Latecoere: stock slumps as Oddo slashes TP
(CercleFinance.com) - 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.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
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.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.