(News Bulletin 247) – Oddo BHF retains its Outperformance opinion on the Airbus share and its target price of 145E.
The publication of the results illustrates ‘that the beginning of the year would be sluggish’, comments the analyst for whom however some elements of satisfaction remain.
‘Excluding R&D, Airbus Com’s operating margin stood at 14.2%, the 2nd best performance for a Q1 despite inflationary pressures, which demonstrates that the contribution of additional volume will provide operational leverage’, estimates the analyst, relieved that the negative newsflow related to the adjustment of the production plans of the suppliers is now a thing of the past.
Finally, the progression of investments (R&D and Capex) over the next few years seems ‘under control, which lends credibility to an acceleration in the generation of FCF’, concludes the analyst.
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