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Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>QinetiQ CEO Steve Wadey has now got the bit between his teeth and is on a mission to expand the company internationally while exploiting growth opportunities in the core UK business. The recent acquisition of Meggitt Target Systems (MTS) seems to make strategic sense, both industrially and financially. This note introduces our FY18 numbers for the first time. Our new FY17 forecasts reflect the purchases of MTS and Rubikon and the &#163;1bn amendment to the Long Term Partnering Agreement (LTPA) with the UK Ministry of Defence (MOD).</p>

QinetiQ CEO Steve Wadey has now got the bit between his teeth and is on a mission to expand the company internationally while exploiting growth opportunities in the core UK business. The recent acquisition of Meggitt Target Systems (MTS) seems to make strategic sense, both industrially and financially. This note introduces our FY18 numbers for the first time. Our new FY17 forecasts reflect the purchases of MTS and Rubikon and the &#163;1bn amendment to the Long Term Partnering Agreement (LTPA) with the UK Ministry of Defence (MOD).

<p>QinetiQ has announced a &pound;1bn, 11-year contract amendment to the Long Term Partnering Agreement (LTPA) proving both extended visibility and the opportunity to attract increasing UK and international test and evaluation business. The agreement secures half of the core LTPA revenues at this year&rsquo;s SSRO profit rates out to 2028, while providing QinetiQ with visibility to invest up to &pound;180m in upgrading the UK air ranges and the Test Pilots&rsquo; School at Boscombe Down. This not only secures increased capability for the UK MOD, but also expands the scope of work that QinetiQ can secure in the international market to drive medium-term organic growth.</p>

QinetiQ has announced a &pound;1bn, 11-year contract amendment to the Long Term Partnering Agreement (LTPA) proving both extended visibility and the opportunity to attract increasing UK and international test and evaluation business. The agreement secures half of the core LTPA revenues at this year&rsquo;s SSRO profit rates out to 2028, while providing QinetiQ with visibility to invest up to &pound;180m in upgrading the UK air ranges and the Test Pilots&rsquo; School at Boscombe Down. This not only secures increased capability for the UK MOD, but also expands the scope of work that QinetiQ can secure in the international market to drive medium-term organic growth.

LTPA provides visibility and expansion potential

United Kingdom

QinetiQ Group PLC is a science and technology research company formed from the British Governments defense research and development organization.

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QinetiQ (QQ/ LN)

Targeting acquisitions and contracts

QinetiQ CEO Steve Wadey has now got the bit between his teeth and is on a mission to expand the company internationally while exploiting growth...

Edison Investment Research

LTPA provides visibility and expansion potential

QinetiQ has announced a £1bn, 11-year contract amendment to the Long Term Partnering Agreement (LTPA) proving both extended visibility and the...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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