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 57,278 - -
Change - 51.22% 27.83% 1.99% 48.91% 12.25% - -
Enterprise Value (EV) 1 19,541 28,308 36,063 41,142 56,639 62,061 61,446 60,538
Change - 44.86% 27.4% 14.08% 37.67% 9.57% -0.99% -1.48%
P/E 10.1x 17x 18.4x 17.9x 25.2x 26.4x 22.7x 20.1x
PBR 2.36x 2.35x 3.21x 2.98x 4.36x 4.84x 4.49x 4.13x
PEG - -2.21x 0.9x 2.92x 4.14x 2.1x 1.4x 1.5x
Capitalization / Revenue 0.82x 1.13x 1.33x 1.21x 1.66x 1.73x 1.58x 1.46x
EV / Revenue 0.92x 1.22x 1.43x 1.45x 1.85x 1.87x 1.7x 1.55x
EV / EBITDA 6.68x 8.72x 10.4x 10x 12.6x 13.1x 11.8x 10.7x
EV / EBIT 8.86x 11.4x 13.4x 13.6x 17x 16.9x 15x 13.5x
EV / FCF 10.5x 13.2x 13.9x 16.4x 26.2x 27.1x 23.6x 20.6x
FCF Yield 9.54% 7.58% 7.19% 6.09% 3.81% 3.69% 4.24% 4.86%
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% 1.96% 2.21% 2.48%
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 20.25 20.25 20.25
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.($)
26.42x1.87x13.07x1.96% 76.61B
36.82x6.65x27.7x0.57% 326B
32.18x3x17.81x1.47% 261B
33.96x4.99x21.01x1% 161B
17.5x1.69x12.18x2.63% 123B
20.78x1.76x14.41x1.79% 95.38B
18.17x1.9x13.52x1.84% 74.92B
29.65x3.25x14.29x1.39% 54.15B
20.7x2.28x12.54x2.01% 46.05B
Average 26.24x 3.04x 16.28x 1.63% 135.41B
Weighted average by Cap. 29.51x 3.86x 19.13x 1.38%

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

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