Financials BAE Systems plc

Equities

BA.

GB0002634946

Aerospace & Defense

Market Closed - London S.E. 16:35:08 17/06/2024 BST 5-day change 1st Jan Change
1,337 GBX +0.15% Intraday chart for BAE Systems plc -4.16% +20.40%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,092 15,718 17,381 26,285 33,599 40,217 - -
Enterprise Value (EV) 1 19,808 19,441 19,541 28,308 36,063 46,897 46,725 46,067
P/E ratio 12.3 x 12.1 x 10.1 x 17 x 18.4 x 20.9 x 18.5 x 16.8 x
Yield 4.11% 4.85% 4.57% 3.15% 2.7% 2.41% 2.63% 2.87%
Capitalization / Revenue 0.9 x 0.75 x 0.82 x 1.13 x 1.33 x 1.43 x 1.33 x 1.26 x
EV / Revenue 0.99 x 0.93 x 0.92 x 1.22 x 1.43 x 1.67 x 1.55 x 1.44 x
EV / EBITDA 7.13 x 6.93 x 6.68 x 8.72 x 10.4 x 12.6 x 11.5 x 10.6 x
EV / FCF 17.3 x 24.9 x 10.5 x 13.2 x 13.9 x 32.9 x 26.3 x 23 x
FCF Yield 5.8% 4.02% 9.54% 7.58% 7.19% 3.04% 3.8% 4.35%
Price to Book 3.32 x 3.52 x 2.36 x 2.35 x 3.21 x 3.57 x 3.33 x 2.94 x
Nbr of stocks (in thousands) 3,203,329 3,215,557 3,161,416 3,070,678 3,025,615 3,008,009 - -
Reference price 2 5.648 4.888 5.498 8.560 11.10 13.35 13.35 13.35
Announcement Date 20/02/20 25/02/21 24/02/22 23/02/23 21/02/24 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 20,109 20,862 21,310 23,256 25,284 28,114 30,206 31,996
EBITDA 1 2,777 2,807 2,925 3,246 3,469 3,730 4,062 4,331
EBIT 1 2,117 2,132 2,205 2,479 2,682 3,029 3,333 3,577
Operating Margin 10.53% 10.22% 10.35% 10.66% 10.61% 10.77% 11.03% 11.18%
Earnings before Tax (EBT) 1 1,626 1,596 2,110 1,989 2,326 2,343 2,195 2,312
Net income 1 1,476 1,299 1,758 1,591 1,857 1,939 2,146 2,346
Net margin 7.34% 6.23% 8.25% 6.84% 7.34% 6.9% 7.11% 7.33%
EPS 2 0.4610 0.4050 0.5470 0.5050 0.6040 0.6382 0.7202 0.7932
Free Cash Flow 1 1,148 781 1,864 2,146 2,593 1,425 1,774 2,003
FCF margin 5.71% 3.74% 8.75% 9.23% 10.26% 5.07% 5.87% 6.26%
FCF Conversion (EBITDA) 41.34% 27.82% 63.73% 66.11% 74.75% 38.21% 43.67% 46.24%
FCF Conversion (Net income) 77.78% 60.12% 106.03% 134.88% 139.63% 73.5% 82.66% 85.36%
Dividend per Share 2 0.2320 0.2370 0.2510 0.2700 0.3000 0.3223 0.3517 0.3835
Announcement Date 20/02/20 25/02/21 24/02/22 23/02/23 21/02/24 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 10,693 9,871 10,991 10,035 11,275 10,581 12,675 12,018 13,266 13,337 14,884
EBITDA 1 - 1,158 - - - - - 1,644 1,825 1,696 2,028
EBIT 1 1,118 895 1,237 1,028 1,177 1,112 1,367 1,258 1,424 1,356 1,663
Operating Margin 10.46% 9.07% 11.25% 10.24% 10.44% 10.51% 10.79% 10.47% 10.73% 10.17% 11.17%
Earnings before Tax (EBT) 850 689 907 1,151 959 779 - - - - -
Net income 681 532 767 1,000 758 615 - - - - -
Net margin 6.37% 5.39% 6.98% 9.97% 6.72% 5.81% - - - - -
EPS 2 - - - 0.2480 0.2990 0.1940 - 0.3140 0.2900 0.2627 0.3432
Dividend per Share 0.1380 0.0940 0.1430 0.0990 0.1520 0.1040 - 0.1150 - - -
Announcement Date 20/02/20 30/07/20 25/02/21 29/07/21 24/02/22 28/07/22 23/02/23 02/08/23 21/02/24 - -
1GBP in Million2GBP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,716 3,723 2,160 2,023 2,464 6,680 6,508 5,850
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.6179 x 1.326 x 0.7385 x 0.6232 x 0.7103 x 1.791 x 1.602 x 1.351 x
Free Cash Flow 1 1,148 781 1,864 2,146 2,593 1,425 1,774 2,003
ROE (net income / shareholders' equity) 27% 26.3% 29.1% 18.5% 17.6% 18.5% 19.1% 18.7%
ROA (Net income/ Total Assets) 5.86% 4.89% 6.43% 5.9% 6.03% 6.1% 6.14% 6.54%
Assets 1 25,188 26,580 27,333 26,976 30,785 31,787 34,964 35,898
Book Value Per Share 2 1.700 1.390 2.330 3.640 3.460 3.740 4.010 4.540
Cash Flow per Share 2 0.5000 0.3600 0.7600 0.9000 1.220 0.7400 0.9000 0.9500
Capex 1 350 385 366 599 789 931 965 960
Capex / Sales 1.74% 1.85% 1.72% 2.58% 3.12% 3.31% 3.19% 3%
Announcement Date 20/02/20 25/02/21 24/02/22 23/02/23 21/02/24 - - -
1GBP in Million2GBP
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
13.35 GBP
Average target price
14.11 GBP
Spread / Average Target
+5.68%
Consensus
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