Airbus is an European Aeronautic Defense and Space company whose core business is the manufacturing of commercial aircraft, civil and military helicopters, commercial space launch vehicles, missiles, military aircraft, satellites and defense systems and defense electronics and the rendering of services related to these activities. Co. organizes its businesses into the following five operating divisions: Airbus Commercial, Airbus Military, Eurocopter, Cassidian and Astrium. In addition, Co.'s Other Businesses division engages in the development, manufacturing, marketing and sale of regional turboprop aircraft and aircraft components.
  • TickerAIR
  • ISINNL0000235190
  • ExchangeEuronext Paris
  • SectorAerospace & Defense
  • CountryNetherlands
Olfa Taamallah ...
  • Yan Derocles

ODDO : Qu’il est loin le temps du surbooking…

Si la trajectoire de retour des capacités en Chine a pu alimenter l’espoir, nous anticipons une reprise une nouvelle fois décalée dans le temps avec une chute du trafic de 60% en 2020 et un rebond limité à 40% en 2021. Les multiples relativement élevés rendent les titres vulnérables à d’éventuelles déceptions ce qui nous pousse à être sélectif. Nous privilégions les valeurs défense comme Thales et Leonardo. Airbus est notre seule recommandation positive sur le civil. Dans l’aérie...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Overbooking now seems like a distant memory...

While the trajectory of the return of capacity in China may have kindled hope, we anticipate a further postponement of the recovery, with a 60% fall in traffic in 2020 and a rebound of just 40% in 2021. The relatively high multiples make the stocks vulnerable to potential disappointments, which leads us to be selective. We prefer defence stocks such as Thales and Leonardo. Airbus is our only positive recommendation in the civil aerospace segment. In the airline segment, we confir...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Overbooking now seems like a distant memory...

While the trajectory of the return of capacity in China may have kindled hope, we anticipate a further postponement of the recovery, with a 60% fall in traffic in 2020 and a rebound of just 40% in 2021. The relatively high multiples make the stocks vulnerable to potential disappointments, which leads us to be selective. We prefer defence stocks such as Thales and Leonardo. Airbus is our only positive recommendation in the civil aerospace segment. In the airline segment, we confir...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Qu’il est loin le temps du surbooking…

Si la trajectoire de retour des capacités en Chine a pu alimenter l’espoir, nous anticipons une reprise une nouvelle fois décalée dans le temps avec une chute du trafic de 60% en 2020 et un rebond limité à 40% en 2021. Les multiples relativement élevés rendent les titres vulnérables à d’éventuelles déceptions ce qui nous pousse à être sélectif. Nous privilégions les valeurs défense comme Thales et Leonardo. Airbus est notre seule recommandation positive sur le civil. Dans l’aérie...

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/01/2020

Q2 is expected to be the low point for the IT services market (-6% estimated) before a gradual recovery Although H2 should remain in negative territory (-3/-4%), this upturn should trigger a re-rating in the sector, which is currently trading at a historically steep discount (-34%). We favour value stocks in IT services (Atos, Sopra Steria and Devoteam) and are steering clear of engineering services. - ...

Valérie GASTALDY

Analyse court terme - AIRBUS GROUP NV : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 95,36 €. La tendance baissière serait remise en cause au-dessus de 110,90 €.

Valérie GASTALDY

Short term view - AIRBUS GROUP NV : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €95.36. The bearish trend would be challenged above €110.90.

Valérie GASTALDY

Analyse court terme - AIRBUS GROUP NV : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 95,36 €. La tendance baissière serait remise en cause au-dessus de 110,90 €.

Valérie GASTALDY

Short term view - AIRBUS GROUP NV : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €95.36. The bearish trend would be challenged above €110.90.

Valérie GASTALDY

Analyse moyen terme - AIRBUS GROUP NV : La baisse récente gagne en vigueur.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 96,92 €. La tendance serait remise en cause par la rupture de 90,20 €.

Airbus Group N.V.: 2 directors bought/maiden bought

Two Directors at Airbus Group N.V. bought/maiden bought 3,847 shares at between 51.530EUR and 53.410EUR. The significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted u...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Qu’il est loin le temps du surbooking…

Si la trajectoire de retour des capacités en Chine a pu alimenter l’espoir, nous anticipons une reprise une nouvelle fois décalée dans le temps avec une chute du trafic de 60% en 2020 et un rebond limité à 40% en 2021. Les multiples relativement élevés rendent les titres vulnérables à d’éventuelles déceptions ce qui nous pousse à être sélectif. Nous privilégions les valeurs défense comme Thales et Leonardo. Airbus est notre seule recommandation positive sur le civil. Dans l’aérie...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Overbooking now seems like a distant memory...

While the trajectory of the return of capacity in China may have kindled hope, we anticipate a further postponement of the recovery, with a 60% fall in traffic in 2020 and a rebound of just 40% in 2021. The relatively high multiples make the stocks vulnerable to potential disappointments, which leads us to be selective. We prefer defence stocks such as Thales and Leonardo. Airbus is our only positive recommendation in the civil aerospace segment. In the airline segment, we confir...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Overbooking now seems like a distant memory...

While the trajectory of the return of capacity in China may have kindled hope, we anticipate a further postponement of the recovery, with a 60% fall in traffic in 2020 and a rebound of just 40% in 2021. The relatively high multiples make the stocks vulnerable to potential disappointments, which leads us to be selective. We prefer defence stocks such as Thales and Leonardo. Airbus is our only positive recommendation in the civil aerospace segment. In the airline segment, we confir...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Qu’il est loin le temps du surbooking…

Si la trajectoire de retour des capacités en Chine a pu alimenter l’espoir, nous anticipons une reprise une nouvelle fois décalée dans le temps avec une chute du trafic de 60% en 2020 et un rebond limité à 40% en 2021. Les multiples relativement élevés rendent les titres vulnérables à d’éventuelles déceptions ce qui nous pousse à être sélectif. Nous privilégions les valeurs défense comme Thales et Leonardo. Airbus est notre seule recommandation positive sur le civil. Dans l’aérie...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Airbus Group : 20% reduction in the headcount of Airbus Com – Our delivery forecasts look conservative

>A 20% cut in Airbus Commercial’s headcount - Yesterday evening, Airbus made official a reduction in the headcount involving around 15,000 employees by the summer of 2021, i.e. at the upper end of the range of the various press estimates circulating in recent weeks. To this must be added the figure of c900 jobs to be shed at Premium Aerotec already unveiled at the start of the year. As this plan does not concern the helicopters and defence & space activities (2,665 jo...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 02/01/2020 - Secteur chimique européen

Secteur chimique européen: Des revenus stables attendus dans le secteur en 2020, après un recul de -1% en 2019 Automobile - France : Les immatriculations de voitures en hausse de +1,9% à 2,2m en 2019 Le Portugal pourrait bénéficier d’une hausse de son rating dès le 17 janvier Le volume des fusions & acquisitions ressort à plus de $3.850 mds en 2019 (-3,3%), la 4ème année la plus active, Goldman Sachs affiche environ 35% de part de marché Vivendi (Achat) : Finalise la cession de 10% d'UMG à Tencent pour €3 mds Ahold Delhaize (Achat) : Lance un progra...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 19/11/2019 - Aroundtown - FR

Aroundtown (Conserver) : Fusion avec TLG Immobilien (Achat) Erste Group Bank (Achat) : Emission d'un nouveau titre Tier 2 à mid-swap+130pbs Accor (Achat) : Cède 5,2% de sa filiale AccorInvest pour €204m Casino (Achat souches courtes, Conserver souches longues) : Nouvelle ligne de crédit syndiquée de €2 mds ArcelorMittal (Achat) : Finalise l'acquisition d'Essar Steel d’un montant de $5,8 mds Coty (Achat) : Acquisition de 51% du groupe Kylie Jenner pour $600m Volkswagen (Achat) : Revoit à la baisse ses perspectives de moyen-terme 2016-2020 ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 31/10/2019 - BNP Paribas - FR

BNP Paribas (Conserver) : Résultat avant impôts de €8,9mds (+4,0%) sur les 9M-19 Peugeot / Fiat Chrysler Automobiles (Achat) : 3,7mds de synergies sont à attendre de la fusion Standard Chartered (Achat) - 9M-19 : PNB de $11,7 mds (+2,6%) BBVA (Achat) - 9M-19 : PNB de €18,1 mds ( 3,0%, 3,8% à tcc) Casino (Achat souches courtes, Conserver souches longues): Emission senior de €750m, garantie par une holding regroupant les actifs immobiliers en France General Electric (Achat) - 9M-19 : Perte nette de -$6,0mds (-$23,4mds un an avant) Johnson & J...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 30/10/2019 - Fiat Chrysler Automobiles (Achat) – Peugeot (Achat) - FR

Fiat Chrysler Automobiles (Achat) – Peugeot (Achat) : Nouvelles discussions sur une fusion des deux groupes Unicaja Banco : Emission d'une obligation Tier 2 10NC5 Santander (Achat) - 9M-19 : PNB de €37,0 mds (+2,8%) Deutsche Bank (Vente) - 9M-19 : Perte nette de €4,1mds (RN de €455m un an avant) Pirelli (Achat) - 9M-19 : EBITDA de €979m (+7,8%) Fresenius (Conserver) - 9M-19 : EBITDA de €4,5 mds (+2,7%) Atos  (Achat) : Finalise la cession de Worldline et émission convertible de €500m Stora Enso (Achat) - 9M-19 : EBIT de €841m (-20...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 23/10/2019 - Casino, BPER - Ubi Banca, Eramet- EN

Casino (O/P On Short Term Bonds, M/P On Long Term Bonds): Obtains New Secured Bank Loans, Downgrade Of Its Rating By Moody's BPER (O/P vs M/P) - UBI Banca (O/P): Rumours of A Merger Eramet (M/P): Confirms its Production Targets Softbank (M/P): $5bn Additional Funding Injected Into Wework Peugeot (O/P) - Q3-19: Revenues Up 1% To €15.6bn Crown European Holdings (M/P): Issued A €550m 3NLC 0.875% Bond Boston Scientific: 8Y Senior Unsecured Bond issue planned Akzo Nobel (M/P) - 9M19: EBITDA Of €1.0bn (+29%)

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/01/2020

Q2 is expected to be the low point for the IT services market (-6% estimated) before a gradual recovery Although H2 should remain in negative territory (-3/-4%), this upturn should trigger a re-rating in the sector, which is currently trading at a historically steep discount (-34%). We favour value stocks in IT services (Atos, Sopra Steria and Devoteam) and are steering clear of engineering services. - ...

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/07/2020

Le T2 sera le point bas du marché IT Services (-6%e) avant une recovery progressive. Bien que le S2 devrait rester en territoire négatif (-3/-4%e), cette inflexion va permettre d’enclencher le rerating du secteur, qui se traite aujourd’hui avec une décote historiquement haute (-34%). Nous privilégions les acteurs value des Services IT (Atos, Sopra Steria et Devoteam) et restons à l’écart de l’Engineering Services. - ...

Alain William ...
  • Antoine Boivin-Champeaux
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Johanna Jourdain
  • Matthias Desmarais
  • Samantha Jeary
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/10/2020

ASMi’s story increasingly resembles that of ASML (minus the monopoly). The group benefits from the structural increase in capex for 7nm, 5nm and soon 3nm nodes in more precise deposition techniques (ALD and epitaxy) and is gaining market share in memory. ASMi is now profitable and has enough cash to dispense with ASM PT, which should be an incentive for it to sell its residual 25% stake. This would crystallise the group’s low valuation relative to peers (11.8x EBITDA excluding ASM PT)...

Alain William ...
  • Antoine Boivin-Champeaux
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Johanna Jourdain
  • Matthias Desmarais
  • Samantha Jeary
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/06/2020

L’histoire d’ASMi s’apparente de plus en plus à celle d’ASML (à l’exception de la position de monopole). Le groupe bénéficie de la hausse structurelle des dépenses de Capex pour le 7nm, 5 nm (bientôt le 3nm), dans des techniques de déposition plus précises (ALD et épitaxie) et gagne des PdM dans la mémoire. ASMi est aujourd’hui rentable et dispose d’assez de cash pour se passer d’ASM PT, ce qui devrait l’inciter à céder sa participation résiduelle de 25%. Cela permettrait de cristalli...

Antoine Boivin-Champeaux ...
  • Fatma Agnès Hamdani
  • Martial Descoutures
  • Samantha Jeary
  • Sebastien Malafosse
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/05/2020

2020 is set to be hard hit by the ongoing health crisis (sales down 10.1% LFL; ORFA down 39%) but this atypical year should not overshadow the group's capacity to turn in historically steady growth (sales up 5.5% cc per year on average since 2011) with strong FCF (€ 311m in 2021). The Chinese business alone is valued at € 80 per share, which implies for the rest of the group a discount close to 11% vs peers. The recent rise in the share price prevents us from returning to a Buy recomm...

Thanks to a better fundamental star rating, AIRBUS SE sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to AIRBUS SE (FR), active in the Aerospace & Defense industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date May 26, 2020, the closing price was EUR 62.81 and its expected value was estimated at EUR 59.82.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

Airbus - Assemblée Générale 16/04/2020

Par communiqué du 23 mars 2020 (/content/dam/events/annual-general-meeting/AGM%202020%20-%20Withdraw-Agenda-Item_23032020.pdf), la société a indiqué retirer de l'ordre du jour la résolution 2 relative au dividende. Gouvernance : A l'issue de la présente assemblée, Denis Ranque laissera sa place de Président du Conseil à René Obermann. La société propose cette année la nomination de 2 administrateurs : Mark Dunkerley et Stephan Gemkow. En raison de leur absence de conflit d’intérêts de l’absence de cumul d’un nombre excessif de mandats et de leurs compétences, nous soutenons ces nominations. ...

Expert Corporate Governance Service (ECGS)

Airbus - AGM 16/04/2020

UPDATE: The Company published on 23 March 2020 a press release (/content/dam/events/annual-general-meeting/AGM%202020%20-%20Withdraw-Agenda-Item_23032020.pdf) indicating that voting item 2 (Dividend) is withdrawn. ITEM 6: For the first time shareholders are asked to approve the remuneration policy and not just the changes proposed. Therefore, it is the first time they can either support this global remuneration policy, if deemed acceptable, or sanction it if not. Even if changes proposed are positive, this remuneration policy still has some major weaknesses and cannot be supported. Thus, we re...

Expert Corporate Governance Service (ECGS)

Airbus Group - AGM 16 april 2020

ITEM 6: For the first time shareholders are asked to approve the remuneration policy and not just the changes proposed. Therefore, it is the first time they can either support this global remuneration policy, if deemed acceptable, or sanction it if not. Even if changes proposed are positive, this remuneration policy still has some major weaknesses and cannot be supported. Thus, we recommend shareholders to oppose.  ITEMS 8 and 7: the company proposes to elect 2 directors: Mark Dunkerley and Stephan Gemkow. As they are independent, do not have an excessive number of mandates and bring specific...

Airbus Group April 10th, 2019

ITEM 6: the company proposes to amend the CEO remuneration policy regarding its indemnity and non-compete clause (applicable for the new CEO, not for Tom Enders). These amendments will, mainly, allow limiting amounts that could be granted, which we welcome. However, we regret that the company did not make any change in the supplementary pension plan as it is very generous (we remind that for Tom Enders, as of 31 December 2018,the defined benefit obligation amounts to € 26.3 M vs € 21.2 M at the end of 2017).  We note that Tom Enders will not receive any severance payment and no LTI was grante...

Airbus - Assemblée générale des actionnaires du 10 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

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