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 55,405 - -
Change - 51.22% 27.83% 1.99% 48.91% 8.58% - -
Enterprise Value (EV) 1 19,541 28,308 36,063 41,142 56,639 60,122 59,475 58,525
Change - 44.86% 27.4% 14.08% 37.67% 6.15% -1.08% -1.6%
P/E 10.1x 17x 18.4x 17.9x 25.2x 25.2x 21.7x 19.3x
PBR 2.36x 2.35x 3.21x 2.98x 4.36x 4.68x 4.35x 4.01x
PEG - -2.21x 0.9x 2.92x 4.14x 1.8x 1.3x 1.6x
Capitalization / Revenue 0.82x 1.13x 1.33x 1.21x 1.66x 1.66x 1.52x 1.41x
EV / Revenue 0.92x 1.22x 1.43x 1.45x 1.85x 1.81x 1.64x 1.49x
EV / EBITDA 6.68x 8.72x 10.4x 10x 12.6x 12.7x 11.5x 10.4x
EV / EBIT 8.86x 11.4x 13.4x 13.6x 17x 16.4x 14.6x 13.1x
EV / FCF 10.5x 13.2x 13.9x 16.4x 26.2x 26.3x 22.6x 19.7x
FCF Yield 9.54% 7.58% 7.19% 6.09% 3.81% 3.8% 4.42% 5.07%
Dividend per Share 2 0.251 0.27 0.3 0.33 0.363 0.3965 0.4473 0.5027
Rate of return 4.57% 3.15% 2.7% 2.87% 2.12% 2.03% 2.29% 2.57%
EPS 2 0.547 0.505 0.604 0.641 0.68 0.7776 0.9033 1.015
Distribution rate 45.9% 53.5% 49.7% 51.5% 53.4% 51% 49.5% 49.5%
Net sales 1 21,310 23,256 25,284 28,335 30,662 33,295 36,343 39,300
EBITDA 1 2,925 3,246 3,469 4,112 4,495 4,732 5,176 5,614
EBIT 1 2,205 2,479 2,682 3,015 3,322 3,675 4,087 4,484
Net income 1 1,758 1,591 1,857 1,956 2,062 2,331 2,647 2,938
Net Debt 1 2,160 2,023 2,464 6,875 5,613 4,717 4,070 3,120
Reference price 2 5.50 8.56 11.10 11.48 17.14 19.56 19.56 19.56
Nbr of stocks (in thousands) 3,161,416 3,070,678 3,025,615 2,983,629 2,977,003 2,831,835 - -
Announcement Date 2/24/22 A 2/23/23 A 2/21/24 A 2/19/25 A 2/18/26 A - - -
1GBP in Million2GBP
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
39.63x7.13x29.61x0.53% 350B
33.3x3.1x18.37x1.42% 271B
34.88x5.13x21.59x0.97% 167B
17.24x1.67x12.01x2.67% 121B
21.14x1.79x14.65x1.75% 97.09B
25.16x1.81x12.71x2.03% 74.91B
17.75x1.86x13.22x1.89% 73.16B
30.22x3.32x14.61x1.36% 56.08B
Average 27.42x 3.23x 17.10x 1.58% 151.25B
Weighted average by Cap. 31.18x 4.15x 20.29x 1.32%

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