ost are now non-operational) and pensions (post the triennial review). • BAE trades on a discount to EU and US peers at c13.5x 19E PIE and c9x 19E EV/EBIT, versus 14.5x and 10.5x for EU peers, and 19x and 14x for US peers. • Catalysts: conversion of contract opportunities Related DB Research: BAE: C