Leading International Investment Research, Edison Investment Research

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>Rolls-Royce&rsquo;s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash &pound;4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.</p>

Rolls-Royce&rsquo;s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash &pound;4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.

United Kingdom

Rolls-Royce designs, develops, manufactures, and services integrated power systems for use in the air, on land, and at sea. The company operates in civil aerospace, defense, and power systems, offering products like commercial aero engines, naval engines, and power generation solutions. Rolls-Royce was founded in 1904 and is headquartered in London, United Kingdom.

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Rolls-Royce (RR/ LN)

Emerging from the clouds

Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss...

Edison Investment Research

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