BAE Systems : Un FCF finalement meilleur que prévu – En attendant une plus forte visibilité sur les budgets UK et US
>Relèvement de +2.1% de notre BPA 2020e - Suite à la publication de solides résultats S1 et de l’intégration de l’acquisition de l’activité GPS militaire de Collins (finalisation le 31/07), nous ajustons à la hausse nos estimations pour désormais attendre un recul de l’underlying EBITA de 4% à 2 033 M£ pour des ventes en hausse de 2.3% à 20.6 Md£, soit une marge de 9.9% (-65 pb). A l’exception des activités commerciales (qui ont pénalisé les résultats S1 de c54 M£) et...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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