We upgrade FACC to Outperform from Neutral, raising our DCF-based TP to € 15.50 from € 10. Despite the strong run, we believe the company’s double-digit organic growth profile and strong margin expansion potential are not adequately priced in, with the stock remaining among the cheapest in the aerospace sector. Based on EV/EBIT and P/E multiples, the shares trade at a significant 33-45% discount to the sector for 2026e, widening to 48-57% for 2027e which we view as unjustified.
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