Latécoère : Downward revision to our estimates, TP revised to € 5
>IFRS 15 has a negative impact on EBIT and EPS but not FCF - The group recently unveiled its financial statements under IFRS 15, which show a much higher level of D&A due to the sharply increased amount of non-recurring costs with IFRS 15, which are now accounted for as assets for amortisation and no longer as inventories. We have maintained our 2017 figures with the previous standard but adopted IFRS15 from 2018 with a significant impact on EBIT and EPS....Societe Industrielle d'Aviation Latecoere and its subsidiaries are engaged in the manufacture of parts and equipment for the aeronautic and space industries. Co.'s products are mainly divided into 2 sectors: Airframe Structure and Equipment & Systems. Airframe Structure: manufactures Fuselage and Wing Structure Elements such as tail cones, forward upper shells, side parts, front spar bulkheads, nose sections, passenger doors, flaps; Nacelle Structure Elements such as fan cowls, tail engine fan cowls, translating sleeves, thrust reverser beams. Equipment & Systems: manufactures on-board electric racks, harnesses, landscape video camera system, pilot control panels and battery charge limiters.
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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