Epstein Secrets

B Singapore in respect of any matters arising front, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating

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

): Merrill Lynch Argentina SA, regulated by Comisién Nacional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co, Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan

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

: Merrill Lynch Argentina SA, regulated by Comision Nacional de Valores; Merrill Lynch (japan): Merrill Lynch Japan Securities Co. Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan