Oddo BHF maintains its 'outperform' rating on Airbus shares, with an unchanged target price of 168 euros.
The analyst believes that 2nd-quarter EBIT, which came in 16.5% above expectations (at 814 ME), provides some margin on the 2024 guidance.
This quarter should clearly reassure us as to the security of our FY 24 EBIT target of around 5.5 bn euros (css VA: 5,572 ME), based on 770 deliveries", says the broker.
To reach this threshold, Airbus will have to improve the EBIT achieved in H2 2023 by c0.9 bn over the remainder of the year, 'which we believe is largely achievable', adds Oddo BHF.
Indeed, 'the company has indicated that it is comfortable with double-digit growth in deliveries on average over the next few years, and disproportionate growth in Adjusted EBIT thanks to better absorption of fixed costs and the benefits of stabilizing production', the research firm adds.
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Airbus SE is No. 1 in Europe and No. 2 worldwide in the aeronautics, aerospace, and defense industries. Net sales break down by family of products and services as follows:
- commercial aircraft (71.8%). The group is No. 1 worldwide for aircrafts with more than 100 seats;
- defense and aerospace systems (17.4%): military aircrafts (primarily transport aircrafts, marine surveillance aircrafts, anti-submarines fighter planes and flight refueling aircrafts), spatial equipment (orbital launchers, observation and communication satellite, turboprop aircraft, etc.), defense and security systems (missile systems, electronic and telecommunications systems, etc.). Airbus SE also provides training and aircrafts maintenance services;
- civil and military helicopters (10.8%).
Net sales are distributed geographically as follows: Europe (39.3%), Asia/Pacific (28.6%), North America (21.1%), Middle East (6%), Latin America (2.7%) and other (2.3% ).
AIRBUS SE 
