Business Strategy and Outlook
| Joachim Kotze, CFA |BAE Systems enjoys incumbent positions on a diverse set of major global defense programmes. The outlook for defense spending is positive with rising global threats exacerbated by the war in Ukraine. We believe this will be a multiyear growth trajectory as many nations globally, especially in Europe, have underspent since the end of the cold war. Additionally, BAE Systems is well aligned with U.S. Department of Defense growth programmes.