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Airbus; Results Missed, Guidance Weaker But Special Dividend Coming

CAPITAL GOODS

Airbus (AIR FP) 4Q23 results missed consensus and have weaker guidance. Credit metrics are marginally better at Dec-23 but, for equity holders, there is a EUR1 special dividend.


  • Revenues are up 11% y/y, around 2% below consensus, adjusted EBIT was 2% below expectations which looks to be in core commercial aircraft business. Net income missed meaningfully (15% below consensus).
  • Key credit metrics: net cash of EUR10.7bn (up from 8.3bn at Sep-23) due to strong free cash flow (working capital optimisation), so a broadly improved position.
  • Outlook guidance appears relatively weak. FY24 aircraft deliveries around 800 (consensus: 826), adjusted EBIT EUR6.5-7.0bn (cons: 7.2bn) and FCF of around EUR4bn (cons: 4.8bn).

Conf call is ongoing at https://edge.media-server.com/mmc/p/t3tsk8bj/

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