FACC confirmed at HOLD, TP EUR 8.90 - Long haul recovery
Recovery of production rates to take time in light of the tight financial situation of airlines and hence the adjusted route network and fleet planningThe aviation sector is not a bargain, in our view, and FACC shares trade at a premium to peers at most trading multiples
A bigger positive stimulus factor for FACC could come from potential production rate hikes for the Airbus A320 family, the model FACC has the highest workshare on. Larger wide-body production rates will likely remain at current levels for some time
TP of EUR 8.90 is quite exactly the current price level of the share
FACC AG is an Austria-based company engaged in the aerospace and defense industry. The Company specializes in the manufacture of aircraft parts and components. It divides its business into three divisions: Aerostructures, Engines & Nacelles, and Interior. The Aerostructures division covers control surfaces, fairings and wing components. The Engines & Nacelles division provides engine and nacelles components. The Interior division offers interior design services for commercial aircraft, business jets/private jets, freighters and helicopters. The Company's services range from on-site support with field engineering, spares service, and repairs to assembly training of customer staff for components and systems delivered by the Company. The Company's products are manufactured at four production sites in Austria.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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