QinetiQ Group: Resilient performance; FY27E EPS -2%

研报英文原文证据摘录

QinetiQ Group: Resilient performance; FY27E EPS -2%

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy QinetiQ Group 21 May 2026

Forecast Change

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 20 May 2026 (GBP) 431.60

QQ.L QQ/ LN LSE QQ

Price Target 600.00

Aerospace & Defence

Aerospace & Defence ADR ISIN 52-week range 572.00406.00-

QNTQY US74732F1066

Resilient performance; FY27E EPS -2%

Valuation & Risks

Richard Paige

FY26 results ahead and outlook better than feared Research Analyst

Results (FY26 EBITA £218m vs cons £211.3m (range £206.3m-215.0m) and DBe +44-20-7545-4606

£210m and FY27E guidance better than feared. EMEA Services key outperformer

Thomas Elgar, CFA

with UK sales +8% YoY (good growth UK Defence sector framework contracts; Research Analyst

DragonFire) in a challenging environment. +44-20-7541-1556

Record £3,573m order intake (book-to-bill 1.14x) with backlog of £4.8bn at year- Key changes

end, benefitting from £1.7bn LTPA 5yr extension. 635.00 to

TP ↓ -5.5%

600.00

While we await further clarity on UK defence spending, management continues to Source: Deutsche Bank

focus on the 'controllables' including ongoing review of its activity and revenue

base, particularly areas of low or minimal profit contribution and efficiencies. On Price/price relative

the US business (right-sized to c. $385m pa sales now) "we recognise the need to 600

deliver enhanced value for shareholders and are actively assessing the strategic fit

of the US business within the Group, including a review of all options".

The shares trade on an undemanding Mar FY27E PER of 12.7x and offer a FCF yield 2024 2025 2026

of 7.1%. We expect a positive share price reaction to today's resilient results, albeit QinetiQ Group – (Rebased)