In today’s briefing:
- Company Update – BAE SYSTEMS PLC
- CIMC Enric (3899 HK): One More Spin-Off Progressing
Company Update – BAE SYSTEMS PLC
- Our estimations for FY 2023 annual revenue range at around £24,234 million and for 2024 at around £26,415 million.
- The company’s annual revenue reached £21,258 million in 2022 compared to £19,521 million in 2021, posting an increase by 8.9%. BAE Systems operating profit for FY 2022 was £1,989 million, increased by 11.87% compared to £1,778 million for the corresponding period of 2021.
- In addition, EBITDA amounted to £3,151 million in 2022, while EBT and EATAM amounted to £1,989 million and £1,591 million respectively.
CIMC Enric (3899 HK): One More Spin-Off Progressing
- CIMC Enric Holdings (3899 HK) has applied for its liquid food segment, under CLTP, to be quoted on the NEEQ. Subsequently, it plans to be listed on the BSE.
- The move will not only provide an additional funding channel for this business but also enhance the valuations of CIMC Enric. BSE’s IPOs have historically performed very well.
- Upon successful listing, the attributable market cap of its two listed subsidiaries will be greater than its current market cap. This means its clean energy business is free.
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