Company Valuation: BAE Systems plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 17,381 26,285 33,599 34,267 51,026 55,779 - -
Change - 51.22% 27.83% 1.99% 48.91% 9.31% - -
Enterprise Value (EV) 1 19,541 28,308 36,063 41,142 56,639 60,561 59,947 59,039
Change - 44.86% 27.4% 14.08% 37.67% 6.93% -1.01% -1.51%
P/E 10.1x 17x 18.4x 17.9x 25.2x 25.7x 22.1x 19.6x
PBR 2.36x 2.35x 3.21x 2.98x 4.36x 4.71x 4.37x 4.02x
PEG - -2.21x 0.9x 2.92x 4.14x 2x 1.4x 1.5x
Capitalization / Revenue 0.82x 1.13x 1.33x 1.21x 1.66x 1.68x 1.54x 1.42x
EV / Revenue 0.92x 1.22x 1.43x 1.45x 1.85x 1.83x 1.66x 1.51x
EV / EBITDA 6.68x 8.72x 10.4x 10x 12.6x 12.8x 11.5x 10.5x
EV / EBIT 8.86x 11.4x 13.4x 13.6x 17x 16.5x 14.7x 13.1x
EV / FCF 10.5x 13.2x 13.9x 16.4x 26.2x 26.4x 23x 20.1x
FCF Yield 9.54% 7.58% 7.19% 6.09% 3.81% 3.78% 4.35% 4.98%
Dividend per Share 2 0.251 0.27 0.3 0.33 0.363 0.3967 0.4469 0.5014
Rate of return 4.57% 3.15% 2.7% 2.87% 2.12% 2.01% 2.27% 2.54%
EPS 2 0.547 0.505 0.604 0.641 0.68 0.7664 0.8917 1.008
Distribution rate 45.9% 53.5% 49.7% 51.5% 53.4% 51.8% 50.1% 49.7%
Net sales 1 21,310 23,256 25,284 28,335 30,662 33,180 36,216 39,155
EBITDA 1 2,925 3,246 3,469 4,112 4,495 4,750 5,195 5,644
EBIT 1 2,205 2,479 2,682 3,015 3,322 3,679 4,090 4,493
Net income 1 1,758 1,591 1,857 1,956 2,062 2,254 2,582 2,880
Net Debt 1 2,160 2,023 2,464 6,875 5,613 4,783 4,168 3,260
Reference price 2 5.50 8.56 11.10 11.48 17.14 19.72 19.72 19.72
Nbr of stocks (in thousands) 3,161,416 3,070,678 3,025,615 2,983,629 2,977,003 2,828,530 - -
Announcement Date 2/24/22 2/23/23 2/21/24 2/19/25 2/18/26 - - -
1GBP in Million2GBP
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
38.32x6.92x28.97x0.55% 339B
31.41x2.94x17.43x1.51% 255B
34.95x5.09x21.36x0.98% 163B
17.05x1.65x11.9x2.7% 120B
19.82x1.68x13.76x1.87% 90.96B
25.73x1.83x12.75x2.01% 73.85B
17.59x1.85x13.13x1.9% 72.53B
28.79x3.16x13.9x1.43% 52.25B
Average 26.71x 3.14x 16.65x 1.62% 145.87B
Weighted average by Cap. 30.20x 4.04x 19.76x 1.36%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield