BAE Systems : Une amélioration de la marge et du FCF… déjà bien intégrée par le consensus
>Estimations quasi-inchangées - Suite à la publication, nous laissons quasi-inchangées nos estimations de BPA (0%/0%/-1.1% sur 2021/22/23). Sur 2021, nous tablons sur un EBITA Ajusté de 2 315 M£ pour des ventes en hausse de 4.2% à 21.7 Md£, soit une marge de 10.7% (+43 pb). L’amélioration d’Electronic Systems (effet année pleine des acquisitions, redressement du commercial) étant compensée par des coûts de sièges plus élevés et une dégradation de la marge de la divisi...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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