BAE Systems (BA.)

Sector:

Defense and Aeronautics

Index:

FTSE 100

1,363.00p
   
  • Change Today:
      11.00p
  • 52 Week High: 1,394.00p
  • 52 Week Low: 888.20p
  • Currency: UK Pounds
  • Shares Issued: 3,035.14m
  • Volume: 6,430,362
  • Market Cap: £41,369m
  • RiskGrade: 108

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 2.7% 3.2% 4.6% 7.7% 1.7%
           
Continuing Operations          
PE Ratio - Adjusted 17.6 15.4 11.5 11.0 12.3
PE Ratio - Diluted 18.4
18.4		 17.0
16.8		 10.1
12.3		 12.1
11.4		 12.3
12.7
PEG - Adjusted 1.3 1.0 1.4 n/a 1.8
PEG - Diluted 0.9
1.0		 n/a
1.2		 0.3
3.1		 n/a
n/a		 0.3
1.1
Return on Capital Employed 46.81%
43.04%		 40.02%
34.50%		 0.89%
0.91%		 797.52%
691.46%		 688.04%
670.29%
Operating Margin 10.08%
10.25%		 9.36%
9.67%		 12.24%
12.51%		 8.28%
8.68%		 10.37%
10.11%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 17.6 15.4 1,139.5 11.0 12.3
PE Ratio - Diluted 18.4
18.4		 17.0
16.8		 995.8
1,215.4		 12.1
11.4		 12.3
12.7
PEG - Adjusted 1.3 0.0 n/a n/a 1.8
PEG - Diluted 0.9
1.0		 0.0
0.0		 n/a
n/a		 n/a
n/a		 0.3
1.1

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 23.34% 33.45% 46.25% 84.26% 40.02%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Price/Book Value (24.5) (21.4) (4.3) (2.3) (3.7)
Price/Tangible Book Value (21.9) (18.6) (4.1) (2.2) (3.6)
Price/ Cash Flow 9.0 9.4 7.2 13.4 11.3
Price/Revenue 1.46 1.25 88.92 0.81 0.98
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) (45.40p) (39.97p) (127.02p) (213.85p) (152.69p)
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Continuing Operations          
Revenue 23,078.00 21,258.00 197.05 19,277.00 18,305.00
EBITDA 2,326.00
2,366.00		 1,989.00
2,055.00		 31.19
31.74		 1,596.33
1,673.33		 1,899.00
1,850.00
Depreciation n/a
n/a		 n/a
n/a		 (7.08)
(7.08)		 n/a
n/a		 n/a
n/a
Net Interest n/a
n/a		 n/a
n/a		 (2.82)
(2.82)		 (0.33)
(0.33)		 (273.00)
(273.00)
Profit Before Tax 2,326.00
2,366.00		 1,989.00
2,055.00		 21.30
21.84		 1,596.00
1,673.00		 1,626.00
1,577.00
           
Revenue per Share 761.40p 683.10p 6.18p 604.11p 575.09p
Pre-Tax Profit per Share 76.74p
78.06p		 63.91p
66.03p		 0.67p
0.69p		 50.02p
52.43p		 51.08p
49.54p
Market Capitalisation £ (Millions) 35,931.20 28,222.32 18,715.19 16,639.57 19,581.62
Enterprise Value (EV) £ (Millions) 42,097.20 34,695.32 24,806.19 23,030.57 23,968.62
EBITDA/EV 5.53%
5.62%		 5.73%
5.92%		 0.13%
0.13%		 6.93%
7.27%		 7.92%
7.72%
Operating Margin 10.08%
10.25%		 9.36%
9.67%		 12.24%
12.51%		 8.28%
8.68%		 10.37%
10.11%
Capital Employed £ (Millions) 5,497.00 5,957.00 2,716.00 242.00 276.00
Return on Capital Employed 46.81%
43.04%		 40.02%
34.50%		 0.89%
0.91%		 797.52%
691.46%		 688.04%
670.29%
Invested Equity Capital £ (Millions) 10,901.00 11,558.00 7,844.00 5,029.00 5,792.00
           
Earnings per Share - Basic 61.30p
61.04p		 51.10p
51.64p		 55.20p
45.15p		 40.70p
43.12p		 46.40p
44.83p
Earnings per Share - Diluted 60.40p
60.22p		 50.50p
50.97p		 54.70p
44.81p		 40.50p
42.87p		 46.10p
44.58p
Earnings per Share - Adjusted 63.20p 55.50p 47.80p 44.30p 45.80p
Earnings per Share Growth - Basic 20%
18%		 -7%
14%		 36%
5%		 -12%
-4%		 48%
12%
Earnings per Share Growth - Diluted 20%
18%		 -8%
14%		 35%
4%		 -12%
-4%		 48%
12%
Earnings per Share Growth - Adjusted 14% 16% 8% -3% 7%
PE Ratio - Diluted 18.4
18.4		 17.0
16.8		 10.1
12.3		 12.1
11.4		 12.3
12.7
PEG - Diluted 0.9
1.0		 n/a
1.2		 0.3
3.1		 n/a
n/a		 0.3
1.1
Tax Rate 16.60% 15.84% 9.38% 14.10% 5.78%
Dividend Cover 2.11
2.03		 2.06
1.91		 1.90
1.80		 1.18
1.15		 4.87
4.77
Interest Cover n/a
n/a		 n/a
n/a		 7.78
7.96		 4,548.01
4,767.38		 6.42
6.26
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 61.30p
61.04p		 51.10p
51.64p		 0.56p
0.46p		 40.70p
43.12p		 46.40p
44.83p
Earnings per Share - Diluted 60.40p
60.22p		 50.50p
50.97p		 0.55p
0.45p		 40.50p
42.87p		 46.10p
44.58p
Earnings per Share - Adjusted 63.20p 55.50p 0.48p 44.30p 45.80p
Earnings per Share Growth - Basic 20%
18%		 9,071%
11,230%		 -99%
-99%		 -12%
-4%		 48%
12%
Earnings per Share Growth - Diluted 20%
18%		 9,046%
11,167%		 -99%
-99%		 -12%
-4%		 48%
12%
Earnings per Share Growth - Adjusted 14% 11,403% -99% -3% 7%
PE Ratio - Diluted 18.4
18.4		 17.0
16.8		 995.8
1,215.4		 12.1
11.4		 12.3
12.7
PEG - Diluted 0.9
1.0		 0.0
0.0		 n/a
n/a		 n/a
n/a		 0.3
1.1
Dividend Cover 2.11
2.03		 2.06
1.91		 0.02
0.02		 1.18
1.15		 4.87
4.77
Return on Equity (ROE) 17.04%
16.97%		 13.77%
13.90%		 0.23%
0.19%		 25.83%
27.36%		 25.48%
24.64%
Operating Cash Flow per Share 124.05p 91.23p 76.78p 36.54p 50.17p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share 34.02p 2.70p 0.081p 3.20p (18.76p)
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 30.00p 27.00p 25.10p 37.50p 9.40p
Dividend per Share Growth 11.11% 7.57% (33.07%) 298.94% (57.66%)
Dividend Yield 2.7% 3.2% 4.6% 7.7% 1.7%
Shareholders Funds 10,559.00 11,215.00 7,436.00 4,643.00 5,407.00
Net Borrowings £ (Millions) 2,464.00 3,751.00 3,439.00 3,912.00 2,164.00
Net Asset Value per Share (inc. Intangibles) (50.81p) (45.92p) (134.30p) (222.56p) (155.95p)

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds inc Intangibles 10,559.00 11,215.00 7,436.00 4,643.00 5,407.00
Net Borrowings £ (Millions) 2,464.00 3,751.00 3,439.00 3,912.00 2,164.00
Net Gearing 23.34% 33.45% 46.25% 84.26% 40.02%
Cash & Near Cash 4,067.00 3,107.00 2,917.00 2,768.00 2,587.00
Cash 38.52% 27.70% 39.23% 59.62% 47.85%
Gross Borrowings 6,531.00 6,858.00 6,356.00 6,680.00 4,751.00
Gross Gearing 61.85% 61.15% 85.48% 143.87% 87.87%
Borrowings Under 5 years 6,531.00 6,858.00 6,356.00 6,680.00 4,751.00
Under 5 years 61.85% 61.15% 85.48% 143.87% 87.87%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds exc Intangibles (1,540.00) (1,429.00) (4,280.00) (7,102.00) (4,964.00)
Net Borrowings £ (Millions) 2,464.00 3,751.00 3,439.00 3,912.00 2,164.00
Net Gearing n/a n/a (80.35%) (55.08%) (43.59%)
Cash & Near Cash 4,067.00 3,107.00 2,917.00 2,768.00 2,587.00
Cash (264.09%) (217.42%) (68.15%) (38.97%) (52.12%)
Gross Borrowings 6,531.00 6,858.00 6,356.00 6,680.00 4,751.00
Gross Gearing 424.09% 479.92% 148.50% 94.06% 95.71%
Borrowings Under 5 years 6,531.00 6,858.00 6,356.00 6,680.00 4,751.00
Under 5 years (424.09%) (479.92%) (148.50%) (94.06%) (95.71%)
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Quick Ratio 0.97 0.98 0.92 0.91 0.92
Current Ratio 1.08 1.08 1.01 1.00 1.01

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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