On 2 July 2006 Rothschild valued BAE 's stake at # 1.9 billion ( $ 2.75 billion ) , well below the expectation of BAE , analysts , and even EADS .
On 2 July 2006 , BAE 's part of the company was thought to be worth about # 1.9 billion ( $ 2.75 billion ) , which was much less than what BAE , analysts , and even EADS thought .