(Boursier.com) — Dassault Aviation lost 4% on Wednesday to 127.60 euros, while the title recently soared in the wake of the Russian invasion of Ukraine. Hopes of appeasement are now weighing on the military sector on the stock market, while on the contrary, the CAC40 has risen by almost 5%… Among the latest opinions from analysts, the SG has downgraded the file to ‘keep ‘ despite a target price raised from 115.8 to 140 euros, while the group unveiled markedly improved 2021 results with exceptional orders for 100 aircraft (49 Rafale and 51 Falcon) and a turnover of 7 .2 billion euros. Adjusted operating profit came to 527 million euros, compared to 261 ME in 2020, materializing an adjusted operating margin of 7.3% compared to 4.8% a year earlier. This increase is mainly explained by the reduction in the weight of self-financed Research & Development. Adjusted net income finally jumped 75% to 693 million euros.
The consolidated order book at December 31, 2021 (established in accordance with IFRS 15) was 20.762 billion euros, against 15.895 billion euros a year earlier, while order intake reached 12.08 billion euros (74% at export). The order book includes 55 new Falcons, compared to 34 at the end of 2020. The Group’s book-to-bill ratio (order intake / turnover) is 1.67 for the year 2021.
The “Piloting Our Future” transformation plan continued in 2021… This plan aims to modernize infrastructures and processes to improve the group’s competitiveness. In 2021, the company was able to set up the new methodological base, the new collaborative platforms as well as modernized infrastructures and means, relying on digital levers.
The group plans to deliver 13 Rafale and 35 Falcon this year. The turnover will nevertheless be down compared to that of 2021…
In the meantime, the Board of Directors has decided to propose to the General Meeting of Shareholders the distribution, in 2022, of a dividend of 2.49 euros/share corresponding to an amount of 208 ME, i.e. a payout of 30%. For 2021, the group will pay 139 ME in participation and profit-sharing (including social package of 20%) even though the application of the legal formula would have led to a payment of 28 ME…
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