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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.
Overall, the Q3 report was broadly in line with expectations. Q3 showed a clear improvement over Q2 on the back of the production/delivery convergence in Airbus commercial. Airbus recognized €1.2bn in restructuring charges this quarter, in both Commercial and Defence, which dampened its reported EBIT. The cash performance was better than anticipated and the target for no cash consumed in Q4 is maintained.
Companies: Airbus SE
Research Tree provides access to ongoing research coverage, media content and regulatory news on Airbus SE. We currently have 0 research reports from 7 professional analysts.
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
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Performance of clean energy shares was weak in 2023 other than in storage. 2024 is likely to see storage continue to perform but renewables, bioenergy and hydrogen could also see an improved environment in the year. While elections in the US and the EU could result in weaker support for clean energy, these are to an extent offset by progress at COP28 and the extent to which electorates recognise climate change in the face of almost unavoidable evidence.
Companies: PV1 TLG DRX PHE CYAN NESF AGLX EQT IES CORRE REFL ATOM
Longspur Clean Energy
The significant fund raising announced on 1 May has now completed, raising a total of £57.38m which will see the company to net cash generation and support the scale up of the business ahead of the launch of the next-generation Mistral flow battery. With this new offering in the market and a stronger balance sheet, we see the company unlocking sales and bigger deals as power markets globally address the need for flexibility to balance growing deployment of intermittent renewables.
Companies: Invinity Energy Systems PLC
SDI Group’s trading update for the year ended 30 April 2024 is in line with current guidance for FY24, with good momentum heading into FY25. This reflects the hands-on approach under the new CEO, addressing short-term issues that had led to underperformance in some businesses. The underlying portfolio performed well in terms of profitability and cash generation, with improved trading in a number of businesses. The increased cashflow in H2 and significant headroom within its banking facilities le
Companies: SDI Group plc
Progressive Equity Research
Norcros is the UK’s leading design-led sustainable kitchen and bathroom products group. Its compelling investment case was highlighted at its May 2024 capital markets day (CMD), where its unique, asset-light, design-led model was clearly illustrated. The CMD also indicated the enormous scale of the opportunity that is available in terms of entering adjacent unaddressed markets in the UK and South Africa, as well as the potential presented by other attractive geographies. Furthermore, revised med
Companies: Norcros plc
Edison
The group’s performance is creditable in an otherwise difficult building materials peer group. A resilient performance was delivered, with 6.4% growth helped by strong exports and posting a 12% rise in adj EBIT, and margin increasing to 14.1%. Despite challenging underlying markets and some delay from the significant CLK project, the group is on track to deliver FY24 in-line with forecast. We maintain our forecasts and 315p target price. The shares trade at a low P/E of 7.2x in FY24 and a signif
Companies: Alumasc Group plc
Cavendish
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG ETXPF NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR TRX HVO CTEC OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
EQTEC have announced a fundraise for c.£850k to support the company’s working capital position. The raise follows the refinancing of the company’s term loan as EQTEC looks to gain a firmer financial footing as it continues to move towards its capital light technology licensing model.
Companies: EQTEC PLC
Companies: Itaconix plc
Canaccord Genuity
Plant Health Care has released a trading update noting that in the four months of 2024, revenue was approximately $4.3m, up 72% versus 2023 (2023: $2.5m). This is a record start to a year, with it substantially outperforming the wider agritech sector where larger peers are reporting Q1 revenue declines of 5-32%. We attribute this outperformance to the differentiated and highly attractive attributes of its biological solutions, which provide proven results to distributors and farmers. This start
Companies: Plant Health Care PLC
After the significant (and timely) sale of its housebuilding businesses in January 2020, Galliford Try is an old name with a newly focused business model, no debt, no pension liabilities, and significant cash on its balance sheet. It is a pure-play construction business with a large order book and highly visible revenue (90% of FY21 revenue was already secured by 30th June 2020), which is set to be profitable and cashflow positive this year. As a result, it will re-instate its dividend at the
Companies: Galliford Try Holdings PLC
Capital Access Group
SDI Group has announced the acquisition of Peak Sensors, a UK manufacturer of temperature sensors, for an estimated £2.4m (£2.3m less cash). The initial cash consideration is £1.58m, with a further c.£0.82m payment due shortly after completion. The deal will be funded from SDI’s revolving credit facility. As at 30 September, SDI had c.£1.78m cash, £15.1m bank debt and £9.9m undrawn bank facility excluding the accordion, providing considerable financial flexibility for the group. The acquisition
Companies: Judges Scientific plc
Shore Capital
Companies: Intercede Group plc (IGP:LON)GETECH Group plc (GTC:LON)
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