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Aerospace and defense technology corporation
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
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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
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Merrill Lynch Global Wealth Management
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