BEN BOURNE | LIBERUM
This re-iteration of guidance will be well received as many had expected worse. No material acquisitions are planned, which is a relief in itself as many investors were still concerned they would make a another play for Wartsila after July requiring more equity. Rating should improve.
SASH TUSA | EDISON INVESTMENT
After a half year that has been marked by a considerably higher than usual level of corporate activity and reports, we are pleased that the company is responding to the market. Further major acquisitions appear to have been ruled out, Rolls’ balance sheet does not look over-committed.
SANDY MORRIS | JEFFERIES
The £1bn share buyback is something of a surprise, one that should be well received, in our view. We see an echo of our belief that Rolls-Royce has never been in a better position and there is a better balance to the group that makes it more robust.