Airbus Thesis Intact Post First Quarter: Removing from Best Ideas, Shares Now Look Fairly Valued
We placed narrow-moat Airbus on our Best Ideas list when shares were trading around EUR 50 and our fair value estimate implied more than a 30% upside. Shares now look fairly valued, and we're removing the name from our best ideas list. The pieces required to realize our forecast for EUR 6.7 billion EBIT by 2019 are still there, but the quarter didn’t take downside risk off the table. As a result, we only plan to increase our fair value estimate to EUR 76 from EUR 74 due to the time value of mone...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.
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