Narrow-Moat Dassault Aviation Promises Strong Profitable Growth, but Shares Fairly Valued
We initiate coverage on Dassault with a fair value estimate of EUR 1,200 per share. Owing to its leading positions in military jets (35% of 2016 sales), the firm will benefit from an improved outlook in mature defence markets and emerging-market sales opportunities. Dassault, controlled by the Dassault Family with 73% of voting rights, is the leading manufacturer of the French fighter jet Rafale. Additionally, as a technology leader, Dassault has secured the third-largest market position after G...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.
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