Increasing Order Intake for Dassault’s Falcon Business Jet in First Half, but Shares Overvalued
We raise Dassault Aviation’s fair value estimates to EUR 1,430 from EUR 1,370 per share, resulting from modest increases in revenue and margin assumptions and an adjustment for the time value of money. Narrow-moat Dassault reported mixed first-half 2018 results with reported sales of EUR 1.7 billion, down 17% on a reported basis year over year. These results were below our expectations but coincided with increasing margins (60 basis points of operating margin expansion). We are happy with the mo...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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