Airbus (-1.01% to 115.66 euros) is among the biggest declines in the CAC 40, Berenberg having lowered its Buy recommendation to Neutral on the value. The target price on the title of the aeronautical group goes from 150 to 120 euros. The analyst forecasts “significant improvement in profitability over a multi-year horizon, as fixed costs are better absorbed by rising volumes, as supply chains recover from the COVID-19 pandemic.
However, the lasting impact of high inflation in 2023 should put further downward pressure on margins. The broker also highlights ongoing supply chain challenges which, while improving sequentially, are expected to remain significant through 2023 and limit volumes. Finally, the analyst raises the possibility that the consensus will be revised downwards.
A little less than a week ago, the aeronautical group took stock of its commercial activity in 2022. Thus, it delivered 661 commercial aircraft last year to 84 customers. Deliveries are up 8%. Airbus had given up its target of delivering 700 commercial aircraft in 2022 in early December. At the same time, 820 net new orders were recorded. In units, Airbus recorded a net orders-to-delivery ratio significantly above one.
In program detail, the A220 recorded 127 gross new orders while the A320neo Family recorded 888 gross new orders. In the widebody segment, Airbus took 63 gross new orders: 19 A330s and 44 A350s, including 24 A350Fs.
“We are clearly below our targets, but given the complexity of our operating environment, I would like to thank our teams and our partners for the efforts made and the result achieved,” said Guillaume Faury, Executive Chairman of Airbus. .
“The considerable order intake recorded for all our families of aircraft, including cargo aircraft, reflects the solidity and competitiveness of our product range. We are continuing to ramp up in order to honor our order book. “, he added.
Airbus’ annual results for the 2022 financial year will be published on February 16, 2023.