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Airbus: Oddo BHF still a buyer

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Airbus shares, with an unchanged target price of E180.


The analyst indicates that he has marginally modified his estimates following a video communication from the aircraft manufacturer published yesterday evening.

We are expecting FY 24 adjusted EBIT of E5,430m, of which E2,633m in Q4 alone (+19.4% y-o-y), on sales of E69.9 bn, giving a margin of 7.8% (of which 10.3% in Q4 alone, +70bp), the broker says.

Oddo BHF believes that the end of the year will facilitate the start of a phase of rebuilding management credibility, thereby extending investors' horizons.

Even in the short term, the growth/pricing combination remains very attractive, with a 2026 P/E of 21.1x and an FCF yield of 4.7%, for a 2024-28 EPS CAGR of 24%, the broker points out.


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