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Airbus Posts Strong Results as Commercial Aerospace Rebounds; Raising FVE to EUR 134

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

Wide-moat-rated Airbus posted an impressive second quarter, as the company begins reramping production of the A320 family of aircraft to serve increasing customer demand. Sales of EUR 14.2 billion and EPS of EUR 2.38 topped FactSet consensus by 2.2% and 68.4%, respectively. After incorporating second-quarter earnings into our model, we are increasing our fair value estimate to EUR 134 per share from EUR 127 and to $39.50 from $39 for the U.S. shares as we account for a greater proportion of the higher-price and higher-margin A321s versus the A320 within the sales mix over the long term. We continue to think Airbus will be the dominant plane manufacturer of the 2020s.

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Company Profile

Business Description

Airbus is a major aerospace and defense firm. The company designs, develops, and manufactures commercial and military aircraft, as well as space launch vehicles and satellites. The company operates its business through three divisions: commercial, defense and space, and helicopters. Commercial offers a full range of aircraft ranging from the narrow-body (130-200 seats) A320 series to the much larger A350-1000 wide body. The defense and space segment supplies governments with military hardware, including transport aircraft, aerial tankers, and fighter aircraft (Eurofighter). The helicopter division manufactures turbine helicopters for the civil and parapublic markets.

Mendelweg 30
Leiden, ZH, 2333 CS, Netherlands
T +31 715245000
Sector Industrials
Industry Aerospace & Defense
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 126,050