Announcement • Jun 24
Rolls-Royce Holdings plc Announces Board and Committee Changes Rolls-Royce Holdings plc announced that Gretchen Watkins would join the Board as a Non-Executive Director with effect from July 1, 2026. On joining the Board, Gretchen was appointed to the Nominations, Culture & Governance Committee and the Safety, Energy Transition & Tech Committee. Gretchen has over 35 years' experience as a global executive with a track record of leading complex, high-performing organizations within various sectors through transformation and growth. Gretchen currently serves as a Non-Executive Director on the board of The Mosaic Company, which is listed in the US, and previously served on the board of was Atkins plc. From May 2018 to July 2025, Gretchen was President of Shell USA Inc. and Executive Vice President of Global Shales. Prior to joining Shell, she was the Chief Executive Officer of Maersk Oil. Gretchen holds a Bachelor of Science in Mechanical Engineering from The Pennsylvania State University. Rolls-Royce Holdings plc also announced that Alessandra Genco would join the Board as a Non-Executive Director with effect from September 1, 2026. Alessandra was appointed to the Nominations, Culture & Governance Committee and the Audit Committee upon her appointment to the Board. Alessandra has more than 25 years of international leadership experience in finance, investment banking, corporate strategy, transformation and governance. Alessandra was Group Chief Financial Officer of Leonardo SpA, a global aerospace, defence and security company, from October 2017 until November 2025. She is currently a Supervisory Board Member of BASF SE where she also chairs the Audit Committee and a Non-Executive Director of Italmobiliare SpA. Alessandra joined Leonardo SpA in 2006, where she was Head of Investments and Portfolio Evaluation until 2014, then Vice President Group Finance until 2017 when she became Group Chief Financial Officer. Prior to joining Leonardo SpA, Alessandra was Vice President in the Investment Banking Division of Goldman Sachs in New York City. She started her career at Banca di Roma as a risk manager. Alessandra graduated with honours in Economics from the LUISS Guido Carli University of Rome and holds an MBA from the Stanford University Graduate School of Business. After completing nine years on the Board, non-executive directors Beverly Goulet and Nick Luff were both due to retire at the 2027 Annual General Meeting of the Company. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €16.49, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 31x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 811% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.63 per share. Buy Or Sell Opportunity • May 20
Now 23% overvalued Over the last 90 days, the stock has fallen 7.8% to €14.11. The fair value is estimated to be €11.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.2% per annum. Earnings are forecast to decline by 3.1% per annum over the same time period. Announcement • Apr 30
Rolls-Royce Holdings plc to Report First Half, 2026 Results on Jul 30, 2026 Rolls-Royce Holdings plc announced that they will report first half, 2026 results on Jul 30, 2026 Announcement • Feb 27
Rolls-Royce Holdings plc, Annual General Meeting, Apr 30, 2026 Rolls-Royce Holdings plc, Annual General Meeting, Apr 30, 2026. Announcement • Feb 26
Rolls-Royce Holdings plc Proposes Final Dividend for 2025, Payable on 3 June 2026 Rolls-Royce Holdings plc proposed that the final dividend for 2025 is 5.0 pence per share, taking the total dividend for 2025 to 9.5 pence per share. The dividend will be paid on 3 June 2026 to ordinary shareholders on the register on 24 April 2026. The final dividend will be paid subject to shareholder approval at company's Annual General Meeting on 30 April 2026. Announcement • Feb 06
Rolls-Royce Announces Management Changes Rolls-Royce has lined up Maria Varsellona as its next chief legal officer, replacing Mark Gregory, who is departing next month. Maria Varsellona is joining from Unilever where she is also CLO. She will join Rolls-Royce as its top lawyer on March 1, 2026. Varsellona has been at Unilever for just under four years, having previously been general counsel at engineering giant ABB in Switzerland. Prior to that, she spent more than six years at Nokia, latterly as president of Nokia Technologies in addition to her CLO role. Earlier in her career, she had GC roles at packaging businesses Tetra Pak and Sidel, as well senior counsel roles at GE Oil & Gas and Hertz. Mark Gregory is departing after a more than 20-year career at the jet-engine maker, including more than a decade as general counsel. He originally joined Rolls Royce’s financing arm in 2005 as legal counsel after six years at Hogan Lovells. Gregory will remain on until the end of March to support the transition. Buy Or Sell Opportunity • Jan 07
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.9% to €14.70. The fair value is estimated to be €12.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are forecast to decline by 10% per annum over the same time period. Announcement • Jan 06
Rolls-Royce Holdings plc (LSE:RR.) commences an Equity Buyback for 850,489,698 shares, representing 10% of its issued share capital, under the authorization held on May 1, 2025. Rolls-Royce Holdings plc (LSE:RR.) commences share repurchases on January 2, 2026, under the program mandated by the shareholders in the Annual General Meeting held on May 1, 2025. As per the mandate, the company is authorized to repurchase up to 850,489,698 shares, representing 10% of its issued share capital. The maximum price which may be paid for an ordinary share is an amount equal to 105% of the average of the middle market quotations for the ordinary shares taken from the London Stock Exchange plc Daily Official List for five business days immediately preceding the day on which that share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out at the relevant time. The authority shall expire at the conclusion of the next Annual General Meeting in 2026 or June 30, 2026, whichever is sooner. As of April 30, 2025, the company had 8,474,194,379 shares in issue.
On December 16, 2025, the company announces repurchases program. Under the program, the company repurchases up to £200 million worth of its hares, entered into a non-discretionary agreement with UBS AG London Branch. The purpose of the program is therefore to reduce the Company's share capital. The buyback is subject to approval of Board review and approval. The repurchases will commence from January 2, 2026 and valid till February 24, 2026. Board Change • Dec 30
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Lucas de Souza e Silva was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 13
Rolls-Royce Holdings plc to Report Fiscal Year 2025 Results on Feb 26, 2026 Rolls-Royce Holdings plc announced that they will report fiscal year 2025 results on Feb 26, 2026 Announcement • Oct 07
Rolls-Royce Appoints Sashi Mukundan as Executive Vice President, Transformation India, Effective October Rolls-Royce has appointed Sashi Mukundan as Executive Vice President, Transformation India, effective October. His new role will focus on steering government and business relations, with an emphasis on expanding the company's footprint in India. Mukundan brings over two decades of experience from BP, where he served as Senior Vice President, BP Group, and President, BP India. His work included leading the company's energy and low-carbon initiatives and forming a major joint venture with Reliance Industries. Earlier, he held key positions at ARCO, managing operations across several countries. Board Change • Aug 18
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Lucas de Souza e Silva was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 31
Rolls-Royce Holdings plc Announces Interim Cash Dividend in Respect of the First Half Ended June 30, 2025, Payable on September 18, 2025 On 31 July 2025, the Board of Rolls-Royce Holdings plc announced an interim cash dividend in respect of the first half ended June 30, 2025 of 4.5 pence per ordinary share. The expected total cost of servicing this dividend is £379 million, for which no liability has been recognised at the balance sheet date. The interim dividend will be paid on September 18, 2025 to shareholders on the register on 8 August 2025. Announcement • Jul 30
Rolls-Royce Holdings plc Appoints Stuart Bradie as A Member of the Remuneration Committee and Paulo Cesar Silva as A Member of the Audit Committee, Both with Effect from 1 August 2025 Rolls-Royce Holdings plc announced that Stuart Bradie has been appointed as a member of the Remuneration Committee and Paulo Cesar Silva as a member of the Audit Committee, both with effect from 1 August 2025. Announcement • Jul 17
Fairbanks Morse Defense completed the acquisition of Naval Propulsors & Handling business of Rolls-Royce Holdings plc (LSE:RR.). Fairbanks Morse Defense agreed to acquire Naval Propulsors & Handling business of Rolls-Royce Holdings plc (LSE:RR.) on September 19, 2024. Jefferies Financial Group Inc. acted as financial advisor for Fairbanks Morse Defense. The acquisition will include a range of propellers and waterjets for naval applications, as well as marine handling systems, which enable the deployment and recovery of manned and unmanned craft, and other cargo, from naval vessels. The sale comprises the naval propulsors units in Pascagoula, Mississippi and Walpole, Massachusetts, in the US, as well as the specialized naval handling systems unit in Peterborough, Ontario, Canada. BofA Securities acted as financial advisor to Rolls-Royce Holdings plc.
Andrew Weil, Brian Wohlberg, Paolo Morante, William Bartow, Kurtis Weaver, Brad Jorgensen of DLA Piper LLP (US) & Russel Drew of DLA Piper (Canada) LLP acted as legal advisors for Rolls-Royce Holdings plc (LSE:RR.)
Fairbanks Morse Defense completed the acquisition of Naval Propulsors & Handling business of Rolls-Royce Holdings plc (LSE:RR.) on July 16, 2025. Announcement • May 01
Rolls-Royce Holdings plc to Report First Half, 2025 Results on Jul 31, 2025 Rolls-Royce Holdings plc announced that they will report first half, 2025 results on Jul 31, 2025 Announcement • Apr 09
Comply365, LLC acquired AQD from Rolls-Royce Holdings plc (LSE:RR.). Comply365, LLC acquired AQD from Rolls-Royce Holdings plc (LSE:RR.) on April 7, 2025. As part of the change in ownership, the Rolls-Royce SMS solution with revert to its former name AQD. This acquisition of AQD will further strengthen Comply365’s product capabilities and service offering in safety management and add a significant number of leading aviation customers to its global customer base.
Morgan Elwyn, Philip Coletto and Rahul Saha of Willkie Farr & Gallagher LLP and Willkie Farr & Gallagher LLP (U.K.) acted as legal advisor for Comply365, LLC. DLA Piper New Zealand acted as legal advisor for Rolls-Royce Holdings plc.
Comply365, LLC completed the acquisition of AQD from Rolls-Royce Holdings plc (LSE:RR.) on April 7, 2025. Announcement • Feb 28
Rolls-Royce Holdings plc, Annual General Meeting, May 01, 2025 Rolls-Royce Holdings plc, Annual General Meeting, May 01, 2025. Announcement • Feb 27
Rolls-Royce Holdings plc (LSE:RR.) announces an Equity Buyback for £1,000 million worth of its shares. Rolls-Royce Holdings plc (LSE:RR.) announces a share repurchase program. Under the program, the company has entered into a non-discretionary agreement (Agreement) with UBS AG London Branch to repurchase up to £1,000 million worth of its shares. The repurchased shares will either be cancelled or used for the purpose of satisfying awards under the company's employee share plans. The purpose of the program is therefore to reduce the company's share capital and to meet obligations arising from its employee share plans. The program is expected to complete no later than December 31, 2025. Board Change • Dec 30
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Paulo de Souza e Silva was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 08
Rolls-Royce Holdings plc to Report Fiscal Year 2024 Results on Feb 27, 2025 Rolls-Royce Holdings plc announced that they will report fiscal year 2024 results on Feb 27, 2025 Announcement • Sep 20
Fairbanks Morse Defense agreed to acquire Naval Propulsors & Handling business of Rolls-Royce Holdings plc (LSE:RR.) Fairbanks Morse Defense agreed to acquire Naval Propulsors & Handling business of Rolls-Royce Holdings plc (LSE:RR.) on September 19, 2024. Jefferies Financial Group Inc. acted as financial advisor for Fairbanks Morse Defense. The acquisition will include a range of propellers and waterjets for naval applications, as well as marine handling systems, which enable the deployment and recovery of manned and unmanned craft, and other cargo, from naval vessels. The sale comprises the naval propulsors units in Pascagoula, Mississippi and Walpole, Massachusetts, in the US, as well as the specialized naval handling systems unit in Peterborough, Ontario, Canada. Reported Earnings • Aug 04
First half 2024 earnings released: EPS: UK£0.14 (vs UK£0.15 in 1H 2023) First half 2024 results: EPS: UK£0.14 (down from UK£0.15 in 1H 2023). Revenue: UK£8.86b (up 18% from 1H 2023). Net income: UK£1.15b (down 6.5% from 1H 2023). Profit margin: 13% (down from 16% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Aerospace & Defense industry in Germany. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 09
Rolls-Royce Holdings plc announced that it has received £1.18 million in funding Rolls-Royce Holdings plc announced a private placement for the gross proceeds of £1.18 million on April 8, 2024. The transaction included participation from new investor, Phase 2 of the UK Space Agency’s International Bilateral Fund (IBF). Announcement • Feb 29
Rolls-Royce Holdings plc, Annual General Meeting, May 23, 2024 Rolls-Royce Holdings plc, Annual General Meeting, May 23, 2024, at 10:00 Coordinated Universal Time. Location: Rolls-Royce Learning and Development Centre, Wilmore Road Derby, DE24 9BD Derby United Kingdom Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: UK£0.29 (vs UK£0.14 loss in FY 2022) Full year 2023 results: EPS: UK£0.29 (up from UK£0.14 loss in FY 2022). Revenue: UK£16.5b (up 22% from FY 2022). Net income: UK£2.41b (up UK£3.60b from FY 2022). Profit margin: 15% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Aerospace & Defense industry in Germany. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Announcement • Jan 26
Rolls-Royce Holdings plc to Report Q2, 2024 Results on Aug 01, 2024 Rolls-Royce Holdings plc announced that they will report Q2, 2024 results on Aug 01, 2024 Board Change • Jan 17
High number of new directors There are 8 new directors who have joined the board in the last 3 years. CFO & Director Helen McCabe was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 15
Rolls-Royce in Talks to Sell Lower-Power-Range Engines Business Rolls-Royce Holdings plc (LSE:RR.) said it is in talks to sell its lower-power-range engines business to DEUTZ Aktiengesellschaft (XTRA:DEZ) for a price in the high double-digit million euros. The U.K.-based aircraft engine manufacturer said December 14, 2023 that the proposed transaction with the German company related to diesel engines and engine systems using Daimler technology. This is developed and manufactured by Daimler Truck AG for Rolls-Royce Power Systems and used mainly in agricultural vehicles and construction machinery. It added that the total number of people employed in that segment of the business was in the double-digits figures. It added that, following a final agreement, the transaction--which will be subject to regulatory approvals--was expected to close from mid-2024. Deutz AG is an internal combustion engine manufacturer which also produces drive systems for off-highway applications. "This is a clear illustration of our strategy in action. Becoming more focused on the markets where we know Rolls-Royce can win," Chief Executive Tufan Erginbilgic said. Announcement • Dec 07
Rolls-Royce Holdings plc to Report Fiscal Year 2023 Results on Feb 22, 2024 Rolls-Royce Holdings plc announced that they will report fiscal year 2023 results on Feb 22, 2024 Reported Earnings • Aug 04
First half 2023 earnings released: EPS: UK£0.15 (vs UK£0.19 loss in 1H 2022) First half 2023 results: EPS: UK£0.15 (up from UK£0.19 loss in 1H 2022). Revenue: UK£7.52b (up 34% from 1H 2022). Net income: UK£1.23b (up UK£2.84b from 1H 2022). Profit margin: 16% (up from net loss in 1H 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Aerospace & Defense industry in Germany. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Aug 03
Rolls-Royce Holdings plc Announces Board Changes, Effective 1 September 2023 Rolls-Royce Holdings announced that it will appoint Paulo Cesar de Souza e Silvaas a non-executive director with effect from 1 September 2023. On joining the board, Paulo will be appointed to the Nominations, Culture & Governance Committee and the Safety, Energy Transition and Tech Committee. Paulo has an outstanding track record in the global aerospace industry with over 25 years' experience at Embraer, the third largest commercial jets manufacturer with operations in the US, EU, Brazil and China. He was President & CEO of Embraer's Commercial Aviation division, before becoming President & CEO of the Group in 2016. As President & CEO, he led Embraer through major strategic change, successful innovation in product development and programmes, significant improvement in operational efficiency and supply chain optimization and successful industry partnerships. Since his retiral from Embraer in 2019, he has acted as an advisor and board member and is currently a non-executive director of Cemig, the major power company in Brazil, listed in Brazil, US and Spain. The company also announced that Paul Adams, a non-executive director of the company, will step down from the Board on 1 September 2023 having served since March 2021. New Risk • Jul 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Negative equity (-UK£6.0b). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). Announcement • Jul 26
Rolls-Royce Holdings plc Raises Its Full Year Guidance Rolls-Royce Holdings plc raised its Full year guidance. For now company expect underlying operating profit of £1.2 billion to £1.4 billion, (previously: £0.8 billion-£1.0 billion). This assumes targeted contract improvements of £200 million-£250 million (previously: £100 million-£200 million). Announcement • May 11
Rolls-Royce Holdings plc Announces Executive Changes Rolls-Royce Holdings announced that it will appoint Stuart Bradie as a Non-Executive Director with effect from the conclusion of the AGM on 11 May 2023. On joining the Board, Stuart will be appointed to the Nominations, Culture & Governance Committee and the Safety, Energy & Tech Committee. Stuart is currently CEO of KBR, the US listed engineering and technical government services company. An engineer at heart, he has over 25 years' experience leading global, technically oriented businesses and has strong project management credentials. As a result, Sir Kevin Smith will not be standing for re-election at the Company's Annual General Meeting (AGM) to be held on 11 May 2023. Reported Earnings • Feb 24
Full year 2022 earnings released: UK£0.14 loss per share (vs UK£0.015 profit in FY 2021) Full year 2022 results: UK£0.14 loss per share (down from UK£0.015 profit in FY 2021). Revenue: UK£13.5b (up 21% from FY 2021). Net loss: UK£1.19b (down UK£1.31b from profit in FY 2021). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Aerospace & Defense industry in Germany. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Announcement • Dec 08
Rolls-Royce Holdings plc to Report First Half, 2023 Results on Aug 03, 2023 Rolls-Royce Holdings plc announced that they will report first half, 2023 results on Aug 03, 2023 Announcement • Nov 03
Rolls-Royce Holdings plc to Report Fiscal Year 2022 Results on Feb 23, 2023 Rolls-Royce Holdings plc announced that they will report fiscal year 2022 results on Feb 23, 2023 Recent Insider Transactions • Aug 11
Independent Non-Executive Chairman recently bought €97k worth of stock On the 4th of August, Anita Frew bought around 100k shares on-market at roughly €0.97 per share. This was the largest purchase by an insider in the last 3 months. Anita has been a buyer over the last 12 months, purchasing a net total of €260k worth in shares. Reported Earnings • Aug 05
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£394.0m from profit in 1H 2021). Profit margin: (down from 7.6% in 1H 2021). Over the next year, revenue is forecast to grow 3.6%, compared to a 26% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Buying Opportunity • Jul 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.7%. The fair value is estimated to be €1.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings is also forecast to grow by 37% per annum over the same time period. Buying Opportunity • Jun 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €1.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings is also forecast to grow by 27% per annum over the same time period. Buying Opportunity • Apr 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €1.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.6% per annum. Earnings is also forecast to grow by 30% per annum over the same time period. Recent Insider Transactions • Mar 02
Independent Non-Executive Director recently bought €92k worth of stock On the 28th of February, Nicholas Luff bought around 77k shares on-market at roughly €1.20 per share. In the last 3 months, there was an even bigger purchase from another insider worth €113k. Insiders have collectively bought €385k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 25
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: UK£0.015 (up from UK£0.53 loss in FY 2020). Revenue: UK£11.2b (down 5.1% from FY 2020). Net income: UK£123.0m (up UK£3.29b from FY 2020). Profit margin: 1.1% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 6.5%. Over the next year, revenue is forecast to grow 14%, compared to a 19% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Dec 16
Independent Non-Executive Chairman recently bought €113k worth of stock On the 13th of December, Anita Frew bought around 80k shares on-market at roughly €1.42 per share. This was the largest purchase by an insider in the last 3 months. This was Anita's only on-market trade for the last 12 months. Board Change • Nov 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Chairman Anita Frew was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improved over the past week After last week's 17% share price gain to €1.54, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 21x in the Aerospace & Defense industry in Europe. Total loss to shareholders of 60% over the past three years. Reported Earnings • Aug 06
First half 2021 earnings released: EPS UK£0.047 (vs UK£2.74 loss in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: UK£5.16b (down 9.1% from 1H 2020). Net income: UK£394.0m (up UK£5.66b from 1H 2020). Profit margin: 7.6% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 52% per year, which means it is performing significantly worse than earnings. Executive Departure • May 20
Independent Non Executive Director has left the company On the 13th of May, Lewis Booth's tenure as Independent Non Executive Director ended after 10.0 years in the role. As of March 2021, Lewis personally held 303.33k shares (€385k worth at the time). A total of 4 executives have left over the last 12 months. Executive Departure • May 20
Independent Non-Executive Director has left the company On the 13th of May, Frank Chapman's tenure as Independent Non-Executive Director ended after 9.5 years in the role. As of March 2021, Frank personally held 144.29k shares (€183k worth at the time). A total of 4 executives have left over the last 12 months. Executive Departure • May 20
Independent Non-Executive Director has left the company On the 13th of May, Jasmin Staiblin's tenure as Independent Non-Executive Director ended after 9.0 years in the role. We don't have any record of a personal shareholding under Jasmin's name. A total of 4 executives have left over the last 12 months. Executive Departure • Mar 23
CFO & Executive Director has left the company On the 19th of March, Stephen Daintith's tenure as CFO & Executive Director ended after 4.0 years in the role. As of December 2020, Stephen personally held 711.93k shares (€917k worth at the time). Stephen is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Mar 16
New 90-day high: €1.41 The company is up 11% from a price of €1.26 on 16 December 2020. Outperformed the German market which is up 9.0% over the last 90 days. Exceeded the Aerospace & Defense industry, which is down 3.0% over the same period. Reported Earnings • Mar 13
Full year 2020 earnings released: UK£0.53 loss per share (vs UK£0.69 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: UK£11.8b (down 29% from FY 2019). Net loss: UK£3.17b (loss widened 141% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 78% per year but the company’s share price has only fallen by 50% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations Revenue exceeded analyst estimates by 6.8%. Over the next year, revenue is forecast to stay flat compared to a 3.7% growth forecast for the Aerospace & Defense industry in Germany. Is New 90 Day High Low • Oct 29
New 90-day low: €0.99 The company is down 64% from its price of €2.78 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.73 per share. 
