‘BAE is, in our eyes, generally well led, with margins close to effective ceiling levels, a solid book-to-bill ratio of the last three years 1.13 times, and a welcome resumption of share buybacks’, judges the broker.
However, Stifel points to ‘dominant issues such as a backdrop of pressure on defense spending from its largest customers, a deadlock on significant Saudi orders, coupled with upward pressure on tax rates.’
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