moderately pricey, but not as overvalued as Rheinmetall.
BAE Systems is pricey relative to its 10-year average PE but far less extreme than Rheinmetall.
BAE's PE is above its 10-year normal multiple, but the premium is modest compared to Rheinmetall's extreme valuation. It offers a more balanced entry among expensive European defense names.
"The Defence Boom: Should You Invest?"