(CercleFinance.com) – Dassault Aviation announced on Friday that it had delivered 13 Rafale planes and 26 Falcon jets last year, figures below its objectives which caused the stock to fall by more than 6% on Monday morning on the Paris Stock Exchange.
In a reaction note, Oddo BHF analysts speak of ‘a disappointing 2023 year’, recalling that the aircraft manufacturer had set itself targets for deliveries of 15 Rafale and 35 Falcon.
‘These figures are disappointing because they fall short of the objectives set by the company but also behind the volumes delivered in 2022’, underlines the brokerage firm.
For comparison, the group had delivered 14 Rafale, 13 new for export, as well as 32 Falcon.
Oddo, which had downgraded its recommendation in December, reiterates its ‘neutral’ opinion and its price target of 201 euros, while emphasizing that Falcon order intake also proved disappointing with 23 aircraft ordered in 2023, against 64 in 2022.
‘The rebound that we had predicted for the end of the year did not materialize, due to supply constraints which continue to penalize Falcon production,’ adds Deutsche Bank.
The design office is particularly concerned by the 65% drop recorded in orders for the Falcon, where the group’s American competitors are seeing their order books grow in business jets.
As of December 31, 2023, the order book included 211 Rafale compared to 164 aircraft a year earlier as well as 84 Falcon, compared with 87 aircraft as of December 31, 2022.
If Deutsche Bank considers the performance of the Rafale ‘solid’, it explains that the underperformance of the Falcon leads it to lower its results forecasts, to reduce its price target from 216 to 199 euros and to downgrade its recommendation to ‘hold’ , versus ‘purchase’ previously.
Around 9:30 a.m., the stock dropped 6.2%, signing the second largest drop in the SBF 120 index behind Atos (-11%).
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