We see value in Embraer, but the E2 transition and a soft business jet market present challenges.
Building on the note we put out earlier on Embraer’s 2016 earnings, we think shares are undervalued, trading at around a 20% discount to our fair value estimate. Management continues to address the soft business jet market by focusing on margins (not market share) and we believe it is doing a commendable job managing the E-2 and KC-390 development programs. Although there are some risks related to the E-2 transition starting in 2018, we think the business jet market has finally bottomed out. We’...
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