Airbus Group : Mix effect, volumes, structural savings… sources of leverage at all levels
>Surge in profitability in 2021 despite resumed spending - We have increased our adjusted EBIT estimate for 2021 by 22.6% to € 4.2bn, of which around € 3.1bn for Airbus Commercial (a margin of 8.6% and 15.3% pre-R&D i.e. just -70bp vs 2019) with a forecast increase in spending and costs for the ramp-up in output that seems cautious to us (around € 500m more than in H1 2021 net of savings). H2 2021 is admittedly set to face headwinds relative to H2 2020 with i/ a d...Airbus is an European Aeronautic Defense and Space company whose core business is the manufacturing of commercial aircraft, civil and military helicopters, commercial space launch vehicles, missiles, military aircraft, satellites and defense systems and defense electronics and the rendering of services related to these activities. Co. organizes its businesses into the following five operating divisions: Airbus Commercial, Airbus Military, Eurocopter, Cassidian and Astrium. In addition, Co.'s Other Businesses division engages in the development, manufacturing, marketing and sale of regional turboprop aircraft and aircraft components.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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