Increasing order intake for Dassault’s Falcon business jet in first-half 2018, but shares overvalued
After narrow-moat Dassault Aviation’s 2017 strong order intake for business jets (net intake after cancellations of 38 Falcon jets versus 21 units in 2016), we have increased our fair value estimate to EUR 1,370 from EUR 1,270 per share. Although we still believe new business aircraft markets remain competitive, we are happy to see the first signs of recovery, especially in North America at the end of 2017. Dassault’s healthy Falcon backlog (52 at end December 2017) and the pickup in orders supp...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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