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Deutsche Bank ups BAE Systems target price to 730p from 685p in preview of upcoming full-year results

The bank's analysts said "we continue to forecast 45.9p of EPS for 2019 (consensus 45.8p) and expect BAE to be in-line (excl. the 1H19 one-off tax benefit)”

Deutsche Bank -
BAE Systems will announce its financial results for the year ending 31 December 2019 on 20 February

Deutsche Bank has raised its target price for BAE Systems PLC (LON:BA.) to 730p from 685p and retained a ‘buy’ rating on the blue-chip aerospace and defence group in a preview of upcoming full-year results.

The FTSE 100-listed firm’s shares were changing hands at 653.20p each on Friday, up 0.06% on Thursday’s close.

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In a note to clients, the German bank’s analysts said: “Having made some adjustments, principally for FX (GBP strength vs USD late in 2019), resulting in lower EBITA & net interest (net negative for PBT given long USD on translation), but offset by a lower central cost assumption, we continue to forecast 45.9p of EPS for 2019 (consensus 45.8p) and expect BAE to be in-line (excl. the 1H19 one-off tax benefit).”

“In terms of FCF, thanks to lower advances outflows and better-than-previously-expected cash conversion, we forecast £800mln (vs £650mln before) – this compares with guidance of £700mln to £1bn, and consensus at £774mln,” the analysts added.

BAE Systems will announce its financial results for the year ending 31 December 2019 on 20 February 2020.

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