Airbus: No Change to Fair Value Estimate on Lowered Jet Production Guidance and Defense Charge

Airbus updated its 2024 guidance on June 24, lowering its 2024 jet production goal to 775 from 800, shifting the timeline it expects to be able to produce 75 A320s per month to 2027 from 2026, and announcing a EUR 900 million charge in its defense communications business. None of these changes made a significant impact on our fair value estimates—which had incorporated slightly more conservative assumptions than management's previous guidance—that remain at EUR 163 per share and $43.80 per US depository share.