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range of c.20x to c.6x, and the EV/EBITA is near the high end of the historical range of c.12x to c.4x. Upside risks are: 1) An export contract for Typhoons, in particular an order for 60+ airplanes from Saudi, 2) USD strength against the UK, 3) development of a large scale and long term conflict. Downsi
Page: HOUSE_OVERSIGHT_016188 →Pierce, Fenner & Smith Incorporated
Organization
Merrill Lynch Global Wealth Management
OrganizationInvestment management and financial planning service

Merrill Lynch
OrganizationAmerican investing and wealth management division of Bank of America
The Financial Service Board
OrganizationMerrill Lynch International
OrganizationMerrill Lynch Equities (Australia) Limited
Organizationthe Australian Securities and Investments Commission
Organizationthe Hong Kong Securities and Futures Commission
OrganizationMerrill Lynch Canada Inc
Organizationthe Investment Industry Regulatory Organization of Canada
OrganizationMerrill Lynch Argentina SA
Organization
the Financial Services Agency
Organizationthe Securities and Futures Bureau
OrganizationDSP Merrill Lynch Limited
Organizationthe Securities and Exchange Board of India
Organizationthe Dubai Financial Services Authority
OrganizationComisién Nacional del Mercado De Valores
OrganizationBank of America Merrill Lynch Banco Multiplo S.A.
OrganizationComissdo de Valores Mobiliarios
OrganizationMerrill Lynch KSA Company
Organization