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Morningstar•March 24, 2023
Morningstar•March 24, 2023BAE Systems plc: We Increase BAE Systems' Fair Value Estimate on the Back of Strong Defense Spending Outlook
Summary
BAE Systems is a British global defense company. BAE has a dominant position in the U.K., is a top-six supplier to the U.S. Department of Defense, and has a strong presence in key defense markets (eg. Saudi Arabia and Australia). Exposure to programmes is well diversified. BAE derives 45% of sales from services and support and 35% from major programmes such as the F-35 Light
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Analyst Profile
Alex Morozov
Regional DirectorAlex Morozov, CFA, is director of European equity research for Morningstar Holland BV, a wholly owned subsidiary of Morningstar, Inc. He leads a team of equity analysts based in Europe who cover European and global companies across all major sectors of the economy.Before assuming his current role in 2014, Morozov was head of global healthcare equity research. Previously, he was a senior equity analyst, covering the medical instruments, life sciences, and diagnostics industries. Before joining Morningstar in 2006, Morozov worked in the insurance industry.Morozov holds a bachelor’s degree in finance, with a minor in mathematics, from the University of Missouri. He also holds the Chartered Financial Analyst® designation.