Airbus: Oddo remains neutral after trading update
(CercleFinance.com) - Oddo remains Neutral on the Airbus stock, confirming its target price of 75 euros.
The broker's analysts said that they believe that most of the good news is already priced in (improved margin on A350, volume/mix for the A320, reduction of A400M losses, etc.). However, reduced visibility on the group's governance prevents them from establishing any confident estimates beyond 2020.
Airbus yesterday unveiled a 2017 sales report that was overall in line with expectations, with 718 deliveries (vs. Oddo's estimate of 723), up 4.4%, including 127 in December alone (16 more aircraft than in December 2016).
Over the full-year, Airbus recorded 1,229 gross orders and 1,109 net orders and a book-to-bill ratio of 1.5x, while Oddo was expecting 0.7x, against 1.2x for Boeing.
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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's analysts said that they believe that most of the good news is already priced in (improved margin on A350, volume/mix for the A320, reduction of A400M losses, etc.). However, reduced visibility on the group's governance prevents them from establishing any confident estimates beyond 2020.
Airbus yesterday unveiled a 2017 sales report that was overall in line with expectations, with 718 deliveries (vs. Oddo's estimate of 723), up 4.4%, including 127 in December alone (16 more aircraft than in December 2016).
Over the full-year, Airbus recorded 1,229 gross orders and 1,109 net orders and a book-to-bill ratio of 1.5x, while Oddo was expecting 0.7x, against 1.2x for Boeing.
Copyright (c) 2018 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.