Financials Airbus SE Deutsche Boerse AG

Equities

AIRA

US0092791005

Aerospace & Defense

Market Closed - Deutsche Boerse AG Other stock markets 07:12:54 27/06/2024 BST			5-day change	1st Jan Change
32.2 ^EUR	-3.59%		-12.50%	-6.94%

06-27	Space-Based Data Centers Could Work, European Study Finds	DJ
06-27	Boeing to brief European regulators on new production plans after 737 MAX panel blowout	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	102,110	70,321	88,298	87,427	110,311	103,266	-	-
Enterprise Value (EV) ¹	89,576	66,009	80,655	81,950	105,337	92,604	87,820	83,968
P/E ratio	-74.6 x	-61.9 x	21 x	20.6 x	29.1 x	23.5 x	16.6 x	14.1 x
Yield	-	-	1.33%	1.62%	1.29%	1.63%	2.14%	2.63%
Capitalization / Revenue	1.45 x	1.41 x	1.69 x	1.49 x	1.69 x	1.47 x	1.3 x	1.16 x
EV / Revenue	1.27 x	1.32 x	1.55 x	1.39 x	1.61 x	1.31 x	1.11 x	0.95 x
EV / EBITDA	9.07 x	14.5 x	11.2 x	9.82 x	13 x	10.8 x	8.11 x	6.68 x
EV / FCF	63.4 x	-9.19 x	22.9 x	17.5 x	24 x	26 x	14.9 x	12.5 x
FCF Yield	1.58%	-10.9%	4.36%	5.71%	4.16%	3.85%	6.69%	8%
Price to Book	17.1 x	10.9 x	9.33 x	6.75 x	6.22 x	5.06 x	4.14 x	3.44 x
Nbr of stocks (in thousands)	782,573	783,254	785,848	787,488	789,177	790,459	-	-
Reference price ²	130.5	89.78	112.4	111.0	139.8	130.6	130.6	130.6
Announcement Date	13/02/20	18/02/21	17/02/22	16/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	70,478	49,912	52,149	58,763	65,446	70,442	79,237	88,783
EBITDA ¹	9,873	4,537	7,190	8,343	8,080	8,545	10,827	12,568
EBIT ¹	6,946	1,706	4,865	5,627	5,838	6,062	8,176	9,849
Operating Margin	9.86%	3.42%	9.33%	9.58%	8.92%	8.61%	10.32%	11.09%
Earnings before Tax (EBT) ¹	1,064	-1,130	5,027	5,075	4,769	6,349	8,192	9,534
Net income ¹	-1,362	-1,133	4,213	4,247	3,789	4,477	6,178	7,059
Net margin	-1.93%	-2.27%	8.08%	7.23%	5.79%	6.36%	7.8%	7.95%
EPS ²	-1.750	-1.450	5.360	5.400	4.800	5.565	7.872	9.273
Free Cash Flow ¹	1,413	-7,179	3,515	4,680	4,386	3,569	5,879	6,720
FCF margin	2%	-14.38%	6.74%	7.96%	6.7%	5.07%	7.42%	7.57%
FCF Conversion (EBITDA)	14.31%	-	48.89%	56.09%	54.28%	41.76%	54.3%	53.47%
FCF Conversion (Net income)	-	-	83.43%	110.2%	115.76%	79.71%	95.16%	95.21%
Dividend per Share ²	-	-	1.500	1.800	1.800	2.129	2.800	3.438
Announcement Date	13/02/20	18/02/21	17/02/22	16/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	39,612	18,948	30,964	24,637	16,994	12,000	12,810	24,810	13,309	20,644	11,763	15,900	27,663	14,897	22,886	12,830	16,379	16,397	24,271	15,641	19,360
EBITDA ¹	-	-	-	-	2,180	1,848	1,953	-	1,320	-	1,268	2,392	-	1,580	2,840	1,090	1,093	1,817	3,559	-	-
EBIT ¹	-	-945	2,651	2,703	1,496	1,263	1,382	2,645	836	2,146	773	1,845	2,618	1,013	2,207	577	1,059	1,383	2,430	2,512	2,896
Operating Margin	-	-4.99%	8.56%	10.97%	8.8%	10.53%	10.79%	10.66%	6.28%	10.4%	6.57%	11.6%	9.46%	6.8%	9.64%	4.5%	6.47%	8.44%	10.01%	16.06%	14.96%
Earnings before Tax (EBT)	-	-1,988	-	-	1,762	1,595	1,091	2,686	560	1,829	539	1,450	-	954	-	838	-	-	-	-	-
Net income ¹	-	-1,919	-	-	1,578	1,219	682	1,901	667	1,679	466	1,060	1,526	806	1,457	595	502.7	1,092	2,088	-	-
Net margin	-	-10.13%	-	-	9.29%	10.16%	5.32%	7.66%	5.01%	8.13%	3.96%	6.67%	5.52%	5.41%	6.37%	4.64%	3.07%	6.66%	8.6%	-	-
EPS ²	-	-2.450	-	-	2.000	1.550	0.8700	-	0.8500	2.130	0.5900	1.340	1.940	1.020	1.850	0.7600	0.5792	1.287	2.671	-	-
Dividend per Share ²	-	-	-	-	1.500	-	-	-	-	1.800	-	-	-	-	1.800	-	0.9750	-	0.9596	-	1.050
Announcement Date	13/02/20	30/07/20	18/02/21	29/07/21	17/02/22	04/05/22	27/07/22	27/07/22	28/10/22	16/02/23	03/05/23	26/07/23	26/07/23	08/11/23	15/02/24	25/04/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,534	4,312	7,643	5,477	4,974	10,662	15,445	19,297
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,413	-7,179	3,515	4,680	4,386	3,569	5,879	6,720
ROE (net income / shareholders' equity)	60.1%	17.1%	42.7%	37.9%	28.8%	22.2%	26.5%	26.6%
ROA (Net income/ Total Assets)	4.11%	0.95%	3.13%	3.64%	3.76%	2.98%	4.75%	5.18%
Assets ¹	-33,163	-119,419	134,652	116,775	100,715	150,152	130,129	136,385
Book Value Per Share ²	7.640	8.220	12.00	16.40	22.50	25.80	31.60	38.00
Cash Flow per Share ²	4.830	-6.920	5.900	7.980	7.930	8.320	10.80	12.60
Capex ¹	2,340	1,759	1,928	2,464	3,051	2,898	3,115	3,350
Capex / Sales	3.32%	3.52%	3.7%	4.19%	4.66%	4.11%	3.93%	3.77%
Announcement Date	13/02/20	18/02/21	17/02/22	16/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Airbus SE

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

130.6 EUR

Average target price

170.2 EUR

Spread / Average Target

+30.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Commercial Aircraft Manufacturing

	1st Jan change	Capi.
LOCKHEED MARTIN CORPORATION	+3.06%	112B
TEXTRON INC.	+7.36%	16.5B
DASSAULT AVIATION	-4.85%	14.59B
EMBRAER S.A.	+70.70%	5.07B
AVICOPTER PLC	+3.82%	4.07B
JOBY AVIATION, INC.	-23.31%	3.54B
AVICHINA INDUSTRY & TECHNOLOGY COMPANY LIMITED	+3.88%	3.52B
EVE HOLDING, INC.	-43.31%	1.04B
EHANG HOLDINGS LIMITED	-19.11%	863M

Commercial Aircraft Manufacturing