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Chloe Lemarie, CFA * | Equity Analyst+33 1 8665 6326 | clemarie@jefferies.comBen Brown ^ | Equity Associate+44 (0) 20 7548 5070 | ben.brown@jefferies.com Unless specified, no company has commented on the press reports mentioned.Please see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksBabcock InternationalValuation: SOTP-based. Risks include restructuring, inflation on fixed-price contracts, and type 31 frigate build.BAE Systems PLCValuation: SOTP-based. Risks: execution issues on key programs, investors shunning defense stocks.Thales SAValuation: SOTP-based. Risks include ramp-up challenges in civil aerospace and investors shunning defense stocks. Upside risks would include faster-than-expected defense product ramp, stronger recovery in Space, and boosting margin momentum in Aerospace.Analyst Certification:I, Chloe Lemarie, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Ben Brown, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.Registration of non-US analysts:Chloe Lemarie, CFA is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as aresearch analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to theFINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Ben Brown is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Group LLC makes a market in the securities or ADRs of Babcock International Group Plc. Jefferies Group LLC, its affiliates or subsidiaries is acting asa manager or co-manager in the underwriting or placement of securities for Babcock International or one of its affiliates.Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of BAE Systems PLC.Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Babcock International.Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from BabcockInternational within the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services fromBabcock International.Within the past twelve months, Babcock International has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment bankingservices are being or have been provided.Jefferies International Limited acts as a corporate broker for Babcock International.Jefferies International Ltd, its affiliates or subsidiaries has, or had, within the past 12 months an agreement to provide investment services to BabcockInternational.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Please see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 20, 2025 , 02:43 ET.May 20, 2025 , 02:43 ET. 3 Hold