Epstein Secrets

a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A., London Branch. is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the

Dynamics Corp. (GD), Harris Corporation (HRS), Huntington Ingalls Industries (HII), L-3 Communications (LLL), Leidos (LDOS), Lockheed Martin (LMT), Northrop Grumman (NOC), Precision Castparts (PCP), Raytheon (RTN), Rockwell Collins (COL), SAIC (SAIC), Spirit AeroSystems (SPR), Textron (TXT), TransDigm Group Inc

AE CN Ronald J. Epstein Embraer ERJ ERJ US Ronald J. Epstein General Dynamics GD GD US Ronald J. Epstein Lockheed Martin LMT LMT US Ronald J. Epstein Northrop Grumman NOC NOC US Ronald J. Epstein Raytheon Co. RTN RIN US Ronald J. Epstein RBC Bearings Inc ROLL ROLL US Kristine T. Liwag Textron TXT TXT US Ronald J. E

a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merri

S$34.26/ADR) is an average based on DCF, 2016-17E P/E and EV/EBITA and Sum-of-Parts. We regard as BAE's peers Lockheed Martin, LLL, General Dynamics, Northrop Grumman, Raytheon, QinetiQ, Cobham, Ultra Electronics. Our DCF valuation (8.7% WACC and 1.8% long-term growth rate in line with defence peers and 10.7% long

a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merri