(News Bulletin 247) – Oddo maintains its Outperformance opinion and its price target at 175E on the Dassault Aviation share.

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‘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’.

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“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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