War keeps making headlines and people holding the purse strings, including Grant Shapps, the defence secretary, say that more conflict is on the horizon. You would assume by now that there was no value left in defence stocks, but fortunately the market isn’t that efficient. Qinetiq stands to benefit, but has been largely shunned by investors.
The former government research agency helps its clients to create, test and use new and existing defence products. It stands out from its London-listed peer group in several ways, including by focusing more on new technologies, such as battlefield robots and unmanned aircraft, rather than on traditional military hardware. Normally, being ahead of the curve is rewarded. Not this time.
Slower growth in the United States than had been
