Dassault Aviation: Credit Suisse edges up TP
(CercleFinance.com) - Credit Suisse maintains its outperform rating on Dassault Aviation shares and has edged up its target price for it to 1,290 euros, from 1,280 euros previously.
The broker highlights the "materially higher than expected" sales of the Falcon business (2.2 billion euros, versus the consensus of 1.8 billion euros), which more than offset lower-than- expected sales in Defense (3.3 billion euros, vs. the consensus of 3.5 billion euros).
The broker has therefore revised its earnings estimates for 2021, 2022 and 2023 by +15%, -12% and +2% respectively. Credit Suisse points out that while Rafale deliveries planned for 2022-2023 have been brought forward to 2021-2022, the Falcon 6X program is likely to face "a slight delay". Finally, the analyst points to the reduction in R&D for 2021, at 610 million euros, compared to 685 million euros previously.
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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.
The broker highlights the "materially higher than expected" sales of the Falcon business (2.2 billion euros, versus the consensus of 1.8 billion euros), which more than offset lower-than- expected sales in Defense (3.3 billion euros, vs. the consensus of 3.5 billion euros).
The broker has therefore revised its earnings estimates for 2021, 2022 and 2023 by +15%, -12% and +2% respectively. Credit Suisse points out that while Rafale deliveries planned for 2022-2023 have been brought forward to 2021-2022, the Falcon 6X program is likely to face "a slight delay". Finally, the analyst points to the reduction in R&D for 2021, at 610 million euros, compared to 685 million euros previously.
Copyright (c) 2021 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.