Dassault Aviation S.A.

Dassault Aviation is a player in the civil and military aviation industry. Co. designs, manufactures and sells combat aircraft under the names Rafale, Mirage 2000, nEUROn and executive jets under the name Falcon (Falcon 7X, Falcon 900LX, Falcon 2000LX) and business jets. Co. produces combat aircraft. Rafale is a fighter aircraft with a "delta-canard" configuration. Mirage 2000 is a combat aircraft operated in environments ranging from deserts to tropical forests. nEUROn is an unmanned combat aircraft vehicle demonstrator. Falcon is used for passenger transportation by entrepreneurs, executives of companies and governments. Co. also offers maintenance services, follow up and repair services.
  • TickerAM
  • ISINFR0000121725
  • ExchangeEuronext Paris
  • SectorAerospace & Defense
  • CountryFrance
Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2020

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Applus to...

Valérie GASTALDY

Short term view - DASSAULT AVIATION : The background trend is clearly bearish.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €1,525.00. The next target is at €1,360.50, then €1,270.17. Passing €1,640.00 would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - DASSAULT AVIATION : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 1 525,00 € prochainement. Le prochain objectif est à 1 360,50 €, puis 1 270,17 €. Le franchissement de 1 640,00 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Analyse court terme - DASSAULT AVIATION : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 1 360,50 €. La tendance de fond serait remise en cause en cas de franchissement de 1 640,00 €.

Valérie GASTALDY

Short term view - DASSAULT AVIATION : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €1,360.50. The background trend would be questioned should prices rise above €1,640.00.

Valérie GASTALDY

Medium term view - DASSAULT AVIATION : The trend is bullish.

The trend is bullish. The recent fall is getting more vigorous. The next support is at €1,362.31. A break below €1,362.31 would challenge the trend.

Antoine Boivin-Champeaux ...
  • Yan Derocles

Dassault Aviation : The advantage of a dual activity: the military business offsets the weakness of the civil activity

>H1 2020 better than expected… - Yesterday evening, Dassault Aviation published H1 2020 results that were better than expected with adjusted operating profit of € 55m (ODDO BHF: € 2m, H1 2019: € 250m) thanks to sales that were actually more robust than forecast at € 2,641m with the delivery of 7 Rafale Export and 16 Falcon (vs 5 and 13 anticipated, respectively). The 78% decline in operating profit for a 14% decline in sales was notably due to i/ a determination to pr...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Dassault Aviation : Le mérite d’une activité duale : le militaire amortit la faiblesse du civil

>Un S1 2020 meilleur que prévu… - Dassault Aviation a publié hier soir un S1 2020 meilleur qu’attendu avec un résultat opérationnel ajusté de 55 M€ (ODDO BHF : 2 M€, S1 2019 : 250 M€) grâce à des ventes finalement plus dynamiques que prévu à 2 641 M€ avec la livraison de 7 Rafale Export et 16 Falcon (vs 5 et 13 anticipés respectivement). Le recul de 78% du résultat opérationnel pour une baisse de 14% du CA est lié notamment à i/ une volonté affichée de préserver les f...

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...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2020

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Applus to...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/07/2020

Le choc du COVID-19 dépasse largement les précédents impacts négatifs rencontrés depuis l’introduction en Bourse de Bureau Veritas (octobre 2007), que ce soit la crise financière (2008-2009), la chute brutale du cours du pétrole (2014-2015) ou la guerre commerciale (2019). Ces T2 2020 auront un caractère historique par l’ampleur de leur régression organique (à deux chiffres parfois) malgré des profils théoriquement résilients et diversifiés. Eurofins et Bureau Veritas sont nos valeurs...

Antoine Boivin-Champeaux ...
  • Bruno Cavalier
  • Florent Laroche-Joubert
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/22/2020

The Stoxx 600 Healthcare delivered a performance of +4% vs -12% for the Stoxx 600 year to date. This outperformance is attributable to the sector’s defensive role: i/ reassuring Q1 2020 results publications (confirmation of full-year guidance) and ii/ new market opportunities (COVID-19). However, it could be challenged by 1/ a rotation of portfolios to play the resumption of activity linked to the lifting of lockdown measures and 2/ the run-up to the US presidential elections (US dr...

Antoine Boivin-Champeaux ...
  • Bruno Cavalier
  • Florent Laroche-Joubert
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/06/2020

Depuis le début de l’année, le Stoxx 600 HealthCare affiche une performance de +4% vs -12% pour le Stoxx 600 Europe. Cette surperformance s’explique par le rôle défensif du secteur : i/ publications du T1 rassurantes (guidances annuelles confirmées) et ii/ nouvelles opportunités de marché (COVID-19). Cependant elle pourrait être challengée par : 1/ une rotation des portefeuilles pour jouer la reprise d’activité liée au déconfinement ainsi que 2/ l’approche des élections américaines (...

Alexandre Iatrides ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/02/2020

From its low point of 23 March, the Stoxx 600 has clawed back around 15%. Even so, we know that a recession is inevitable and that it will be unprecedented in its magnitude, for a duration that remains unknown and that the adjustment of earnings estimates has not run its course. In this context, it seems futile to think that we can have our cake (the current rise in share prices), eat it (the unprecedented support measures) and come back for second helpings (the expected rally once th...

Thanks to a better fundamental star rating, DASSAULT AVIATION sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to DASSAULT AVIATION (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 June 2, 2020, the closing price was EUR 815.00 and its expected value was estimated at EUR 741.90.

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...

Expert Corporate Governance Service (ECGS)

Dassault Aviation – AGM 12 May 2020

ECGS draws shareholders attention to several breaches:  The structure of the remunerations granted in 2019 to Eric Trappier and Loïk Segalen is unbalanced. The annual base salary is too high, there is no annual variable remuneration and an absence of real long-term incentives. Furthermore, there is no improvement regarding the proposed remuneration policy for 2020. Concerning the Company's Corporate Governance, there is a lack of independent members on board (22%). Therefore, we will not support the re-election of Catherine Dassault.

Florian Béchaz

Dassault Aviation - Assemblée Générale des actionnaires du 12 mai 2020

Nous tenons à attirer l'attention des actionnaires sur plusieurs manquements de la part de la société : La structure des rémunérations respectivement attribuées, au titre de 2019, à Eric Trappier et Loïk Segalen présente un déséquilibre : rémunération fixe élevée, variable annuel inexistant et absence d'un réel composant long-terme. La politique de rémunération établie pour 2020 ne présente pourtant aucune amélioration. En termes de gouvernance, à seulement 22%, le Conseil n'est pas majoritairement indépendant. Nous ne soutenons pas le renouvellement de Catherine Dassault.

Florian Béchaz

Dassault Aviation - Assemblée générale des actionnaires du 16 mai 2019

Nous tenons à attirer l'attention des actionnaires sur plusieurs manquements de la part de la société : La structure des rémunérations respectivement attribuées, au titre de 2018, à Eric Trappier et Loïk Segalen présente un déséquilibre : rémunération fixe élevée, variable annuel inexistant et absence d'un réel composant long-terme. La politique de rémunération établie pour 2019 ne présente pourtant aucune amélioration. En termes de gouvernance, à seulement 33%, le Conseil n'est pas majoritairement indépendant. Nous ne soutenons pas le renouvellement d’Olivier Dassault ni celui d’Éric Trappi...

Expert Corporate Governance Service (ECGS)

Dassault Aviation - AGM and EGM 16 May 2019

ECGS draws shareholders attention to several breaches: The structure of the remunerations granted in 2018 to Eric Trappier and Loïk Segalen is unbalanced. The annual base salary is too high, there is no annual variable remuneration and an absence of real long-term incentives. Furthermore, there is no improvement regarding the proposed remuneration policy for 2019.  Concerning the Company’s Corporate Governance, there is a lack of independent members on board (33%). Therefore, we will not support the re-elections of Olivier Dassault and Eric Trappier.

Dassault Aviation – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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