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Latecoere: stock slumps as Oddo slashes TP

( - Oddo maintains its "underperform" rating on the Latécorère share, slashing its target price for it from E0.
35 to E0.20 (cp: E0.26, -16%).

The analyst estimates that 2022 proved to be "disappointing", with the aviation equipment firm posting adjusted EBITDA that failed to get off the ground (-E8.5m; well below the -E1.8m expected). However, the group posted organic sales growth of 16.5% to E468.4m, driven by the increase in production rates on the A320 and Embraer as well as the interconnection of the A350.

In 2023, in short analysts are expecting a continued increase in production rates on all programs.

While 2022 ended with FCF consumption exceeding Oddo's expectations (-E100.9m vs -E53.3m expected), the company says that it is in talks with its stakeholders, including lenders, in to improve its capital structure.

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