Dassault Aviation: Oddo confirms rating
(CercleFinance.com) - The group reported results that are above expectations.
Adjusted operating profit was 261 million euros (Oddo BHF(e): 150 million euros) for sales of 5,489 million euros (Oddo BHF(e): 4,925 million euros), with an increase in the number of used aircraft delivered, giving a margin of 4.8%, below half the 10.4% in 2019.
As is usually the case, targets for 2021 are succinct, with expected deliveries of 25 Rafale (Oddo BHF(e): 23) and 25 Falcon (Oddo BHF(e): 30), the broker says.
The company also underlines its desire to increase Falcon sales, which analysts believe is credible, with the support of the first flight of the 6X. It also aims to win New Generation Fighter and Eurodrone contracts, Oddo adds.
The analyst confirms an outperform rating on the stock, maintaining a target price of 1215 euros (current price: 920.5 euros, -2.8%).
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