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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  BAE Systems    BA.   GB0002634946

BAE SYSTEMS (BA.)
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BAE : UK And Saudi Arabia Sign Deal For 48 Eurofighter Typhoon Fighter Jets

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03/10/2018 | 06:04am CEST

Britain has signed a multi-billion-pound preliminary order with Saudi Arabia for 48 Eurofighter Typhoon fighter jets, military equipment maker BAE Systems said on Friday.

The joint statement issued at the end of the three-day visit, and published by the Saudi Press agency, indicated that both parties signed a letter of intent to supply Saudi Arabia with 48 new Typhoon fighter jets.

BAE Systems added in a statement sent to Arab News that the order would help Riyadh modernize its armed forces under the Kingdom’s ‘Vision 2030’ economic plan, while no financial details were given.

If confirmed the order will raise Saudi capabilities in the air and add 48 to the already 72 Typhoons in service with the Royal Saudi Airforce.

“The crown prince’s visit has opened a new chapter in our two countries’ historic relationship,” British Defense Secretary Gavin Williamson said.

“We have taken a vital step toward finalizing another order for Typhoon jets that will increase security in the Middle East and boost British industry and jobs in our unrivalled aerospace sector,” he said.

The defense secretary was speaking after meeting with Crown PrinceMohammed bin Salman on the third day of his visit. The two sides met at Northolt Air Base in north west London.

Upon arrival, Typhoon aircrafts soared in the skies to welcome the crown prince, who is also deputy prime minister and minister of defense. Both national anthems were played and then they reviewed the Honor Guards’ Salute.

During the meeting, the pair discussed ways to develop bilateral relations and areas of strategic cooperation between the two countries, especially in the defense and military sectors.

They also discussed the wide-ranging opportunities in Saudi Arabia following the introduction of the Kingdom’s Vision 2030, as well as international and regional developments and efforts to combat terrorism and extremism.

Prior to his departure, the UK and Saudi Arabia published a joint communique summarising the agreements, understandings, and memorandum signed in the military, defense, economic, social and cultural sectors.

Mainly the statement stressed that the two Kingdoms are strategic partners in seeing through Crown Prince Mohammed bin Salman’s Saudi Vision 2030. The two sides committed to launching an annual strategic partnership council and dialogue between the two countries.

“The crown prince’s visit has opened a new chapter in our two countries’ historic relationship,” Williamson said.

(c) 2018 Buzz Future LLC Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( GBP)
Sales 2018 18 519 M
EBIT 2018 1 916 M
Net income 2018 1 132 M
Debt 2018 741 M
Yield 2018 3,58%
P/E ratio 2018 17,39
P/E ratio 2019 15,97
EV / Sales 2018 1,12x
EV / Sales 2019 1,06x
Capitalization 19 956 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 6,75  GBP
Spread / Average Target 8,0%
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Managers
NameTitle
Charles Nicolas Woodburn Chief Executive Officer & Director
Roger M. Carr Chairman
Peter J. Lynas Executive Director & Group Finance Director
Nigel Whitehead Chief Technology Officer
Steve N. Millward Chief Information Officer
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