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    Edward Stacey

    Research Analyst at Espirito Santo Investment Bank

    Edward Stacey is a Director of Research specializing in industrial technologies and the aerospace & defence sectors, most recently at Cavendish Capital Markets and previously at Espirito Santo Investment Bank. He has covered leading companies such as Airbus, BAE Systems, Volvo AB, and Schneider Electric, and is recognized for his work with both UK midcap and European blue-chip firms. With over two decades of sell-side analyst experience at firms including HSBC, Execution-Noble, and Société Générale, Stacey has also contributed to capital raisings and advised a broad institutional client base. He is a CFA charterholder and holds a first-class honours degree in Mathematics from Oxford University.

    Edward Stacey's questions to BAE SYSTEMS PLC /FI/ (BAESY) leadership

    Edward Stacey's questions to BAE SYSTEMS PLC /FI/ (BAESY) leadership • H1 2015

    Question

    Edward Stacey of Espirito Santo Investment Bank questioned the potential outcomes for BAE's stake in the MBDA joint venture and sought clarity on how the large Successor submarine program would be funded within the UK's baseline procurement budget without squeezing other areas.

    Answer

    CEO Ian King stated unequivocally that MBDA is a core, strategic part of BAE's portfolio and that preemption rights prevent the company from becoming a minority partner. Regarding the Successor program, he clarified that its funding has always been factored into the UK's long-term budget assumptions and is not a new pressure on the defense budget.

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