Morgan Stanley starts Babcock with ‘equal-weight’ rating and 290p target price
The US investment bank’s analysts said: “Babcock shares sit in the perceived value camp. End markets still offer growth. However, the outlook is uncertain"
Company
Babcock International PLC
LON:BAB
Babcock is a FTSE 100 defence company operating in our focus countries of the UK, Australasia, Canada, France and South Africa, with exports to additional markets with potential to become focus countries. We meet our customers’ key requirements of affordability, availability, and capability by delivering engineering, support and critical systems to defence and civil markets.
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Babcock fires blank on dividend but says demand remains resilient
Efficiency and profits were hit as coronavirus-related safety constraints were brought in, including restricted access to customer sites, safety measures and reduced numbers of staff on site
Babcock upped to overweight as Barclays predicts recovery following 2021 earnings trough
The bank also said incoming CEO David Lockwood will need to address three key questions about the business when he takes over in September
Babcock expects lower demand for short-cycle activities but long-term contracts continue as normal
No decision on the final dividend yet until there is greater clarity
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FTSE 100 tanks 4% as second wave fears spark global share sell-off
Britain’s blue-chip benchmark closed down nearly 4%, or over 252 points, at 6,076 with
Babcock International loses appeal against Italian anti-trust fine
The company's Italian business was fined €51mln in relation to a tariff list produced by a trade association.
Babcock upped to ‘equal weight’ by Barclays but analysts predict weakness in defence sector as growth decelerates
The bank forecast that the coronavirus pandemic will cause pressure on government defence spending that "may be more pronounced" than that suffered during the 2008 financial crisis
Babcock hit by aviation contract delays, oil and gas weakness
The company has factored in an extra £85mln charge in full-year accounts
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Babcock and Dunelm in the diary for Wednesday
Defence firm Babcock will provide the market with its first update since long-serving CEO Archie Bethel announced his retirement in early February
Babcock results in line as strong Marine performance offsets Aviation decline
Babcock’s CEO said the Marine division had helped balance against the weakness in Aviation, with the former expected to deliver “stronger than expected trading” across the rest of the year
Babcock to complete UK’s largest warship
The company was awarded two weeks ago another contract to supply five new warships for £1.25bn
Babcock selected as preferred bidder to deliver new fleet of UK warships
The FTSE 250 firm will provide the UK with a fleet of five of its Arrowhead 140 frigates
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Serco's acquisitions and contract wins will be in focus on Thursday
Serco has already flagged that it expects its strong order intake to boost revenue in 2019 after several years of declines.
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News from FirstGroup, Stagecoach to drive corporate diary in coming week
Aside from the two mid-cap transport operators, blue chip contractor Bunzl will also issue a trading update, while the macro focus will be on the G20 meeting in Japan
Builders and building materials
Could Kier become the next takeover target after Babcock rebuffs Serco offer?
Valuations of UK contractors have been squeezed in the past year amid concerns they could face the same fate as collapsed Carillion
Babcock rejects second approach from rival Serco
Babcock said it received an “unsolicited and highly preliminary proposal” from Serco for a potential all-share combination of the two companies.
Babcock International knocked by Numis downgrade to ‘add’ from ‘buy’ after recent results
“Although Babcock's FY19 results were in line with the (reduced) expectations set out at the February trading update, the scale of revenue and profit attrition indicated in the company's FY20 guidance surprised”
Investments and investor services
FTSE 100 closes higher as trade tensions ease
The UK's index of leading shares finished the first day of the trading week around 46 points higher at 7,378
Babcock International profits less buoyant than expected
"We have sharpened our focus on our three key markets of defence, aerial emergency services and civil nuclear”
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FTSE 100 closes slightly ahead but Wall Street shares slide
The Footsie closed out at 7,334 - up around five points, while mid-cap index was firmly lower- down 129 points at 19,307