Trimming Embraer's FVE After a Tough Quarter. No Good News on the Horizon, but Still Undervalued
Embraer reported first-quarter results that missed consensus expectations for both revenue and profitability. Based on the results, we are lowering our fair value estimate by $1 due to our assumption of lower operating margins in 2017, resulting in a new valuation of $29 per ADR. Despite this decrease, we believe the market is focusing too much on the potential for a tough transition to the E2 jets from the E1 variants in 2018 and remains myopically focused on a weak business jet market. We do t...
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