Dassault Aviation: Oddo maintains buy rating
(CercleFinance.com) - Oddo maintains its Outperform rating on Dassault Aviation shares, along with its target price of 175 euros (cp: E176, +10%).
The group's 2022 results largely exceeded the consensus, the analyst begins, highlighting an adjusted operating profit of 572 million euros on sales of 6,929 million euros, which were actually down 4% y-o-y, representing a one-point rise in its margin to 8.3% compared with 7.3% in 2021.
The analyst says that profitability remains penalised by historically high R&D expenses at 572 million euros. However, adjusted net profit rose 20% to 830 million euros.
Overall, Oddo's ESP forecasts are 10.3%, 11.7% and 7.6%, above the Visible Alpha consensus for 2022, 2023 and 2024 respectively, it added. The valuation remains equally attractive with a core business slightly below E4.5bn.
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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 group's 2022 results largely exceeded the consensus, the analyst begins, highlighting an adjusted operating profit of 572 million euros on sales of 6,929 million euros, which were actually down 4% y-o-y, representing a one-point rise in its margin to 8.3% compared with 7.3% in 2021.
The analyst says that profitability remains penalised by historically high R&D expenses at 572 million euros. However, adjusted net profit rose 20% to 830 million euros.
Overall, Oddo's ESP forecasts are 10.3%, 11.7% and 7.6%, above the Visible Alpha consensus for 2022, 2023 and 2024 respectively, it added. The valuation remains equally attractive with a core business slightly below E4.5bn.
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.