RBC on Friday renewed its 'outperform' rating and 160 euro price target on Airbus, after the aircraft manufacturer announced last night that it would deliver 766 commercial aircraft in fiscal 2024.
In a research note, the Canadian broker refers to "positive news" for the European aerospace group's 4th-quarter results, given that the consensus was for just 755 deliveries.
However, this figure falls short of Airbus's latest target of 770 aircraft, which was revised downwards from the initial target of 800 units announced at the beginning of the year.
For 2025, the market is anticipating 820 aircraft deliveries, recalls RBC, which nevertheless believes that Airbus' performance will remain dependent on the supply constraints that are penalizing the sector, and in particular on the successful reception of the LEAP engines designed by Safran.
"We believe that setting prudent targets will be important if the group is to exceed forecasts and raise its objectives in 2025", concludes the professional.
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Airbus SE is No. 1 in Europe and No. 2 worldwide in the aeronautics, aerospace, and defense industries. Net sales break down by family of products and services as follows:
- commercial aircraft (71.7%). The group is No. 1 worldwide for aircrafts with more than 100 seats;
- defense and aerospace systems (17.3%): military aircrafts (primarily transport aircrafts, marine surveillance aircrafts, anti-submarines fighter planes and flight refueling aircrafts), spatial equipment (orbital launchers, observation and communication satellite, turboprop aircraft, etc.), defense and security systems (missile systems, electronic and telecommunications systems, etc.). Airbus SE also provides training and aircrafts maintenance services;
- civil and military helicopters (11%).
Net sales are distributed geographically as follows: Europe (40.2%), Asia/Pacific (25.6%), North America (23.7%), Middle East (4.5%), Latin America (2.5%) and other (3.5%).
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