Airbus SE

AIR: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€862.00	Pvyg	Bldbbljnxp

Airbus Q3 Results Consistent With Previous Forecasts; Continues To Manage Logistics of the Rebound

Nicolas Owens

Oct 31, 2022

We've maintained our EUR 149 per-share fair value estimate for Airbus ($38 for the U.S.-listed ADRs) following its third-quarter earnings release. Results were very consistent with our expectations and management reaffirmed its outlook. The company delivered 435 planes through September this year, leaving at least 260 to meet the 2022 goal of around 700. Though it will make for a very busy last few months, we think they can likely pull it off because these planes are in or nearing the very final stages of production and testing. Further, the company has a pattern of somewhat back-loaded deliveries and revenue in past years.

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