Airbus: Oddo still a buyer

(CercleFinance.com) - Oddo maintains its "outperform" rating on Airbus shares, with an unchanged target price of 140 euros (current price about 113 euros, +0.
6%).

With the aircraft manufacturer set to publish its quarterly results on 28 October, the broker anticipates a drop in profitability compared to the first two quarters.

In short, analysts expect adjusted EBIT of 576 million euros for revenues of 11.6 billion euros, meaning a margin of 5% (-234 bp vs. Q3 2020). For 2021, Oddo expects an adjusted EBIT of 4,254 million euros, with an estimated 617 aircraft deliveries.

In this context, the broker believes that the stock's valuation still looks very attractive, trading at a 2024 P/E of 17.9x based on the target price.



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