(Boursier.com) — In extensive volumes, Figeac Aero stands out in the middle of the week with a share which rises 4.4% to 6.6 euros. The aeronautical equipment manufacturer reported an annual turnover of 397.2 ME, an organic increase of 19.3%. Consequently, the company has exceeded its annual revenue objective, as a reminder between 375 and 390 ME, respecting its objectives for the third consecutive year.
In this context, in the very short term, Figeac is revising upwards its profitability and cash generation objectives for the 2023/24 financial year, namely between 50 and 53 million current EBITDA compared to 48-53 million and between 20 and 24 ME of Free Cash Flows compared to 16-20 ME previously.
Furthermore, while remaining particularly attentive to developments in the Boeing single-aisle aircraft which impacts its activity on the LEAP-1B engine, the group is maintaining all of its financial objectives for the current financial year 2024/25: a turnover between 420 and 440 ME, a current EBITDA between 68 and 72 ME and Free Cash Flows between 20 and 28 ME.
Following these announcements, Oddo BHF confirms its ‘outperformance’ opinion and raises its price target to 7.1 euros (revision of WACC assumptions and evolution of peers). This publication demonstrates; in the eyes of the broker, that the company has set short and medium-term objectives integrating a cushion large enough to withstand exogenous shocks and therefore to guarantee upward revisions of the consensus. The stock has appreciated by 19.6% since the start of the year but the analyst believes that the faster than expected acceleration in the generation of FCF (FCF yield of 5.9% in 2025 calendarized and 8, 4% in 2026) and the achievement of a leverage of less than 2.5x by March 2028e now make it possible to put the importance of the 2029 repayment deadlines into perspective.
Given the very buoyant sectoral context, the increase in A350 production rates beyond its pre-crisis levels, the dynamics of recent order intake for the 1000 version of the A350, the best margin for the Group, the intensity of the commercial consultations to which the firm is subject, particularly in defense, TP ICAP Midcap wants to be very confident in achieving the ambitions of the ‘PILOT 28’ plan. The analyst is ‘buy’ on the file with a target of 8.5 euros.
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