BA.

Bae Systems (BA.)

Company name:	Bae Systems Plc
Company Description:	A group engaged in the delivery of a range of systems and services for air; land; and naval forces; as well as advanced electronics; information technology solutions and customer support services
EPIC:	BA.	Trading Currency:	GBX
Market Sector:	FE10	ISIN:	GB0002634946
Market Segment:	SET1	Share Type:	DE
WWW Address:	http://www.baesystems.com/	Description:	ORD 2.5P
Industry Sector:	AEROSPACE & DEFENCE

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
766.80	-4.2 [-0.54]	766.40	766.80	768.00	777.20	766.20	6,756,886
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
24,200.36	3,156.02	0.13	55.20	25.10	13.89	3.27	782.40 - 514.80

Bae Systems Key Figures

Key Figures
(at previous day's close)
Market Cap.	24,200.36	m
Shares In Issue	3,156.02	m
Prev. Close	771.00
PE Ratio	13.89
Dividend Yield	3.27	%
EPS - basic	55.20	p
Dividend PS	25.10	p
Dividend Cover	2.20
Cash Flow PS	77.53	p
Return On Equity (ROE)	23.64	%
Operating Margin	10.81	%
PEG Factor	0.39
EPS Growth Rate	35.63	%
Dividends PS Growth Rate	5.91	%
Net Debt	16,550.00	m
Gross Gearing	71.74	%
Quick Assets	8,986.00	m
Net Working Capital	1,101.00	m
Intangibles / Fixed Assets	67.57	%
Turnover PS	618.53	p
Pre-Tax Profit PS	66.86	p
Retained Profit PS	31.08	p
Cash PS	92.43	p
Net Cash PS	-183.11	p
Net Tangible Asset Value PS *	-135.61	p
Net Asset Value PS	242.96	p
Spread	0.40 (0.05%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Bae Systems Balance Sheet

%1$s Balance Sheet

Share Price Performance

Share Price Performance
Sample Period ^†	High	Low
1 week	777.60	743.80
4 weeks	782.40	722.60
12 weeks	782.40	683.80
1 year	782.40	514.80

Share Price Chart (5 years)

Bae Systems Historic Returns

%1$s Historic Returns
Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	750.00	16.80	2.24	743.80	7.21		762.55
4 weeks	734.80	32.00	4.35	722.60	8.95		753.44
12 weeks	694.60	72.20	10.39	683.80	10.48		739.97
26 weeks	552.80	214.00	38.71	517.40	9.08		677.28
1 year	524.80	242.00	46.11	514.80	7.61		627.86
3 years	453.40	313.40	69.12	395.90	7.77		555.42
5 years	663.50	103.30	15.57	395.90	8.19		561.37
† periods calculated are whole weeks rather than calendar months

Bae Systems Key Management Ratios

DEEPER ANALYSIS

Bae Systems Investment Ratios

%1$s Investment Ratios
(Market value analysis) at previous day's close
PQ Ratio	24.54
PE Ratio	13.89
Tobin's Q Ratio	0.89
Tobin's Q Ratio (excl. intangibles)	1.61
Dividend Yield	3.27	%
Market-to-Book Ratio	3.25
Price-to-Pre-Tax Profit PS	11.47
Price-to-Retained Profit PS	24.67
Price-to-Cash Flow PS	9.89
Price-to-Sales PS	1.24
Price-to-Net Tangible Asset Value PS	-5.98
Price-to-Cash PS	8.30
Net Working Capital PS	34.89
Price Pct to Working Capital PS	21.98	%
Earnings Yield	7.20	%
Average PE	14.04
Years in average	5
PE to PE average	98.95	%

Bae Systems Financial Ratios

%1$s Financial Ratios
(Leverage Ratios)
Debt Ratio	58.41	%
Debt-to-Equity Ratio	1.40
Debt-to-Equity Ratio (excl. Intgbl)	-2.66
Debt-to-Equity Market Value	0.45
Net Gearing	60.99	%
Net Gearing (excl. Intangibles)	107.34	%
Gross Gearing	71.74	%
Gross Gearing (excl. Intangibles)	126.25	%
Gearing Under 1 Year	32.05	%
Gearing Under 1 Year (excl. Intgbl)	56.40	%
Assets/Equity	3.54
Cash/Equity	38.04
(Liquidity Ratios)
Net Working Capital to Total Assets	4.06	%
Current Ratio	1.13
Quick Ratio (Acid Test)	1.03
Liquidity Ratio	0.34
Cash & Equiv/Current Assets	29.77	%
(Solvency Ratios)
Enterprise Value	32,286.36	m
CFO/Sales	0.13
CFO/Attributable Profit	1.39
CFO/Assets	0.09
CFO/Debt	0.13
Total Debt/Equity Market Value	0.80
Total Debt/Sales	1.00
Total Debt/Pre-Tax Profit	9.23
Total Debt	19,467.00	m
Total Debt/Net Current Assets	17.68	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	5.96	%
5 yr Compound Earnings Growth	15.55	%
10 yr Compound Earnings Growth	5.28	%
Earn drops > 5% in 10yrs	12

Beta coefficients
Beta (60-Mnth)	Beta (36-Mnth)
0.1327	0.1146

Bae Systems Operating Ratios

%1$s Operating Ratios
(Profitability Ratios)
Return On Capital Employed (ROCE)	11.44	%
Return On Assets (ROA)	6.43	%
Net Profit Margin	9.01	%
Assets Turnover	0.71
Return On Equity (ROE)	23.64	%
Return On Investment (ROI)	9.61	%
Dividend Payout Ratio	45.47	%
Plowback Ratio	54.53	%
Growth from Plowback Ratio	15.87	%
Net Income Of Revenues	5.03	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	3.23
Fixed Assets Turnover	1.14
Current Assets Turnover	1.91
Net Working Capital Turnover
Inventory Turnover	23.39
(Other Operating Ratios)
Total Assets-to-Sales	1.40
Debtors-to-Sales	33.41	%
Debt Collection Period	121.95	Days

Bae Systems Dividends

%1$s Dividends
Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
24 Feb 2022	Final	GBX	15.20	31/12/2020	31/12/2021	21/04/2022	22/04/2022	01/06/2022	25.10
29 Jul 2021	Interim	GBX	9.90	31/12/2020	31/12/2021	21/10/2021	22/10/2021	30/11/2021	-
25 Feb 2021	Final	GBX	14.30	31/12/2019	31/12/2020	22/04/2021	23/04/2021	01/06/2021	23.70
30 Jul 2020	Interim	GBX	9.40	31/12/2019	31/12/2020	06/08/2020	07/08/2020	14/09/2020	-
20 Feb 2020	Final	GBX	13.80	31/12/2018	31/12/2019	16/04/2020	17/04/2020	01/06/2020	23.20
31 Jul 2019	Interim	GBX	9.40	31/12/2018	31/12/2019	17/10/2019	18/10/2019	02/12/2019	-
21 Feb 2019	Final	GBX	13.20	31/12/2017	31/12/2018	22/04/2019	23/04/2019	03/06/2019	22.20
01 Aug 2018	Interim	GBX	9.00	31/12/2017	31/12/2018	18/10/2018	19/10/2018	30/11/2018	-
22 Feb 2018	Final	GBX	13.00	31/12/2016	31/12/2017	19/04/2018	20/04/2018	01/06/2018	21.80
02 Aug 2017	Interim	GBX	8.80	31/12/2016	31/12/2017	19/10/2017	20/10/2017	30/11/2017	-
23 Feb 2017	Final	GBX	12.70	31/12/2015	31/12/2016	20/04/2017	21/04/2017	01/06/2017	21.50
28 Jul 2016	Interim	GBX	8.60	31/12/2015	31/12/2016	20/10/2016	21/10/2016	30/11/2016	-
18 Feb 2016	Final	GBX	12.50	31/12/2014	31/12/2015	21/04/2016	22/01/2016	01/06/2016	20.90
30 Jul 2015	Interim	GBX	8.40	31/12/2014	31/12/2015	22/10/2015	23/10/2015	30/11/2015	-
19 Feb 2015	Final	GBX	12.30	31/12/2013	31/12/2014	16/04/2015	17/04/2015	01/06/2015	20.50
31 Jul 2014	Interim	GBX	8.20	31/12/2013	31/12/2014	23/10/2014	24/10/2014	01/12/2014	-
20 Feb 2014	Final	GBX	12.10	31/12/2012	31/12/2013	16/04/2014	22/04/2014	02/06/2014	20.10
01 Aug 2013	Interim	GBX	8.00	31/12/2012	31/12/2013	23/10/2013	25/10/2013	02/12/2013	-
21 Feb 2013	Final	GBX	11.70	31/12/2011	31/12/2012	17/04/2013	19/04/2013	03/06/2013	19.50
02 Aug 2012	Interim	GBX	7.80	31/12/2011	31/12/2012	17/10/2012	19/10/2012	30/11/2012	-
16 Feb 2012	Final	GBX	11.30	31/12/2010	31/12/2011	18/04/2012	20/04/2012	01/06/2012	18.80
28 Jul 2011	Interim	GBX	7.50	31/12/2010	31/12/2011	19/10/2011	21/10/2011	30/11/2011	-
17 Feb 2011	Final	GBX	10.50	31/12/2009	31/12/2010	20/04/2011	26/04/2011	01/06/2011	17.50
29 Jul 2010	Interim	GBX	7.00	31/12/2009	31/12/2010	20/10/2010	22/10/2010	30/11/2010	-
18 Feb 2010	Final	GBX	9.60	31/12/2008	31/12/2009	21/04/2010	23/04/2010	01/06/2010	16.00
30 Jul 2009	Interim	GBX	6.40	30/12/2008	30/06/2009	21/10/2009	23/10/2009	30/11/2009	-
19 Feb 2009	Final	GBX	8.70	31/12/2007	31/12/2008	22/04/2009	24/04/2009	01/06/2009	14.50
01 Aug 2008	Interim	GBX	5.80	30/12/2007	30/06/2008	15/10/2008	17/10/2008	01/12/2008	-
21 Feb 2008	Final	GBX	7.80	31/12/2006	31/12/2007	16/04/2008	18/06/2008	02/06/2008	12.80
09 Aug 2007	Interim	GBX	5.00	30/12/2006	30/06/2007	17/10/2007	19/10/2007	30/11/2007	-
19 Feb 2007	Final	GBX	6.90	31/12/2005	31/12/2006	18/04/2007	20/04/2007	01/06/2007	11.30
13 Sep 2006	Interim	GBX	4.40	30/12/2005	30/06/2006	18/10/2006	20/10/2006	30/11/2006	-
22 Feb 2006	Final	GBX	6.30	31/12/2004	31/12/2005	19/04/2006	21/04/2006	01/06/2006	10.30
07 Sep 2005	Interim	GBX	4.00	30/12/2004	30/06/2005	19/10/2005	21/10/2005	30/11/2005	-
24 Feb 2005	Final	GBX	5.80	31/12/2003	31/12/2004	20/04/2005	22/04/2005	01/06/2005	9.50
09 Sep 2004	Interim	GBX	3.70	30/12/2003	30/06/2004	20/10/2004	22/10/2004	30/11/2004	-
26 Feb 2004	Final	GBX	5.50	31/12/2002	31/12/2003	21/04/2004	23/04/2004	01/06/2004	9.20
11 Sep 2003	Interim	GBX	3.70	30/12/2002	30/06/2003	15/10/2003	17/10/2003	01/12/2003	-
20 Feb 2003	Final	GBX	5.50	31/12/2001	31/12/2002	16/04/2003	22/04/2003	02/06/2003	9.20
12 Sep 2002	Interim	GBX	3.70	30/12/2001	30/06/2002	16/09/2002	18/09/2002	29/11/2002	-
14 Feb 2002	Final	GBX	5.50	31/12/2000	31/12/2001	17/04/2002	19/04/2002	05/06/2002	9.00
13 Sep 2001	Interim	GBX	3.50	30/12/2000	30/06/2001	17/10/2001	19/10/2001	30/11/2001	-
01 Mar 2001	Final	GBX	5.20	31/12/1999	31/12/2000	18/04/2001	20/04/2001	01/06/2001	8.50
14 Sep 2000	Interim	GBX	3.30	30/12/1999	30/06/2000	02/10/2000	06/10/2000	30/11/2000	-
03 Mar 2000	Final	GBX	5.00	31/12/1998	31/12/1999	13/03/2000	17/03/2000	01/06/2000	8.00
16 Sep 1999	Interim	GBX	3.00	30/12/1998	30/06/1999	27/09/1999	01/10/1999	30/11/1999	-
25 Feb 1999	Final	GBX	4.15	31/12/1997	31/12/1998	08/03/1999	12/03/1999	01/06/1999	6.50
17 Sep 1998	Interim	GBX	2.35	30/12/1997	30/06/1998	28/09/1998	02/10/1998	30/11/1998	-

Bae Systems Fundamentals

Profit and Loss Account
	31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)		31 Dec 2021 (GBP)
turnover	16,821.00	100.00%	18,305.00	100.00%	19,277.00	100.00%	19,521.00	100.00%	m
pre tax profit	1,224.00	7.28%	1,626.00	8.88%	1,596.00	8.28%	2,110.00	10.81%	m
attributable profit	1,000.00	5.94%	1,476.00	8.06%	1,299.00	6.74%	1,758.00	9.01%	m
retained profit	297.00	1.77%	752.00	4.11%	553.00	2.87%	981.00	5.03%	m
eps - basic (p)	31.30		46.40		40.70		55.20
eps - diluted (p)	31.20		46.10		40.50		54.70
dividends per share	22.20		23.20		23.70		25.10

Bae Systems Balance Sheet

Balance Sheet
	31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)		31 Dec 2021 (GBP)


	31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)		31 Dec 2021 (GBP)
ASSETS
fixed assets	2,365.00	9.56%	2,437.00	9.51%	2,655.00	9.64%	3,943.00	14.53%	m
intangibles	10,658.00	43.07%	10,371.00	40.46%	12,798.00	46.49%	11,716.00	43.18%	m
fixed investments	1,259.00	5.09%	2,578.00	10.06%	1,382.00	5.02%	1,679.00	6.19%	m
current assets - other	146.00	0.59%	135.00	0.53%	94.00	0.34%	-	-%	m
stocks	774.00	3.13%	835.00	3.26%	858.00	3.12%	811.00	2.99%	m
debtors	6,312.00	25.51%	6,687.00	26.09%	6,975.00	25.34%	6,069.00	22.37%	m
cash & securities	3,232.00	13.06%	2,587.00	10.09%	2,768.00	10.05%	2,917.00	10.75%	m

TOTAL	24,746.00	100%	25,630.00	100%	27,530.00	100%	27,135.00	100%	m

LIABILITIES
creditors - short	9,307.00	37.61%	9,133.00	35.63%	9,383.00	34.08%	8,696.00	32.05%	m
creditors - long	9,821.00	39.69%	10,986.00	42.86%	13,226.00	48.04%	10,771.00	39.69%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	19,128.00	77.30%	20,119.00	78.50%	22,609.00	82.12%	19,467.00	71.74%	m

EQUITY
ord cap, reserves	5,546.00	22.41%	5,407.00	21.10%	4,643.00	16.87%	7,436.00	27.40%	m
prefs, minorities	72.00	0.29%	104.00	0.41%	278.00	1.01%	232.00	0.85%	m

TOTAL	5,618.00	22.70%	5,511.00	21.50%	4,921.00	17.88%	7,668.00	28.26%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Bae Systems Cash Flow Statement

%1$s Cash Flow Statement
	31 Dec 2018 (GBP)	31 Dec 2019 (GBP)	31 Dec 2020 (GBP)	31 Dec 2021 (GBP)
Operating CF	1,200.00	1,597.00	1,166.00	2,447.00	m
Pre-Financing CF	859.00	1,365.00	-738.00	2,513.00	m
Retained CF	-73.00	-597.00	102.00	257.00	m

Bae Systems Brokers

%1$s Brokers
Name	Activity	Type	Mnemonic	Code
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC