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Ultra Electronics (ULE)

Business description

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%).

Stock data

Market cap.£936.6m
Last close1,307.00p
High / Low (52 weeks)1743.0p / 1246.0p
Stock market listingLN
Forecast net debt (£m)183.6
Forecast gearing ratio (%)45
SectorAerospace & Defence

Price performance

Relative *(7.7)(13.1)12.4

* % Relative to local index

Other companies in sector Show

Company news

Ultra Electronics shares tumble after profit warning

Mon, 13 Nov 2017 15:13:03 GMT

Ultra Electronics woes continue after chief executive quits

Sat, 11 Nov 2017 16:30:00 GMT

US defence exposure helps support Ultra Electronics; shares up 17%

Thu, 11 Jan 2018 08:37:30 GMT

Ultra Electronics shares jump as Berenberg upgrades rating amid high ...

Fri, 13 Apr 2018 10:10:42 GMT

Ultra Electronics to buy US partner Sparton for $235m

Fri, 07 Jul 2017 08:26:15 GMT

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 9.7 7.8
2017A 775.4 133.8 110.0 116.7 11.2 9.6
2018E 743.6 121.2 93.7 99.0 13.2 11.3
2019E 767.1 131.8 101.9 114.5 11.4 6.7

Last updated on 22/11/2018

Investment summary

The overall picture of improving global defence spending supports a return to organic growth for UItra. This is already reflected in the uplift seen in the order book at the H118 report. 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.

Last updated on 29/11/2018

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 29/11/2018

Key management

Douglas Caster, Chairman
Simon Pryce, CEO
Ami Sharma, CFO
India Kalsi, Head of Investor Relations

Company address

417 Bridport Road
United Kingdom
+44 (0) 20 8813 4321
View website