FACC confirmed at HOLD, TP EUR 9.30 - Slow climb
Smaller hike of TP to EUR 9.30 from EUR 8.90 as a consequence of slightly hiked mid-term top line and margin assumptions following the recent Airbus A220 orderPositive EBIT in H1 21 was supported by the rate reductions of the Boeing 787, on which FACC has some work share (translating sleeves) at unfavourable rates, clean results would very likely be negative
For us it would require the expectation of a broad-based uptick of production rates in the industry to allow for scale effects to turn more positive on the investment case.
Valuation at a premium to peers does not give an impetus for a re-rating at the moment either, in our view
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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