£1491.2m market cap
2102p last close
Ultra Electronics is a global aerospace and defence electronics company, with operations across three divisions: Aerospace & Infrastructure (26% of 2017 sales); Communications & Security (31%); and Maritime & Land (43%).
Investment summary
The overall picture of improving global defence spending supports a return to organic growth for UItra. This was already reflected in the uplift seen in the order book at the H118 report which continued into H218. The company is well positioned to leverage the growth in naval budgets and increased demand for military aircraft around the world. Ultra also has a significant role to play in commercial aerospace, energy and cyber markets. The company reports FY18 results on 6 March having maintained guidance in December .
Y/E Dec |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2016A | 785.8 | 148.0 | 120.1 | 134.6 | 15.6 | 12.5 |
| 2017A | 775.4 | 133.8 | 110.0 | 116.7 | 18.0 | 15.4 |
| 2018E | 743.6 | 121.2 | 93.7 | 99.0 | 21.2 | 18.2 |
| 2019E | 767.1 | 131.8 | 101.9 | 114.5 | 18.4 | 10.8 |
Industry outlook
With defence drivers moving towards greater demand for electronic equipment and information management, Ultra is well positioned to benefit from more frequent upgrade cycles. In addition, it appears that defence spending may have turned a corner in the western world. Ultra stands to benefit from its diversified end-markets and order book visibility.
Last updated on 14/11/2019
Sector |
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| Industrials |
Share price graph
Balance sheet |
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|---|---|
| Forecast net debt (£m) | 183.6 |
| Forecast gearing ratio (%) | 45 |
Price performance
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12m |
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Key management |
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|---|---|
| Douglas Caster | Chairman |
| Simon Pryce | CEO |
| Ami Sharma | CFO |
| India Kalsi | Head of Investor Relations |
Content on Ultra Electronics
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