(News Bulletin 247) – Oddo maintains its Outperformance opinion and its price target at 175E on the Dassault Aviation share.
‘The results for the 2022 financial year greatly exceed consensus expectations’, begins the analyst, highlighting the adjusted operating profit at 572 ME for a turnover of 6,929 ME, down -4% over one year, ‘that is a margin of 8.3% vs 7.3% in 2021’.
For the analyst, profitability remains penalized by R&D expenditure historically high at 572 ME. But the adjusted net profit ‘increased by 20% to reach 830 million euros’.
“In total, our ESP forecasts are respectively 10.3%, 11.7% and 7.6% higher than the Visible Alpha consensus for 2022, 2023 and 2024,” adds Oddo. “The valuation remains just as attractive with a core business slightly below 4.5 billion euros. ‘
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