Best Idea Update: Airbus Reports 2016 Results; Can't Shake A400M, but Long-Term Thesis Intact
Our long-term investment thesis in narrow-moat Airbus is intact following the company’s 2016 fourth-quarter and full-year results. Although the A400M’s additional EUR 1.2 billion of charges during the fourth quarter was an unwelcome (but not totally unexpected) development, we reiterate our view that the company’s A320neo ramp-up, industrialization of the A350, and declining research and development expenditures will drive increasing profitability, particularly in 2018 and beyond. Despite a slig...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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