(CercleFinance.com) – Oddo BHF confirms its Neutral advice on the value with an unchanged price target of E201 after the group’s announcement of delivery and order figures.
The analyst indicates that the 2023 delivery targets have not been achieved in both the civilian and military sectors.
Dassault Aviation announced the delivery of 13 Rafale (11 for France and 2 for export) as well as 26 Falcon over the entire 2023 financial year.
‘ These figures are disappointing because they fall short of the objectives set by the company (respectively -2 Rafale and -9 Falcon) but also behind the volumes delivered in 2022 (respectively -1 Rafale and -6
Falcon) ‘ indicates the analysis office.
‘We had recently reduced our estimates for Falcons to 26 aircraft to reflect ongoing supplier chain issues but also the additional time required to respond to additional requests from certification authorities on the 6X (likely no commercial deliveries for the year 2023)’.
Oddo BHF estimates that Falcon order intake is also disappointing with 23 aircraft ordered in 2023 compared to 64 in 2022
‘Ultimately, we adjusted our FY 23 EPS by -3.6% to take into account the delivery delay of the Rafale. We have also adjusted our FCF to reflect the entry into service of the 18 Indonesian Rafales in FY 24 vs FY 23 in our previous estimates with an FCF of -1.1 MdE in FY 23 and +2.1 MdE in FY 24 (including Rafale Marine for India) ‘ adds the analysis office.
Copyright © 2024 CercleFinance.com. All rights reserved.
The information and analyzes distributed by Cercle Finance only constitute a decision-making aid for investors. Cercle Finance cannot be held responsible directly or indirectly following the use of information and analyzes by readers. It is recommended that any uninformed person consult a professional advisor before making any investment. This indicative information does not in any way constitute an inducement to sell or a solicitation to buy.
Did you like this article ? Share it with your friends using the buttons below.
This is a Smartvoice article: see legal notices