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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Airbus SE    AIR   NL0000235190

AIRBUS SE

(AIR)
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Delayed Quote. Delayed Euronext Paris - 08/16 11:35:00 am
123.02 EUR   +0.51%
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Britain and Sweden agree to co-operate on fighter plans

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07/19/2019 | 01:12pm EDT
A visitor walks past a Saab Technologies pavilion at Farnborough International Airshow in Farnborough, Britain

RAF FAIRFORD, England (Reuters) - Britain and Sweden agreed on Friday to study air combat co-operation over the next decade and opened the door to other potential partners in a move that could see the Scandinavian country join a planned next-generation UK fighter project.

Britain last year unveiled plans for a fighter plane and cohort of drones named Tempest, raising questions about the future of European defence co-operation as France and Germany pursue their own air combat programme to meet growing threats.

Tempest, meant to eventually replace the Eurofighter Typhoon from 2040, will be developed and built by BAE Systems, Britain’s biggest defence company, alongside UK engine maker Rolls-Royce, the UK arm of Italian defence firm Leonardo and European missile maker MBDA.

Sweden's Saab will not immediately join the same industrial team, but will be involved in a broader technology study that sketches out Britain's post-Brexit defence partnerships and could lead to further countries coming on board, officials said.

"Brexit or not, Sweden has a strategic interest to further deepen its relations with the UK," Swedish Defence Minister Peter Hultqvist said at the Royal International Air Tattoo, a major military air show held in western England.

Britain's defence ministry said the agreement called for a joint combat air development and acquisition programme.

However, Sweden said the plan allowed both sides to carry out studies with other partners and stressed its Gripen fighter would meet its air power needs "for the foreseeable future".

Industry analysts say Sweden is at pains to ensure it is taken seriously as a standalone developer of Saab's Gripen fighter in any future tie-up rather than as a junior supplier.

SEEKING OTHER PARTNERS

The study, which is expected to yield an initial report by autumn 2020, "lays the foundations for collaboration and invites others to participate in our discussions," Britain's Defence Procurement Minister Stuart Andrew said.

Britain will remain a key partner for its European neighbours in NATO after leaving the European Union, he said.

Britain and Sweden have conducted joint exercises in the Baltic where Western officials say Russia has stepped up probing flights and mock bomb runs near Europe’s borders since 2013.

European nations face a combination of security threats and budget constraints that have spurred competing alliances as the region's fragmented defence industry vies for leadership and a slice of future spending on any new pan-European fighter.

Analysts say it is unclear whether Europe can afford more than one fighter programme in future rather than the current three - the French Rafale, Swedish Gripen and multinational Eurofighter, which includes Britain.

But defence analyst Francis Tusa said the amount of detailed work already undertaken by Britain and Sweden in the past year suggested the Tempest and Franco-German Future Combat Air System would both go ahead as separate projects.

Differences in the way Britain and France handle aircraft carrier operations and their nuclear roles have historically made it hard for them to unite around a single aircraft project and this is likely to remain a big hurdle in future, Tusa said.

(Reporting by Tim Hepher; Editing by Mark Potter)

By Tim Hepher

Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE 0.51% 123.02 Real-time Quote.46.52%
BAE SYSTEMS 0.11% 549 Delayed Quote.19.56%
LEONARDO 2.91% 10.095 End-of-day quote.31.48%
ROLLS-ROYCE 0.05% 754 Delayed Quote.-9.16%
SAAB AB -0.30% 268.3 Delayed Quote.-12.83%
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Financials (EUR)
Sales 2019 70 381 M
EBIT 2019 6 963 M
Net income 2019 4 732 M
Finance 2019 14 745 M
Yield 2019 1,74%
P/E ratio 2019 20,3x
P/E ratio 2020 16,9x
EV / Sales2019 1,15x
EV / Sales2020 1,06x
Capitalization 95 648 M
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Mean consensus BUY
Number of Analysts 23
Average target price 144,00  €
Last Close Price 123,02  €
Spread / Highest target 34,9%
Spread / Average Target 17,1%
Spread / Lowest Target -10,6%
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Managers
NameTitle
Thomas Enders Chief Executive Officer & Executive Director
Denis Ranque Non-Executive Chairman
Harald Wilhelm Chief Financial Officer
Luc Hennekens Chief Information Officer
Grazia Vittadini Chief Technology Officer
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