Financials Airbus SE

Equities

AIR

NL0000235190

Aerospace & Defense

Real-time Euronext Paris Other stock markets 10:42:52 2024-05-16 am EDT			5-day change	1st Jan Change
159.3 ^EUR	-0.42%		-1.92%	+13.98%

11:51am	Airbus: Eurodrone program reaches 'major milestone	CF
11:35am	Airbus, Others Complete Preliminary Design Review for Eurodrone Program	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	102,110	70,321	88,298	87,427	110,311	126,474	-	-
Enterprise Value (EV) ¹	89,576	66,009	80,655	81,950	105,337	114,652	110,272	105,975
P/E ratio	-74.6 x	-61.9 x	21 x	20.6 x	29.1 x	25.2 x	19.4 x	16.1 x
Yield	-	-	1.33%	1.62%	1.29%	1.4%	1.84%	2.29%
Capitalization / Revenue	1.45 x	1.41 x	1.69 x	1.49 x	1.69 x	1.77 x	1.56 x	1.39 x
EV / Revenue	1.27 x	1.32 x	1.55 x	1.39 x	1.61 x	1.6 x	1.36 x	1.16 x
EV / EBITDA	9.07 x	14.5 x	11.2 x	9.82 x	13 x	12.6 x	9.65 x	7.94 x
EV / FCF	63.4 x	-9.19 x	22.9 x	17.5 x	24 x	29.1 x	18 x	15.2 x
FCF Yield	1.58%	-10.9%	4.36%	5.71%	4.16%	3.44%	5.55%	6.57%
Price to Book	17.1 x	10.9 x	9.33 x	6.75 x	6.22 x	6.01 x	4.92 x	4.05 x
Nbr of stocks (in thousands)	782,573	783,254	785,848	787,488	789,177	790,459	-	-
Reference price ²	130.5	89.78	112.4	111.0	139.8	160.0	160.0	160.0
Announcement Date	2/13/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	70,478	49,912	52,149	58,763	65,446	71,493	80,981	91,110
EBITDA ¹	9,873	4,537	7,190	8,343	8,080	9,122	11,423	13,355
EBIT ¹	6,946	1,706	4,865	5,627	5,838	6,748	8,630	10,550
Operating Margin	9.86%	3.42%	9.33%	9.58%	8.92%	9.44%	10.66%	11.58%
Earnings before Tax (EBT) ¹	1,064	-1,130	5,027	5,075	4,769	6,506	8,123	9,532
Net income ¹	-1,362	-1,133	4,213	4,247	3,789	4,926	6,412	7,698
Net margin	-1.93%	-2.27%	8.08%	7.23%	5.79%	6.89%	7.92%	8.45%
EPS ²	-1.750	-1.450	5.360	5.400	4.800	6.348	8.245	9.937
Free Cash Flow ¹	1,413	-7,179	3,515	4,680	4,386	3,941	6,123	6,967
FCF margin	2%	-14.38%	6.74%	7.96%	6.7%	5.51%	7.56%	7.65%
FCF Conversion (EBITDA)	14.31%	-	48.89%	56.09%	54.28%	43.2%	53.6%	52.17%
FCF Conversion (Net income)	-	-	83.43%	110.2%	115.76%	80%	95.49%	90.5%
Dividend per Share ²	-	-	1.500	1.800	1.800	2.245	2.946	3.662
Announcement Date	2/13/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	39,612	18,948	30,964	24,637	16,994	12,000	12,810	24,810	13,309	20,644	11,763	15,900	27,663	14,897	22,886	12,830	17,354	16,671	24,525	16,479	20,022
EBITDA ¹	-	-	-	-	2,180	1,848	1,953	-	1,320	-	1,268	2,392	-	1,580	2,840	1,090	2,368	2,095	3,875	-	-
EBIT ¹	-	-945	2,651	2,703	1,496	1,263	1,382	2,645	836	2,146	773	1,845	2,618	1,013	2,207	577	1,851	1,485	2,594	2,111	2,952
Operating Margin	-	-4.99%	8.56%	10.97%	8.8%	10.53%	10.79%	10.66%	6.28%	10.4%	6.57%	11.6%	9.46%	6.8%	9.64%	4.5%	10.67%	8.91%	10.58%	12.81%	14.74%
Earnings before Tax (EBT)	-	-1,988	-	-	1,762	1,595	1,091	2,686	560	1,829	539	1,450	-	954	-	-	-	-	-	-	-
Net income ¹	-	-1,919	-	-	1,578	1,219	682	1,901	667	1,679	466	1,060	1,526	806	1,457	595	1,319	1,095	2,078	-	-
Net margin	-	-10.13%	-	-	9.29%	10.16%	5.32%	7.66%	5.01%	8.13%	3.96%	6.67%	5.52%	5.41%	6.37%	4.64%	7.6%	6.57%	8.47%	-	-
EPS ²	-	-2.450	-	-	2.000	1.550	0.8700	-	0.8500	2.130	0.5900	1.340	1.940	1.020	1.850	0.7600	1.650	1.354	2.631	-	-
Dividend per Share ²	-	-	-	-	1.500	-	-	-	-	1.800	-	-	-	-	1.800	-	0.9750	-	1.148	-	1.050
Announcement Date	2/13/20	7/30/20	2/18/21	7/29/21	2/17/22	5/4/22	7/27/22	7/27/22	10/28/22	2/16/23	5/3/23	7/26/23	7/26/23	11/8/23	2/15/24	4/25/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,534	4,312	7,643	5,477	4,974	11,821	16,202	20,499
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,413	-7,179	3,515	4,680	4,386	3,941	6,123	6,967
ROE (net income / shareholders' equity)	60.1%	17.1%	42.7%	37.9%	28.8%	25.9%	27.9%	27.8%
ROA (Net income/ Total Assets)	4.11%	0.95%	3.13%	3.64%	3.76%	3.93%	5.13%	5.6%
Assets ¹	-33,163	-119,419	134,652	116,775	100,715	125,373	124,973	137,352
Book Value Per Share ²	7.640	8.220	12.00	16.40	22.50	26.60	32.50	39.60
Cash Flow per Share ²	4.830	-6.920	5.900	7.980	7.930	9.650	12.20	14.70
Capex ¹	2,340	1,759	1,928	2,464	3,051	2,878	3,147	3,388
Capex / Sales	3.32%	3.52%	3.7%	4.19%	4.66%	4.03%	3.89%	3.72%
Announcement Date	2/13/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Airbus SE

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

160 EUR

Average target price

178.4 EUR

Spread / Average Target

+11.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Commercial Aircraft Manufacturing

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Commercial Aircraft Manufacturing