Rolls-Royce : Neutral vs Underperform – Flying hours recovering more rapidly but still lots of questions surrounding strategy
>Robust Asian traffic is boosting FCF generation - Due to the impact of China’s reopening on international traffic trends, we now see large engine flying hours (EFH) recovering more rapidly to 90% of 2019 levels as early as this year and to 101% as of 2024 (vs. 79% and 88% previously and 79% at end-January). Cirium reckons that 77% of the Trent family is now in service vs less than 72% at end-2022, picking up strongly and particularly noticeably for the T700/7000 and ...Rolls Royce Holdings is an engineering company. Co. is organised into five businesses: civil aerospace, which develops, manufactures, markets and sells commercial aero engines and aftermarket services; defense aerospace, which develops, manufactures, markets and sells military aero engines and aftermarket services; power systems, which develops, manufactures, markets and sells reciprocating engines and power systems; marine, which is develops, manufactures, markets and sells marine-power propulsion systems and aftermarket services; and nuclear, which develops, manufactures, markets and sells nuclear systems for civil power generation and naval propulsion systems.
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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