Rolls-Royce dogged by untrendy values

摘要

As we went to press on Wednesday, Rolls-Royce's share price was just over 204p, more or less where it was five years ago. In fact, the share price was near a record low, despite double-digit earnings growth over the past five years and a host of initiatives that should inspire the City, but don't. Over the past three years, Rolls-Royce has increased its production of engines for the civil aviation market from about 400 to more than 1,000, and now takes about 20% of the market. It has a $5bn order to supply the Airbus A340 over the next three years, and its defence business has engine contracts for Eurofighter, and both Boeing's and Lockheed's Joint Strike Fighter bids.