BAE Systems PLC

BA.: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 1,686.00	Mzp	Bzmnvvn

BAE Systems: Record Backlog in First-Half 2024; We Mantain Fair Value Estimate of GBX 1,490

Loredana Muharremi

Sep 24, 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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