Airbus: Oddo raises target price

(CercleFinance.com) - Oddo BHF reiterates its "buy" rating on the Airbus share, while nudging up its corresponding target price from 112 euros to 114 euros, to reflect the group's cash generation that should - in its opinion - exceed expectations, before Airbus unveils its annual results for 2020.


The analyst says that Airbus' product range is perfectly positioned to meet airline demand during a phase of traffic recovery (withdrawal of old aircraft, with A321LR/XLR taking the lion's share of the long-haul segment).

According to Oddo BHF, this enables the group to look at the horizon 2022-23 with serenity, a time scale over which the share remains undervalued, trading at a 2023 EV/EBIT multiple of 9.9x, a P/E of 12.1x and an FCF yield of 8.2%.


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