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Airbus’ 9M 23 figures missed the company-collected consensus estimate by 1% on revenue and by 11% on adjusted EBIT, largely due to the struggling Defence and Space segment in which a one-off charge of EUR0.4bn was booked due to the re-estimation of costs and re-assessment of risks, opportunities and competitiveness of the existing as well as the under-development projects. However, due to good performances from the other businesses and a FX tailwind, the company has re-iterated its FY23 guidance
Companies: Airbus (AIR:EPA)Airbus SE (AIR:PAR)
AlphaValue
Airbus published its Q1 figures which beat our expectations. While the revenues were in line with our expectations, adjusted EBIT was 6% above AV’s estimate, thanks to higher deliveries and a favourable hedge rate. With no surprise, Airbus’s commercial order intake increased by 303%, leading to a record level in the order book of €7.9bn. While the company confirmed its FY23 targets, its FY26 delivery target will be watched closely due to the additional headwinds we have in sight.
Airbus published its Q1 figures below our and the market’s expectations. Revenues were 4% above our estimate but the adjusted EBIT was a miss by 8%. However, the management re-confirmed that the FY23 guidance announced earlier this year had encompassed a weak Q1 and is confident of achieving its FY23 target. Following this results release, we will revise our Q2 figures downwards while leaving our estimates for FY23 unchanged. Hence, there will be no impact on our target price.
Despite an adverse operating environment, Airbus’s FY figures beat the consensus on all metrics. However, the supply chain is still far from full recovery and hence the company has postponed its 75/month narrowbody delivery target from 2025 to 2026. The guidance for 2023 stands at 720 deliveries and an adjusted EBIT of €6bn, which is below our current estimate. Hence, we will revise our estimates downwards.
Airbus reported a solid set of results and, most importantly, maintained its delivery guidance for the full year. The supply chain remains challenging, but Airbus believes it now has most of the components it needs to achieve its target. Despite Airbus’ low profitability in its core activity, thanks to the massive order intake in the Q3 the strong PDPs have generated an impressive FCF, prompting Airbus to readjust its FCF guidance upwards for the full year.
Airbus has reiterated its guidance, with a delivery target of 700 jets for FY22 and an expected production rate of 75 jets per month by 2025. Profitability is expected to reach the pre-covid levels by 2024. Although Airbus seems conservative in its profitability guidance, its delivery target seems out of reach.
Airbus will hold its long-awaited Capital Markets Day tomorrow in Toulouse, with the objective to restore confidence on the stock after having revised downwards its initial objectives last quarter. We believe there could be additional drama.
Airbus has reported the toughest quarter since the pandemic. It is even worse as it surprised the market, given the positive signals coming from Farnborough and the massive contracts it has signed recently. The supply chain has been particularly tough on the engine markers’ side, and Airbus has had to adjust its guidance downwards, from 720 jet deliveries to 700. Luckily, its low-cost base combined with several one-offs has still enabled Airbus to report miraculously strong profitability.
Airbus has published a massive beat in profitability and confirmed its ramp-up roadmap of 75 jets produced per month by FY25. Its strong A320 deliveries and the cost containment measures since COVID-19 have driven margins higher than all expectations. The FY22 guidance has been reiterated despite the impressive EBIT, due to macro-economic/geopolitical uncertainties in the near future. The only slight downside comes from the postponement of its A321XLR programme.
Airbus’s Q4 figures have beaten the consensus on all metrics, confirming its transition from a company mitigating its losses to a company well on track for growth. The success of its A320 family is unquestionable, and its high cash generation has enabled Airbus to propose a dividend again, and a stronger one than expected. Only the FY22 guidance seems conservative.
Airbus has provided a solid set of results for its Q3. Indeed, even though sales came in slightly below consensus, the profitability was better than anticipated. The guidance adjusted EBIT has been increased consequently.
Airbus reported a solid set of results and upgraded its minimum guidance for FY21. Through important one-offs and cost savings, it managed to explode the consensus on profitability. Airbus also reassured the market on future deliveries, a luxury that few companies in this industry can afford.
Airbus has shown robust sales in a complicated industry. The margins and cash were abnormally high this quarter due to good cost efficiency and significant one-offs. The company maintains its previously announced guidance, as the pandemic situation is still unpredictable.
2020 was quite a year, and the company’s performance was very decent given the circumstances. The positive note of the publication was the strong cash generation achieved in Q4. However, this has been shadowed by a very conservative guidance for 2021.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Airbus. We currently have 54 research reports from 5 professional analysts.
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Cavendish
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SP Angel
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Liberum
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te
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Auctus Advisors
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
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Hardman & Co
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
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Hybridan
Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
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VSA Capital
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
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Tamesis Partners
Epwin’s FY23 results show a strong performance in both absolute and relative terms with operating profit increasing 19% yoy to £25.5m (FY22: £21.5m) as the margin expanded 140bps yoy to 7.4%.
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Zeus Capital
Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wh
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Edison
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Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024
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Shore Capital
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The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme
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