BAE Systems PLC

BA.: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 1,824.00	Jwft	Lkyczrcr

Wide-Moat BAE: Increasing Our Fair Value Estimate on Higher European Defense Spending

Loredana Muharremi

May 10, 2024

Business Strategy and Outlook

Escalating global security concerns, intensified by the Ukraine conflict, are driving structurally higher growth in the defense market. We anticipate this growth will be uninterrupted for at least several years, considering that many countries, particularly in Europe, have underspent since the end of the Cold War. BAE Systems is strategically positioned to benefit, given its significant stakes in a broad array of major international defense projects.

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