of 600p (US$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 pe

Microsoft is creeping into the CRM space with its Dynamics product. And although Salesforce has much greater

r hardware in conjunction with the access control lines listed above. CCTV APPLICATIONS-SIGNET TECHNOLOGIES, INC. represents NICE, CISCO, American Dynamics, Bosch, Pelco, Panasonic, Vicon and others. NVR CONTROL SYSTEMS-SIGNET TECHNOLOGIES, INC. represents NICE, CISCO, ONSSI, Pelco, and a variety of ot