Embraer's Sales Soar in 2Q, but 2018 Production Still Uncertain; Shares Look Undervalued
Narrow-moat Embraer reported second-quarter results that exceeded consensus earnings expectations on a sizable revenue beat. The ADRs are trading at a 30% discount to our $29 fair value estimate, garnering a 4-star rating, and we continue to appreciate Embraer’s competitive position in regional jets. However, we think investors will need to exercise patience, as 2018 is set to be a tough year due to what we believe is now an inevitable decline in E-jet deliveries. ÂEmbraer’s second-quarter reve...
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