We Raise Dassault Aviation’s FVE Due to Strong Business-Jet Order Intake in 2017
After narrow-moat Dassault Aviation’s 2017 strong order intake for business jets (net intake after cancellations of 38 Falcon jets versus 21 units in 2016), we have increased our fair value estimate to EUR 1,370 from EUR 1,270 per share. Although we still believe new business aircraft markets remain competitive, we are happy to see the first signs of recovery, especially in North America at the end of 2017. Dassault’s healthy Falcon backlog (52 at end December 2017) and the pickup in orders supp...
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