Airbus Group : Preview T3 – Un trimestre qui dé-risque largement le consensus FY22
>Un T3 rassurant, en hausse de 46%... pour seulement 13 appareils de plus - Le T3 qui sera publié le 28 octobre devrait largement rassurer quant à l’atteinte des objectifs annuels d’EBIT et de FCF Ajusté. Nous modélisons un EBIT Ajusté de 975 M€ (+46.3%) pour un CA de 13.3 Md€, soir une marge de 7.3% (+98 pb). Airbus Commercial devrait atteindre un EBIT Ajusté de 783 M€ (marge pré-R&D de 15.3% vs 14.6% au T3 2021 et 17.2% vs T3 2019) grâce à i/ un effet volume/mix A32...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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