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QinetiQ Group

Unique position

Outlook | Aerospace & Defence | 13 Jun 2018

QinetiQ holds a unique position in the global defence market, providing capability generation and assurance in challenging times. The company is working tirelessly with the UK MOD to provide world-class Test and Evaluation (T&E) facilities in the face of a tight budget environment. In addition, it is building its global footprint, leveraging both its technological expertise and global defence budget dynamics.

QinetiQ Group

Progressing as expected

Flash note | Aerospace & Defence | 12 Feb 2018

QinetiQ’s strategy is focused on delivering efficiencies for the UK MOD and investing for medium-term growth. The Q3 trading statement reassures that underlying trading is in line with expectations and FY18 guidance is maintained.

QinetiQ Group

Investing for growth

Update | Aerospace & Defence | 30 Nov 2017

The transformation at QinetiQ continues. The H118 report has demonstrated the contribution from recent acquisitions, the longer-term nature of contracts and the broadening international reach of the company. While the UK defence market is not without challenges, QinetiQ’s strategy is focused on delivering efficiencies for the UK MOD and investing for medium-term growth. Importantly, FY18 guidance has been maintained. We make small adjustments to our FY18 and FY19 estimates.

QinetiQ Group

Pre-close confounds the doubters

Flash note | Aerospace & Defence | 29 Sep 2017

QinetiQ’s pre-close statement continued to show the group’s confidence in the outlook and highlighted that despite fears of UK defence slowdown, order intake was strong in Q2 and revenue under contract is as expected at this stage. With growth in Global Products also confirmed, supported by a combination of organic growth and the contribution from the Target Systems acquisition, both divisions are set to advance. We are therefore maintaining our forecasts and are encouraged by the progress in the group’s strategic objectives, which have seen orders placed across the core UK business, as well as home markets in the US and Australia.

QinetiQ Group

Trading as expected

Flash note | Aerospace & Defence | 19 Jul 2017

QinetiQ’s AGM statement reconfirmed the outlook even in an environment that remains uncertain post the UK election. While some order deferrals in EMEA Services have undoubtedly occurred, this was to be expected and management maintains the modest revenue growth expectation for the full year. This suggests confidence that such delays are likely be recovered during the year, leading to a more heavily weighted H2. Global Products’ results are more lumpy and dependent on timing of deliveries but further growth is forecast from improved year-on-year order backlog and pipeline, enhanced by the Target Systems acquisition. With LTPA investment on track and customer-focused change embedded, QinetiQ remains focused on driving medium-term organic growth and returns.

QinetiQ Group

Momentum building

Update | Aerospace & Defence | 05 Jun 2017

QinetiQ is a business in transformation. It has a new management team, a new campaign based strategy and it is proactively adapting to meet the new defence environment in the UK and US. Solid FY17 numbers saw the first organic revenue growth since 2014, which is encouraging, and management has maintained its expectations for FY18. Underlying momentum is building at the company. Order intake, contract wins and continued organic revenue growth will demonstrate whether or not the new strategy can translate into higher returns.

QinetiQ Group

Targeting acquisitions and contracts

Update | Aerospace & Defence | 22 Mar 2017

QinetiQ CEO Steve Wadey has now got the bit between his teeth and is on a mission to expand the company internationally while exploiting growth opportunities in the core UK business. The recent acquisition of Meggitt Target Systems (MTS) seems to make strategic sense, both industrially and financially. This note introduces our FY18 numbers for the first time. Our new FY17 forecasts reflect the purchases of MTS and Rubikon and the £1bn amendment to the Long Term Partnering Agreement (LTPA) with the UK Ministry of Defence (MOD).

QinetiQ Group

LTPA provides visibility and expansion potential

Flash note | Aerospace & Defence | 02 Dec 2016

QinetiQ has announced a GBP 1bn, 11-year contract amendment to the Long Term Partnering Agreement (LTPA) proving both extended visibility and the opportunity to attract increasing UK and international test and evaluation business. The agreement secures half of the core LTPA revenues at this year’s SSRO profit rates out to 2028, while providing QinetiQ with visibility to invest up to GBP 180m in upgrading the UK air ranges and the Test Pilots’ School at Boscombe Down. This not only secures increased capability for the UK MOD, but also expands the scope of work that QinetiQ can secure in the international market to drive medium-term organic growth.

Cobham

Process focused

QuickView | Aerospace & Defence | 10 Nov 2016

History is likely to call 2016 Cobham's annus horribilis. In 2015 the future looked bright, with the company delivering its first organic growth in 10 years. However, 2016 has seen three profit warnings and both the CEO and CFO resign. Two recent acquisitions, Axell Wireless and Aeroflex, have proved extremely challenging to integrate into Cobham, taking the wireless business from a 15% margin to significantly loss making. The company is in a hiatus as it awaits new management o CEO David Lockwood (Laird) and CFO David Mellors (QinetiQ) o so 2017 could be the start of a new era.

QinetiQ Group

De-risked with investment catalysts

Update | Aerospace & Defence | 10 Aug 2016

QinetiQ's July AGM statement highlighted that conditions remain as at the full year results, demonstrating that the group continues to deliver sustainable cash-generative growth. CEO Steve Wadey's strategy is to drive the core UK business, expand internationally and ensure continued innovation underpinned by a transformation programme to improve customer focus and competitiveness. With c £275m of cash on the balance sheet and further cash generation expected in FY17, the group's capital allocation policy guides uses of cash to promote conditions for growth through increased capex and select bolt-on acquisitions.

QinetiQ Group

Competitive evolution continues

Update | Aerospace & Defence | 18 Apr 2016

QinetiQ's pre-close statement highlighted that the company is on course to achieve full year expectations. In addition to contract wins, the statement also highlighted the key outcomes from the Single Source Regulations Office (SSRO) baseline profit rate review. While this provides a level of certainty in the short term, further development of the rate for outer years is yet to be finalised consistent with management's guidance for a moderation of margins in EMEA Services, as modelled in our forecasts. With results due on 26 May, we expect the group to further articulate its strategic evolution to enhance customer focus and competitiveness.

QinetiQ Group

Steady as she goes

Update | Aerospace & Defence | 02 Oct 2015

QinetiQ's pre-close statement highlighted that trading remains solid with order cover as expected in EMEA Services and performance stabilised within Global Products. With the Strategic Defence and Security Review (SDSR) and single source contract consultations underway, some decision deferrals continue as expected. However, QinetiQ is less likely to be significantly affected by individual programme decisions than product peers due to its broad service offering. With interims due on 19 November, we maintain our FY16 forecasts and 248p fair value.