
Contents
Foreword 1
Executive summary 2
What do ‘Letters to Shareholders’ reveal? 4
Scope of the study 7
Global A&D sector performance: An overview 9
Global A&D sector performance: A detailed analysis 13
Global defense subsector compared with commercial 31
aerospace subsector
Comparison of US and European A&D 32
sector performance
Comparison of US and European defense 34
subsector performance
Individual segment performance 35
Study methodology 38
Endnotes 41
Authors 42
Contacts 43
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