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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Airbus SE    AIR   NL0000235190

AIRBUS SE

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Airbus : Saudi airline flyadeal picks Airbus jets over grounded Boeing MAX

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07/07/2019 | 10:37pm EDT
File photograph shows the nose cone of an Airbus A380 next to the tail fin of an Airbus A320 at the Farnborough Airshow 2012 in southern England

RIYADH/DUBAI (Reuters) - Saudi Arabian budget airline flyadeal will not proceed with a provisional $5.9 billion (£4.7 billion) order for Boeing 737 MAX aircraft, instead opting for a fleet of Airbus A320 jets.

Flyadeal has been reconsidering a commitment to order the Boeing jets after two MAX aircraft crashed in Ethiopia in March and Indonesia last October.

The two disasters killed a total of 346 people, triggered the global grounding of the aircraft and wiped billions off Boeing's market value.

Flyadeal announced on Sunday it would take delivery of 30 A320neos ordered by its parent, state-owned Saudi Arabian Airlines, at the Paris Air Show in June.

"This order will result in flyadeal operating an all-Airbus A320 fleet in the future," it said.

Flyadeal, which has operated leased A320 jets since launching in September 2017, will take delivery of the new Airbus aircraft from 2021.

"We understand that flyadeal will not finalise its commitment to the 737 MAX at this time given the airline’s schedule requirements," a Boeing spokesperson said.

Flyadeal signed a commitment to order 30 737 MAX jets in December, choosing the aircraft over the A320neo.

The provisional order, which included additional purchasing options for 20 MAX jets, was worth $5.9 billion at list prices, according to Boeing.

The 737 MAX remains grounded worldwide and regulators must approve the fix and new pilot training before the jets can fly again.

Oman Air warned in June it would hold talks with Airbus if Boeing did not provide support and recovery for the MAX. Meanwhile, Emirati carrier flydubai said in April it could order A320neos as replacements for the MAX jets.

(Reporting by Nael Shyoukhi, Stephen Kalin, & Alexander Cornwell writing by Alexander Cornwell; Editing by Keith Weir and Dale Hudson)

Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE -1.45% 122.62 Real-time Quote.46.05%
BOEING COMPANY (THE) 0.45% 356.01 Delayed Quote.10.39%
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Financials (EUR)
Sales 2019 70 329 M
EBIT 2019 6 952 M
Net income 2019 4 732 M
Finance 2019 14 745 M
Yield 2019 1,74%
P/E ratio 2019 20,2x
P/E ratio 2020 16,8x
EV / Sales2019 1,15x
EV / Sales2020 1,05x
Capitalization 95 337 M
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Technical analysis trends AIRBUS SE
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Mean consensus BUY
Number of Analysts 24
Average target price 143,09  €
Last Close Price 122,62  €
Spread / Highest target 35,4%
Spread / Average Target 16,7%
Spread / Lowest Target -10,3%
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Managers
NameTitle
Thomas Enders Chief Executive Officer & Executive Director
Denis Ranque Non-Executive Chairman
Harald Wilhelm Chief Financial Officer
Luc Hennekens Chief Information Officer
Grazia Vittadini Chief Technology Officer
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