Downgrading Embraer's Moat; It's Becoming a Business Jet and Military Aircraft Company
We’ve moved down our moat rating on Embraer to none from narrow due to the pending divestment of the company’s commercial aviation business to Boeing via a JV. Embraer’s remaining business portfolio will be dominated by no-moat businesses. Our moat rating downgrade pushed our fair value estimate down to $21 per ADR from $23. We’re already modeling in the Boeing JV starting in 2020 because we think it will be consummated at the end of 2019.ÂOur previous narrow moat rating rested on Embraer’s reg...
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