The wake-up call of the Munich summit will force European countries to assume full responsibility for their own defence. For the groups in our coverage, this should lead to a 2024-2030e CAGR for the addressable market of 31.5% (baseline scenario) vs 10.5% previously as well as a financial support that should help to improve FCF. We have revised the target prices of defence stocks upward by an average of 42% and think that additional upside of 20% is within reach. Hensoldt upgraded to Outperform ...
Le wake up call de la conférence de Munich va forcer les pays européens à assumer seuls leur défense. Pour notre couverture, cela se traduira par un TMVA 2024-30 du marché adressable de 31.5% (base case) vs 10.5% précédemment ainsi qu’un support financier qui améliorera le FCF. Nous relevons de 42% en moyenne les OC des valeurs exposées Défense et pensons qu’une appréciation des cours de 20% supplémentaire est à portée de main. Hensoldt relevé à Surperformance et BAE Systems abaissé à Sous-perfo...
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