First, it's great for investors to have an idea of what «multiple range» a company has traded at in the past — there's a lot of value to this, and most relevant for cyclical
firms (mainly industrials) that may, from a fundamental standpoint, exhibit similar (but not identical) patterns with respect to both earnings and their PE through the course of each economy cycle: think Boeing (BA) and the commercial
aerospace cycle; Ford (F) and consumer demand for auto sales; or United Continental (UAL) with respect to premium air travel demand.
Aerospace and defence giant BAE Systems has completed the
first major review of its external legal advisers in the UK for more than a decade, with law
firms including Allen & Overy (A&O) and Linklaters among those making the grade.