BAE Systems

BAE Systems's net profit rose 20.9% to GBP 1,000 mil in 2018

By Helgi Analytics - November 05, 2019

BAE Systems made a net profit of GBP 1,000 mil under revenues of GBP 16,821 mil in 2018, up 20.9% and -2.34%, respectively, when ...

BAE Systems's employees rose 3.13% to 85,800 in 2018

By Helgi Analytics - November 05, 2019

BAE Systems employed 85,800 persons in 2018, up 3.13% when compared to the previous year. Historically, the firm's workforce hit an ...

BAE Systems's price/earnings (P/E) fell 33.5% to 14.7 in 2018

By Helgi Analytics - November 05, 2019

BAE Systems stock traded at GBP 4.58 per share at the end 2018 translating into a market capitalization of USD 18,628 mil. Sin...

Profit Statement 2016 2017 2018
Sales GBP mil 17,790 17,224 16,821
EBITDA GBP mil 1,989 2,514 2,210
EBIT GBP mil 1,644 1,786 1,799
Financing Cost GBP mil 198 178 178
Pre-Tax Profit GBP mil 1,151 1,073 1,224
Net Profit GBP mil 913 827 1,000
Dividends GBP mil 676 694 709
Balance Sheet 2016 2017 2018
Total Assets GBP mil 22,976 23,037 24,746
Non-Current Assets GBP mil 15,947 14,654 15,170
Current Assets GBP mil 7,029 8,383 9,576
Working Capital GBP mil 1,543 1,887 1,357
Shareholders' Equity GBP mil 3,464 4,755 5,618
Liabilities GBP mil 19,512 18,282 19,128
Total Debt GBP mil 4,425 4,083 4,299
Net Debt GBP mil 1,603 800 980
Ratios 2016 2017 2018
ROE % 28.2 20.1 19.3
ROCE % 5.60 4.86 6.05
EBITDA Margin % 11.2 14.6 13.1
EBIT Margin % 9.24 10.4 10.7
Net Margin % 5.13 4.80 5.94
Net Debt/EBITDA 0.806 0.318 0.443
Net Debt/Equity 0.463 0.168 0.174
Cost of Financing % 4.69 4.18 4.25
Valuation 2016 2017 2018
Market Capitalisation USD mil 23,107 24,665 18,628
Enterprise Value (EV) USD mil 25,079 25,745 19,872
Number Of Shares mil 3,185 3,197 3,201
Share Price GBP 5.90 5.71 4.58
EV/EBITDA 9.38 7.95 6.87
EV/Sales 1.05 1.16 0.902
Price/Earnings (P/E) 20.6 22.1 14.7
Price/Book Value (P/BV) 5.42 3.84 2.61
Dividend Yield % 3.60 3.80 4.83

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summary Unit 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                                
Sales GBP mil                                                   16,691 16,864 15,430 16,787 17,790    
EBIT GBP mil                                                   1,452 1,557 1,355 1,403 1,644    
Net Profit GBP mil                                                   948 168 740 918 913    
ROE %                                                   23.5 4.67 28.0 37.6 28.2    
EBIT Margin %                                                   8.70 9.23 8.78 8.36 9.24    
Net Margin %                                                   5.68 0.996 4.80 5.47 5.13    
Employees                                                   81,000 78,000 76,000 75,000 76,000    
balance sheet                                                                
Total Assets GBP mil                                                   22,274 19,681 19,788 20,083 22,976    
Non-Current Assets GBP mil                                                   15,296 13,512 13,811 13,751 15,947    
Current Assets GBP mil                                                   6,978 6,169 5,977 6,332 7,029    
Shareholders' Equity GBP mil                                                   3,774 3,418 1,877 3,002 3,464    
Liabilities GBP mil                                                   18,500 16,263 17,911 17,081 19,512    
Non-Current Liabilities GBP mil                                                   9,583 7,818 9,866 9,928 12,213    
Current Liabilities GBP mil                                                   8,917 8,445 8,045 7,153 7,299    
Net Debt/EBITDA                                                   -0.203 0.211 0.495 0.761 0.806    
Net Debt/Equity                                                   -0.114 0.182 0.531 0.472 0.463    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ...   ...                         4.78 5.04 9.43 4.29 4.69    
cash flow                                                                
Total Cash From Operations GBP mil                                                   2,290 -4.00 739 676 1,067    
Total Cash From Investing GBP mil     ...                                             -197 -149 -18.0 -268 -444    
Total Cash From Financing GBP mil     ...                                             -880 -918 -638 -189 -465    
Net Change In Cash GBP mil     ...                                             1,213 -1,071 83.0 219 158    
valuation                                                                
Market Capitalisation USD mil ...                                                 19,636 23,122 23,193 23,434 23,107    
Number Of Shares mil                                                   3,258 3,248 3,175 3,171 3,185    
Share Price GBP ...                                                 3.71 4.30 4.69 4.99 5.90    
Earnings Per Share (EPS) GBP                                                   0.291 0.052 0.233 0.289 0.287    
Book Value Per Share GBP                                                   1.16 1.05 0.591 0.947 1.09    
Dividend Per Share GBP                                                   0.215 0.199 0.204 0.209 0.212    
Price/Earnings (P/E) ...                                                 12.8 83.1 20.1 17.2 20.6    
Price/Book Value (P/BV) ...                                                 3.20 4.08 7.93 5.27 5.42    
Dividend Yield % ...                                                 5.79 4.62 4.34 4.18 3.60    
Earnings Per Share Growth % ...                                                 -20.6 -82.2 351 24.2 -0.982    
Book Value Per Share Growth % ...                                                 -8.87 -9.15 -43.8 60.1 14.9    
income statement Unit 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                                
Sales GBP mil                                                   16,691 16,864 15,430 16,787 17,790    
Staff Cost GBP mil                                                   4,928 4,719 4,518 5,008 5,385    
EBITDA GBP mil                                                   2,121 2,954 2,012 1,863 1,989    
Depreciation GBP mil                                                   669 1,397 657 460 345    
EBIT GBP mil                                                   1,452 1,557 1,355 1,403 1,644    
Financing Cost GBP mil ... ... ... ... ... ... ... ... ... ... ...   ...                         148 149 296 158 198    
Extraordinary Cost GBP mil ... ... ... ... ... ... ... ... ... ... ...   ...                         102 986 177 155 295    
Pre-Tax Profit GBP mil                                                   1,202 422 882 1,090 1,151    
Tax GBP mil                                                   243 246 130 147 213    
Minorities GBP mil                                                   11.0 8.00 12.0 25.0 25.0    
Net Profit GBP mil                                                   948 168 740 918 913    
Dividends GBP mil                                                   700 645 646 662 676    
growth rates                                                                
Total Revenue Growth % ...                                                 -6.07 1.04 -8.50 8.79 5.97    
EBITDA Growth % ...                                                 -9.82 39.3 -31.9 -7.41 6.76    
EBIT Growth % ...                                                 -9.31 7.23 -13.0 3.54 17.2    
Pre-Tax Profit Growth % ...                                                 -18.0 -64.9 109 23.6 5.60    
Net Profit Growth % ...                                                 -23.5 -82.3 340 24.1 -0.545    
ratios                                                                
ROE %                                                   23.5 4.67 28.0 37.6 28.2    
ROCE % ...                                                 5.62 1.09 5.01 6.12 5.60    
EBITDA Margin %                                                   12.7 17.5 13.0 11.1 11.2    
EBIT Margin %                                                   8.70 9.23 8.78 8.36 9.24    
Net Margin %                                                   5.68 0.996 4.80 5.47 5.13    
Payout Ratio %                                                   73.8 384 87.4 72.1 74.1    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ...   ...                         4.78 5.04 9.43 4.29 4.69    
Net Debt/EBITDA                                                   -0.203 0.211 0.495 0.761 0.806    
balance sheet Unit 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                                
Non-Current Assets GBP mil                                                   15,296 13,512 13,811 13,751 15,947    
Property, Plant & Equipment GBP mil                                                   2,285 1,936 1,589 1,698 2,098    
Intangible Assets GBP mil                                                   10,928 9,735 9,983 10,117 11,264    
Goodwill GBP mil                                                   10,366 9,381 9,664 9,840 10,902    
Current Assets GBP mil                                                   6,978 6,169 5,977 6,332 7,029    
Inventories GBP mil                                                   655 680 690 726 744    
Receivables GBP mil                                                   882 1,138 935 1,359 1,506    
Cash & Cash Equivalents GBP mil                                                   3,419 2,303 2,354 2,595 2,822    
Total Assets GBP mil                                                   22,274 19,681 19,788 20,083 22,976    
Shareholders' Equity GBP mil                                                   3,774 3,418 1,877 3,002 3,464    
Of Which Minority Interest GBP mil                                                   54.0 37.0 35.0 13.0 26.0    
Liabilities GBP mil                                                   18,500 16,263 17,911 17,081 19,512    
Non-Current Liabilities GBP mil                                                   9,583 7,818 9,866 9,928 12,213    
Long-Term Debt GBP mil                                                   2,967 2,524 2,868 3,775 4,425    
Deferred Tax Liabilities GBP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       13.0 7.00 21.0 13.0 10.0    
Current Liabilities GBP mil                                                   8,917 8,445 8,045 7,153 7,299    
Short-Term Debt GBP mil                                                   21.0 402 482 237 0    
Trade Payables GBP mil                                                   710 651 599 690 707    
Provisions GBP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       4,607 3,665 5,530 4,694 6,277    
Equity And Liabilities GBP mil                                                   22,274 19,681 19,788 20,083 22,976    
growth rates                                                                
Total Asset Growth % ...                                                 -3.58 -11.6 0.544 1.49 14.4    
Shareholders' Equity Growth % ...                                                 -12.2 -9.43 -45.1 59.9 15.4    
Net Debt Growth % ...                                                 -144 -245 59.9 42.3 13.1    
Total Debt Growth % ...                                                 -6.63 -2.07 14.5 19.8 10.3    
ratios                                                                
Total Debt GBP mil                                                   2,988 2,926 3,350 4,012 4,425    
Net Debt GBP mil                                                   -431 623 996 1,417 1,603    
Working Capital GBP mil                                                   827 1,167 1,026 1,395 1,543    
Capital Employed GBP mil                                                   16,123 14,679 14,837 15,146 17,490    
Net Debt/Equity                                                   -0.114 0.182 0.531 0.472 0.463    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ...   ...                         4.78 5.04 9.43 4.29 4.69    
cash flow Unit 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
cash flow                                                                
Net Profit GBP mil                                                   948 168 740 918 913    
Depreciation GBP mil                                                   669 1,397 657 460 345    
Non-Cash Items GBP mil ...                                                 609 -1,229 -799 -333 -43.0    
Change in Working Capital GBP mil ...                                                 64.0 -340 141 -369 -148    
Total Cash From Operations GBP mil                                                   2,290 -4.00 739 676 1,067    
Capital Expenditures GBP mil     ...                                             -287 -148 217 -277 -445    
Other Investments GBP mil     ...                                             90.0 -1.00 -235 9.00 1.00    
Total Cash From Investing GBP mil     ...                                             -197 -149 -18.0 -268 -444    
Dividends Paid GBP mil     ...                                             -620 -638 -642 -655 -670    
Issuance Of Shares GBP mil     ...                             ...               -16.0 -212 -281 1.00 3.00    
Issuance Of Debt GBP mil     ...                             ...               -244 -68.0 285 465 202    
Total Cash From Financing GBP mil     ...                                             -880 -918 -638 -189 -465    
Net Change In Cash GBP mil     ...                                             1,213 -1,071 83.0 219 158    
ratios                                                                
Days Sales Outstanding days                                                   19.3 24.6 22.1 29.5 30.9    
Cash Earnings GBP mil                                                   1,617 1,565 1,397 1,378 1,258    
Cash Earnings Per Share GBP                                                   0.496 0.482 0.440 0.435 0.395    
Price/Cash Earnings (P/CE) ...                                                 7.48 8.92 10.7 11.5 14.9    
Free Cash Flow GBP mil     ...                                             2,093 -153 721 408 623    
Free Cash Flow Yield % ...   ...                                             16.9 -1.03 4.99 2.64 3.62    
other data Unit 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                                                
ROA %                                                   4.18 0.801 3.75 4.60 4.24    
Cost Per Employee USD per month                                                   8,035 7,881 7,956 8,453 7,938    
Cost Per Employee (Local Currency) GBP per month                                                   5,070 5,042 4,954 5,564 5,905    
Staff Cost (As % Of Total Cost) %                                                   32.3 30.8 32.1 32.6 33.4    
Effective Tax Rate %                                                   20.2 58.3 14.7 13.5 18.5    
Enterprise Value (EV) USD mil ...                                                 18,936 24,154 24,745 25,534 25,079    
EV/EBITDA ...                                                 5.63 5.23 7.66 9.02 9.38    
EV/Capital Employed ...                                                 0.723 0.993 1.07 1.14 1.17    
EV/Sales ...                                                 0.716 0.916 0.999 1.00 1.05    
EV/EBIT ...                                                 8.23 9.92 11.4 12.0 11.3    
Capital Expenditures (As % of Sales) %     ...                                             1.72 0.878 -1.41 1.65 2.50    

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BAE Systems's Capital Expenditures fell 4.99% to GBP 463 mil in 2018

By Helgi Analytics - November 05, 2019

BAE Systems invested total of GBP 463 mil in 2018, up 4.99% when compared to the previous year. Historically, company's investments reached an all time high of GBP 490 mil in 1988 and an all time low of GBP -217 mil in 2014. When compared to total sales...

BAE Systems's Cash & Cash Equivalents rose 1.10% to GBP 3,319 mil in 2018

By Helgi Analytics - November 05, 2019

BAE Systems's total assets reached GBP 24,746 mil at the end of 2018, up 8.14% when compared to the previous year. Current assets amounted to GBP 9,576 mil, or 38.7% of total assets while cash reached GBP 3,319 mil at the end of 2018. On the other hand, total debt reached ...

BAE Systems's Net Debt/EBITDA rose 39.3% to 0.443 in 2018

By Helgi Analytics - November 05, 2019

BAE Systems's net debt reached GBP 980 mil and accounted for 0.174 of equity at the end of 2018. The ratio is up 3.68% when compared to the previous year. Historically, the firm’s net debt to equity reached an all time high of 0.579 in 1993 and an all time low of...

BAE Systems's Net Margin rose 23.8% to 5.94% in 2018

By Helgi Analytics - November 05, 2019

BAE Systems made a net profit of GBP 1,000 mil under revenues of GBP 16,821 mil in 2018, up 20.9% and -2.34%, respectively, when compared to the last year. This translates into a net margin of 5.94%. Historically, the firm’s net margin reached an all time high of...

BAE Systems's Share Price fell 19.7% to GBP 4.58 in 2018

By Helgi Analytics - November 05, 2019

BAE Systems stock traded at GBP 4.58 per share at the end 2018 implying a market capitalization of USD 18,628 mil. Since the end of 2013, the stock has appreciated by 6.68% implying an annual average growth of 1.30%. In absolute terms, the value of the company ...

BAE Systems's Total Cash From Operations fell 39.7% to GBP 1,079 mil in 2018

By Helgi Analytics - November 05, 2019

BAE Systems's operating cash flow reached GBP 1,079 mil in 2018, down 39.7% when compared to the previous year. Historically, the firm’s operating cash flow reached an all time high of GBP 2,290 mil in 2012 and an all time low of GBP -522 mil in 1998. BAE Sy...

BAE Systems's ROCE rose 24.4% to 6.05% in 2018

By Helgi Analytics - November 05, 2019

BAE Systems made a net profit of GBP 1,000 mil in 2018, up 20.9% when compared to the previous year. Historically, company's net profit reached an all time high of GBP 1,745 mil in 2008 and an all time low of GBP -888 mil in 1992. This implies return on equity of ...

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