exceeded expectat...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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