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Dassault Aviation: Oddo BHF still a buyer

( - Oddo BHF reinstates its "buy" rating on the Dassault Aviation share, maintaining its target price of 1050 euros (30% upside potential), judging that even though visibility of the Falcon business remains low, the share's valuation is still impossible to justify (despite its recent revaluation).

The broker says that the current share price implicitly values both activities at -0.2 billion euros, an amount obtained by deducting from Dassault Aviation's capitalisation, its stake in Thales (spot price without discount) and the net cash adjusted for excess prepayments.

Despite site closures that have lasted over two weeks and a slight increase in on-site presence (50% by mid-May, with a target of 100% by end-June), the broker states that it expects a sound level of deliveries in the first half of 2020.

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