By: Carter Copeland

With the House/Senate tax bills making their way to conference, and after numerous inquiries from clients looking into the some of the less obvious implications for A&D companies, we thought it would be a good time to share our preliminary takes on the relative winners and losers. On balance, all our coverage companies should see benefits (some sizable) to cash EPS from the combination of lower statutory rates and the allowed full expensing of capex. Our pro-forma tax rate assumptions are shown in Figure 13 inside…

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