Embraer Hits 2016 Delivery Targets, but We Expect No Growth in 2017 Deliveries; Still Undervalued
Narrow-moat Embraer delivered 225 aircraft in 2016, hitting its delivery target. We maintain our moat rating and $30 fair value estimate. We see value in the shares, which are currently trading at 70% of our fair value estimate. Near- to mid-term potential catalysts include progress on management’s cost-saving efforts, potential Asia-Pacific regional jet orders (notably China), and further stabilization of the Brazilian government budget situation, which could help provide clarity on the KC-390 ...
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