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Airbus: Oddo confirms rating before results

( - Oddo expects Airbus to post a Q2 2020 underlying operating loss of 221 million euros on sales that are down 55% at 8.
3 billion euros (results due on 30 July),

In detail, Airbus Commercial is expected to post underlying EBIT of -354 million euros, in particular penalised aircraft deliveries that are down 153 compared to Q2 2019, including 10 A220, 107 A320, 11 A330, 22 A350 and 3 A380s, the broker said.

Analysts anticipate cash burn to peak in Q2 at 5,140 million euros (vs. 4.4 billion euros in Q1 excluding payment of the 3.6 billion euro fine). They expect FCF of -13.4 billion euros, excluding the payment of the fine, which includes a Q3 that uses some cash before a positive return in Q4, Oddo adds.

Oddo confirms its buy rating on the share with a target price of 88 euros (30% upside potential).

The competitive advantage over single-aisle aircraft - which will be reinforced by the arrival of the A321XLR - means that we can easily envisage a re-acceleration in deliveries with an improved unit margin.

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