BCKIF - Babcock: A Defence Contractor Trading At Half Its Historic Multiples
Background
Babcock International is one of the leading UK defence contractors with activities well diversified into four main divisions covering the non-cyclical markets of Defense, Emergency Services, and Civil nuclear:
1. Land provides military vehicle fleet support and management (taking care of tanks and other vehicles over their useful lives) and specialized technical training to military (ex: the UK's Royal School of Mechanical Engineers...) and non-military bodies (ex: London Fire Brigade).
2. Nuclear supports the UK's nuclear deterrent (fueling, defueling, and dismantling of the nuclear submarines), manages the naval bases HMNB Clyde and HMNB Devonport,