QinetiQ Group PLC
OTC Pink - Current Information:QNTQY

  • LAST PRICE
    21.6900
  • TODAY'S CHANGE (%)
    0.0900 (0.4167%)
  • Bid / Lots
    20.5400/ 1
  • Ask / Lots
    21.7300/ 1
  • Open / Previous Close
    21.3000 / 21.6000
  • Day Range
    20.5200
    21.6900
  • 52 Week Range
    15.0000
    25.7000
  • Volume
    2,337

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  • Today

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    • 5 hours ago by Dow Jones
      Companies Mentioned: BAESY
      By Cristina Gallardo Donald Trump's plans to create a Department of Government Efficiency is boosting uncertainty for European defense companies reliant on U.S. funding, according to analysts. The U.S. president-elect has asked Elon Musk, chief executive officer of Tesla and SpaceX, and Vivek Ramaswamy, the biotech entrepreneur who ran for U.S. president, to run the new department with the aim of cutting government spending. The move is weighing on valuations of European defense companies that rely heavily on U.S. contracts, such as the London-listed BAE Systems and QinetiQ, analysts from Bank of America Securities said. On Friday, BofA Securities cut its rating of both companies to underperform from neutral, citing the "growing uncertainty" over the U.S. defense budget brought about by the DOGE plans. European defense stocks are trading at high valuations since Russia's large-scale invasion of Ukraine in February 2022, leaving them vulnerable to a rating cut if defense budgets fall. "We believe DOGE and the focus on budget efficiency adds uncertainty which could weigh on valuation," the analysts said. "DOGE could result in contract changes, but it also may not." BAE Systems made 42% of sales in the U.S. last year, its biggest market ahead of the U.K. and Saudi Arabia. In the case of QinetiQ, the U.S. accounted for the 21% of revenue in fiscal 2024. Mariana Perez, a U.S. aerospace and defense analyst at BofA Securities, said defense is usually at the spotlight when government spending is under pressure, because defense spending is more discretionary than civilian spending. Last week, Goldman Sachs analyst Noah Poponak warned that U.S. defense spending runs in decades-long cycles and the country may be nearing the peak of the current cycle. "The defense budget is at an all-time high, which creates difficult comparisons and challenging base effects," Poponak said. "It is difficult to embark on any large government spending reduction effort without touching defense, and there are potentially enough inefficiencies within the defense budget to reduce its total level without necessarily reducing military readiness or capability." However, rising geopolitical tensions with Russia and China continue to support the rationale to modernize Western armies and invest in technological upgrades for defense purposes, Perez noted. Overall, Trump's return to the White House is seen as positive for European defense companies, as the president-elect is expected to put pressure on the rest of NATO members to boost their national defense budgets above their current commitment to spend at least 2% of their gross domestic product annually. But according to the BofA Securities analysts, in the midterm, the U.K. and the U.S. will likely increase their defense spending at a lower rate than European allies such as Germany, France, Italy or Eastern Europe. This puts pressure on companies such as QinetiQ, which generates its revenue from Britain, the U.S. and Australia, and has less exposure to continental Europe, the analysts said. "While we don't believe that this puts QinetiQ's midterm growth guidance at risk, we do believe that it highlights a less favourable ecosystem for defense," they added. BAE shares were down 4.3% in early-afternoon trade in London, at 12.34 pounds, while QinetiQ's shares fell 3.8% to 4.14 pounds. The stocks are up 10.9% and 33.85% year-to-date, respectively. BAE wasn't immediately available for comment, while QinetiQ declined to comment when approached by Dow Jones Newswires. Write to Cristina Gallardo at cristina.gallardo@wsj.com (END) Dow Jones Newswires November 29, 2024 08:52 ET (13:52 GMT)

    • 8 hours ago by Dow Jones

      1036 GMT - QinetiQ was downgraded to underperform from neutral by BofA Securities, the investment banking division of Bank of America. Its analysts say that the creation of the Department of Government Efficiency, announced by U.S. President-elect Donald Trump, adds uncertainty, weighing on QinetiQ's valuation in the first half of next year. The increased focus on budget efficiency in the U.S. could disrupt new contracts until there is more clarity on the impact to the U.S. defense budget, and it is a potential headwind for QinetiQ's Global Solutions division, they add. QinetiQ generates revenue from the U.K., U.S. and Australia, which the analysts say are defense markets likely to grow at a lower rate than other European markets such as Germany, France, Italy or Eastern Europe in the mid-term. Shares are down 3.8% at 4.14 pounds. (cristina.gallardo@wsj.com)

    • 9 hours ago by Dow Jones

  • Nov 14, 2024

      Show headlines and story abstract

    • 7:55AM ET on Thursday Nov 14, 2024 by Dow Jones
      By Cristina Gallardo Defense company QinetiQ is planning to expand in the U.S. as the country ramps up defense spending, its chief executive said after the company posted revenue above expectations. The London-listed company said Thursday that its revenue increased 7% to 946.8 million pounds ($1.20 billion) in the six months to Sept. 30 compared with the same period a year earlier. This was slightly above a consensus estimate of 944 million pounds provided by Visible Alpha. Chief Executive Steve Wadey said in an interview that QinetiQ wants to continue expanding in the U.S. through organic growth, after years growing through acquisitions. QinetiQ's generates about $500 million a year in the country and employs around 1,500 people. "The U.S. market is really important and attractive. We see good long-term prospects in America," he said, adding that Donald Trump's win in the U.S. presidential election is unlikely to hinder QinetiQ's growth because the company is well-aligned with U.S. defense priorities. The plans include expanding the company's presence in Huntsville, Alabama, a hub for aerospace and defense companies, popularly known as "Rocket City" after giving birth to the rockets that first put men on the Moon. The group's orders grew 9% to 1.03 billion pounds, against the backdrop of the escalation of the Middle East conflict and the war in Ukraine, as well as increased preparations among Western countries to tackle the threat posed by China's growing military power. "We are living in a world with the highest threat environment in generations, and we're going through significant political change," after elections in the company's core markets of the U.K. and the U.S, Wadey said. Beyond rising defense budgets, the U.S., the U.K. and Australia offer opportunities for defense contractors because of their AUKUS defense alliance, which they created to provide Australia with nuclear-powered submarines and co-develop disruptive technologies that could provide their respective armies with an edge. AUKUS is starting to generate commercial opportunities for QinetiQ and other defense peers such as Babcock International, but Wadey noted that its real impact on QinetiQ's results should be felt within the next three to five years. The fast evolution of warfare--with changes such as the need to integrate land drones with the rest of ground forces, the proliferation of drones and increased cyber attacks--is also increasing demand for QinetiQ's products and services, Wadey said. Members of the North Atlantic Treaty Organization are also hiring QinetiQ's training services to develop skills such as long-range missile firing, he added. Last month, the group bagged a $95 million contract to provide the U.S. Army with drone targets to simulate airborne threats during military training. Wadey said the group's pipeline is robust and that further orders could come from U.S. allies, notably Germany, Canada and Poland. QinetiQ's operating profit amounted to 94.3 million pounds, up from 91.3 million pounds in the comparable period of last year. The company stuck to its 2025 guidance of high single-digit organic revenue growth, and said it remains on track to deliver 2.4 billion pounds in organic revenue at a margin of about 12%. It also extended its 100 million pound share buyback program, which should be completed by the end of fiscal 2025, by a further 50 million pounds to increase shareholder returns. Re-purchases have continued steadily, with 46 million pounds bought back in the first half. Wadey said the move reflects a shift toward returning excess capital to shareholders and away from mergers and acquisitions in the near future. The board declared an interim dividend of 2.8 pence. Shares in London were down 2.7% at 4.54 pounds. The stock has risen 46.8% in the year to date. Write to Cristina Gallardo at cristina.gallardo@wsj.com (END) Dow Jones Newswires November 14, 2024 07:55 ET (12:55 GMT)

    • 5:03AM ET on Thursday Nov 14, 2024 by Dow Jones

      1002 GMT - QinetiQ can comfortably afford its decision to extend its 100 million pounds share buyback program, which should finish by the end of fiscal year 2025, by a further 50 million pounds, Berenberg analyst George McWhirter says. This decision shows a further pivot toward returning excess capital to shareholders and away from mergers and acquisitions, he writes in a note to investors. Shares in the London-listed defense company are down 1.59% at 4.6 pounds. (cristina.gallardo@wsj.com)

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