普通外文研报

Booz Allen Hamilton Corp "Strong earnings execution, getting closer to..."

发布日期: 2026-05-22研究机构: UBS Equities公司 / 股票: BAH.N报告页数: 17原文语言: 英语证据页码: 1

研报英文原文证据摘录

Booz Allen Hamilton Corp Equities

United StatesStrong earnings execution, getting closer to

revenue growth Aerospace

12-month rating Neutral

12m price target US$83.00Return to topline growth needs a few more datapoints

Prior : US$87.00

While the 0-4% FY27 growth guide was better than expected, the market is hesitant to

give BAH (and peers) the benefit of the doubt on a 2H acceleration - not helped by the Price (22 May 2026) US$77.52

fact BAH revenue missed in the quarter and F1Q27 growth remains negative. The end- RIC: BAH.N BBG: BAH US

market remains choppy and DoD obligations, while lagged, do not yet support the MSD

National Security growth guide, though we ultimately see a path to +2% organic Trading data and key metrics

growth this year with upside to the guided HSD decline in Civil. BAH has done a good 52-wk range US$115.95-71.59

job at managing costs and generating cash, which we believe greatly limits the earnings Market cap. US$9.36b

downside risk even if revenue disappoints, but ultimately revenue growth is needed to Shares o/s 121m (COM)

drive sustained earnings growth. The stock is cheap at 9.4X our 2027E EBITDA Free float 90%

(30% discount to S&P500 vs 8% 10yr avg premium) and we are raising our EBITDA Avg. daily volume ('000) 595

estimates slightly, but the combination of the 2H-weighted growth guide and Avg. daily value (m) US$46.7

AI concerns likely limit the opportunity for upside to consensus and/or a near-term re- Common s/h equity (03/27E) US$1.19b

rate. We remain Neutral. P/BV (03/27E) 7.5x

Civil: HSD revenue decline expected for FY27 assumes an improved procurement Net debt to EBITDA (03/27E) 2.4x

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