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    Nick Cunningham

    Research Analyst at Agency Partners

    Nick Cunningham is Managing Partner at Agency Partners LLP, specializing in equity research with over 30 years of experience as a City analyst. He is recognized for his deep expertise in sectors such as oil and gas, covering leading companies in these industries and delivering insights highly valued by institutional investors and public companies. Cunningham has built a distinguished career since the early 1990s, leading equity research teams and earning a strong reputation for analytical rigor, though specific performance metrics and prior firm affiliations are not publicly detailed. His professional credentials and securities licenses are not listed, but his stature as Managing Partner and long-standing market presence underscore his industry authority.

    Nick Cunningham's questions to BAE SYSTEMS PLC /FI/ (BAESY) leadership

    Nick Cunningham's questions to BAE SYSTEMS PLC /FI/ (BAESY) leadership • H1 2022

    Question

    Nick Cunningham of Agency Partners asked if increased FTC scrutiny affects BAE's bolt-on M&A strategy. He also questioned if internal capital deployment options like R&D and inventory were exhausted, and if there was an opportunity to lock in recent pension gains through a third-party transfer.

    Answer

    Executive Tom Arseneault stated that the FTC's focus is on larger, vertical deals, so BAE's bolt-on strategy is not expected to be impacted. CFO Bradley Greve confirmed that internal investment is not exhausted, highlighting double-digit increases in R&D and strategic inventory builds. Regarding the pension, he explained a buyout is currently cost-prohibitive but remains an option they will monitor.

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

    Question

    Nick Cunningham of Agency Partners sought comment on reports of a Typhoon production break in 2018 and asked for details on the financial calculus for the share buyback program and the criteria used for M&A decisions.

    Answer

    CEO Ian King confirmed that without new orders, Typhoon work would cease in Q1 2018, but noted this could be managed by reallocating resources to the ramping F-35 program. Group Finance Director Peter Lynas explained that the buyback's benchmark is an IRR exceeding WACC, while M&A targets are evaluated using a discount rate with a significant risk premium above WACC, typically looking at a year-three return.

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