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BAE Systems (BA)

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dealtn
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Re: BAE Systems (BA)

#285941

Postby dealtn » February 21st, 2020, 5:37 pm

Looking forward to the annual accounts coming out to have a proper dig into this one. Not being a member, the Pension accounts are a little elusive to see what constitutes the assets here. In the year to March 19 the asset return exceeded the discount rate on which the liabilities (and hence the deficit) are calculated. That's always a positive, but hardly a challenging target!

Looking at the debts these aren't an issue, and plenty of offsetting cash, and cash equivalents. It will be interesting to see what kind of debt maturity they choose to inject the £1bn into the scheme(s). There might be pressure to duration match, and choose say a 15 year instrument. I would go much shorter were I the FD though.

Note the approx. £2bn funding deficit is about half the accounting one though. I would think though that the market, and analysts would prefer to see a smaller deficit and more debt than the current situation, which whilst not being consistent thinking, would reduce pension uncertainties that seem always to be viewed so negatively by everyone.

Already own this one, good total return to date, and more likely to add than reduce as things stand.

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Re: BAE Systems (BA)

#297206

Postby idpickering » April 3rd, 2020, 7:24 am


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Re: BAE Systems (BA)

#305505

Postby idpickering » May 4th, 2020, 7:12 am

BAE Systems completes Airborne Tactical Radios business acquisition.



Further to the announcement of 20 January 2020, BAE Systems has completed the acquisition of Raytheon Technologies Corporation's Airborne Tactical Radios business ("Radios business"), after receiving regulatory and other customary approvals. The consideration of $275 million (approximately £218 million) has been funded from BAE Systems' existing cash resources.


https://www.investegate.co.uk/bae-syste ... 00067395L/

idpickering
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Re: BAE Systems (BA)

#321257

Postby idpickering » June 25th, 2020, 7:24 am

Trading Update

Trading update

As expected, the pandemic has impacted the business in the second quarter, with sites in the Air and Maritime sectors and our US commercial avionics business being most affected. However, as a result of the actions taken, productivity levels in June have improved within our defence businesses (which account for around 90% of the Group's revenues). Many of these operations now have well over 90% of employees working. This includes a high proportion working from home and critical on-site workers having returned under adjusted protective safety measures in response to the pandemic. In parallel the business continues to drive cost control measures.

Within our UK-based Air and Maritime sectors, second quarter disruptions have particularly impacted cost recoveries and sales volumes, offset to some degree by strong underlying operational performance and cost control measures. Product delivery levels in MBDA have also been impacted given the European locations of its factories.

https://www.investegate.co.uk/bae-syste ... 00070055R/

Also posted on HYP Practical Board.

Ian.

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Re: BAE Systems (BA)

#329557

Postby idpickering » July 30th, 2020, 7:08 am


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Re: BAE Systems (BA)

#329568

Postby Darka » July 30th, 2020, 7:54 am

Thanks Ian

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Re: BAE Systems (BA)

#329634

Postby dealtn » July 30th, 2020, 10:56 am



The market likes them, a rare bit of blue on a generally red day.

Disappointing that cash flow looks weak, but order book looks good, and the pension deficit increase doesn't worry me (at least at first glance). I will do a deeper dive into this later as a share that I already own.

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Re: BAE Systems (BA)

#329967

Postby idpickering » July 31st, 2020, 2:42 pm

BAE Systems completes acquisition of Military Global Positioning System business

Further to the announcement of 20 January 2020, BAE Systems has completed the acquisition of the Collins Aerospace Military Global Positioning System business ("GPS business") from Raytheon Technologies Corporation , after receiving all necessary regulatory approvals and fulfilling other customary conditions for closing. The consideration of $1.925bn (approximately £1.48bn) has been funded from new external debt.

The GPS business is the leading provider of mission critical military GPS receiver solutions and has been a pioneer in the market for over 40 years, including designing and producing advanced hardened and secure GPS products that include next-generation M-Code technologies.

The GPS business is highly complementary to our priority growth area of precision guided munitions. We expect continued customer demand for the secure geo-positioning needs of the modern battlespace that support the increasingly critical role of precision guided munitions in military operations.

Based in Cedar Rapids, Iowa, the GPS business has approximately 700 employees across its skilled workforce and experienced management team who will be joining the Precision Strike & Sensing Solutions business within the Electronic Systems sector.


https://www.investegate.co.uk/bae-syste ... 34288125U/


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