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Dassault Aviation SA - Stock Quote AM

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Morningstar's Dassault Aviation SA Stock Analysis

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Dassault Aviation Is Firing on All Cylinders Driven by Demand Growth in All Markets

Joachim Kotze, CFA Equity Analyst

Analyst Note

| Joachim Kotze, CFA |

Narrow-moat Dassault Aviation reported a bumper set of 2021 full-year results. Order intake took to the skies--the group booked orders for 100 jets (51 Falcon and 49 Rafale) to the value of EUR 12.5 billion, which compares with EUR 3.5 billion in 2020. Sales grew by 31% on the back of higher-than-expected deliveries, while EBIT more than doubled to EUR 527 million as a result of operating leverage. The backlog now stands at EUR 20.8 billion (EUR 15.9 billion in 2020) and consists of 86 orders for Rafale fighter jets and 55 Falcon business jets. The backlog doesn't include the United Arab Emirates (UAE) and Indonesian orders for 80 and 42 Rafale fighter jets signed after year-end, respectively. Sales in 2022 are guided to be lower on the back of delivery guidance for 13 Rafale jets and 35 Falcon jets.

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Dassault Aviation SA's Company Profile

Business Description

Dassault Aviation, a subsidiary of French multinational company Dassault Group, designs, builds and maintains military fighter jets, and is one of the largest manufacturers of business jets. Dassault has a 24.8% stake in narrow-moat Thales, which contributes significantly to Dassault's net profit. In 2021, Dassault Aviation generated EUR 7.2 billion in revenue with 12,000 employees. About 70% of revenue comes from defense aircraft equipment sales and services, while Falcon business jets generate the remaining 30% of sales.

9, Rond-Point des Champs-Elysees, Marcel Dassault
Paris, 75008, France
T +33 153769300
Sector Industrials
Industry Aerospace & Defense
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Stock Type
Employees 12,371