(CercleFinance.com) – Oddo maintains its ‘outperformance’ rating on the Dassault Aviation share, with a price target raised from 170 to 175 euros.
The analysis office expects a ‘solid’ first half of 2022 with an operating result of 210 ME (+20%) for a turnover of 2.9 MdE, notably driven by the delivery of 12 Falcon (vs. 6 in H1 2021).
“We believe that Falcon order intake will be dynamic after 26 orders in H2 2021 and 25 in H1 2021” continues the broker.
Oddo nevertheless believes that ‘the half-year forecast for FCF is particularly difficult’ but that with the first installment payments from the UAE and Greece as well as the strength of the civil market, it should reach 1.2 billion euros’, in 2022, then 4 .8 bn over the 2022-25 period.
In this context, the delay of around 6 months in the entry into service of the 6X has led Oddo to reduce its 2023 EBIT estimate by 25% due to continued R&D expenditure on the program (estimated at €150 million). and more dilutive deliveries of the first aircraft. ‘We see this delay as a pure exceptional element’, however, underlines the analysis office.
According to Oddo, the two engines, civil and military, of Dassault Aviation are now on, which should allow the title to continue its course after an increase of nearly 60% since the beginning of the year.
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