Dassault Aviation : FY 2021 earnings preview – focus on cash and the backlog
>Pre-R&D, FY 2021 should be the second-best year after 2019 - After the delivery of 25 export Rafales to India and Qatar and 30 Falcons (versus guidance of 25 and our estimate of 26), we model a 2021 operating result of € 464m on sales of € 7.3bn, i.e. a margin of 6.4%. Profitability continues to be dented in particular by historically high R&D outlays but, adjusting for R&D, we arrive at EBIT of € 1,049m, which is the second-best result in absolute value terms in the...
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