Ultra Electronics has more than delivered on our earnings expectations in FY16, with anticipated flat organic performance boosted by M&A and FX in the second half. The outlook is for slightly improved organic growth in FY17 marginally offset by dilution from the ID disposal. With net debt down significantly we would also expect increased M&A to augment the improving defence spending environment, which should accelerate in FY18. Having rolled the base forward a year, our fair value for
06 Mar 2017
Strengthening defence
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Strengthening defence
- Published:
06 Mar 2017 -
Author:
Andy Chambers -
Pages:
5
Ultra Electronics has more than delivered on our earnings expectations in FY16, with anticipated flat organic performance boosted by M&A and FX in the second half. The outlook is for slightly improved organic growth in FY17 marginally offset by dilution from the ID disposal. With net debt down significantly we would also expect increased M&A to augment the improving defence spending environment, which should accelerate in FY18. Having rolled the base forward a year, our fair value for