Company Valuation: BAE Systems plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 17,381 26,285 33,599 34,267 51,026 53,748 - -
Change - 51.22% 27.83% 1.99% 48.91% 5.34% - -
Enterprise Value (EV) 1 19,541 28,308 36,063 41,142 56,639 58,531 57,917 57,008
Change - 44.86% 27.4% 14.08% 37.67% 3.34% -1.05% -1.57%
P/E 10.1x 17x 18.4x 17.9x 25.2x 24.8x 21.3x 18.8x
PBR 2.36x 2.35x 3.21x 2.98x 4.36x 4.53x 4.2x 3.87x
PEG - -2.21x 0.9x 2.92x 4.14x 2x 1.3x 1.4x
Capitalization / Revenue 0.82x 1.13x 1.33x 1.21x 1.66x 1.62x 1.48x 1.37x
EV / Revenue 0.92x 1.22x 1.43x 1.45x 1.85x 1.76x 1.6x 1.46x
EV / EBITDA 6.68x 8.72x 10.4x 10x 12.6x 12.3x 11.1x 10.1x
EV / EBIT 8.86x 11.4x 13.4x 13.6x 17x 15.9x 14.2x 12.7x
EV / FCF 10.5x 13.2x 13.9x 16.4x 26.2x 25.6x 22.2x 19.4x
FCF Yield 9.54% 7.58% 7.19% 6.09% 3.81% 3.91% 4.5% 5.16%
Dividend per Share 2 0.251 0.27 0.3 0.33 0.363 0.3967 0.4469 0.5014
Rate of return 4.57% 3.15% 2.7% 2.87% 2.12% 2.09% 2.35% 2.64%
EPS 2 0.547 0.505 0.604 0.641 0.68 0.7664 0.8917 1.008
Distribution rate 45.9% 53.5% 49.7% 51.5% 53.4% 51.8% 50.1% 49.7%
Net sales 1 21,310 23,256 25,284 28,335 30,662 33,180 36,216 39,155
EBITDA 1 2,925 3,246 3,469 4,112 4,495 4,750 5,195 5,644
EBIT 1 2,205 2,479 2,682 3,015 3,322 3,679 4,090 4,493
Net income 1 1,758 1,591 1,857 1,956 2,062 2,254 2,582 2,880
Net Debt 1 2,160 2,023 2,464 6,875 5,613 4,783 4,168 3,260
Reference price 2 5.50 8.56 11.10 11.48 17.14 18.98 18.98 18.98
Nbr of stocks (in thousands) 31,61,416 30,70,678 30,25,615 29,83,629 29,77,003 28,31,835 - -
Announcement Date 24/02/22 23/02/23 21/02/24 19/02/25 18/02/26 - - -
1GBP in Million2GBP
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.28x1.76x12.32x2.09% 7.27TCr
37.92x6.84x28.5x0.56% 34TCr
32.79x3.05x18.12x1.45% 27TCr
34.07x5.01x21.08x1% 16TCr
17.21x1.67x11.99x2.67% 12TCr
20.95x1.77x14.52x1.77% 9.61TCr
17.88x1.87x13.31x1.87% 7.37TCr
29.03x3.18x13.98x1.42% 5.37TCr
20.56x2.27x12.53x2.02% 4.57TCr
Average 26.08x 3.05x 16.26x 1.65% 13.65TCr
Weighted average by Cap. 29.88x 3.94x 19.45x 1.37%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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