Airbus: Oddo BHF confirms buy rating

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


The analyst reports that, according to Cirium, Airbus narrowly missed its target of 770 deliveries in FY 24, as the latest count stands at 762 units, including 119 in December alone (15.6% of annual deliveries and +6% yoy), whereas the VA css was anticipating 756 aircraft (ODDO BHF: 755).

Our adjusted EBIT estimates remain 4.5% and 4% below consensus for FY 25 and FY 26 respectively, but we believe that a significant part of the adjustment is now behind us (-11% since the summer for FY 25 and -8.6% for FY 26), Oddo BHF says, which expects 820 deliveries in FY 25 and 899 in FY 26.

Given the absence of new program launches, we believe that capital allocation will become more shareholder-friendly, with a significant portion of the cumulative FCF of 31.6 MdE over 2024-28 returned, the broker concludes.


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