Figeac Aero : Acceleration in growth and easing of leverage thanks to a supply chain in better shape
Figeac benefits from the improvement in the supply chain and €/$ parity to post 2024-28 EBITDA CAGR of 15% and a tripling of FCF out to March 2028. With leverage at 1.7x, the stress of the refinancing of the 2028 maturity is subsiding. Target price lifted to € 9.3 and blue sky scenario at € 13.5 based on transaction multiples.Figeac Aero SA, formerly Figeac Aero SARL, is a France-based company engaged in the manufacture of parts and components for aerospace industry. It offers a range of products and services such as design, manufacture and assembly of subassemblies; manufacture of structural parts, ranging from small fittings to large panels; supply of engine parts, such as vertical lathe, blades, and milling of aluminum and hard materials; and manufacture of precision parts, such as landing gear and thrust inverters. The Company's customer base includes Airbus, Embraer, ATR, Boeing, Bombardier, Eurocopter and Gulfstream, among others. It is a member of the Figeac Aero Group, comprising companies engaged in provision of aerospace-related products and services. It operates through Groupe Sonaca and PECISS, industrial technology services company based in Tunisia.
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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