Hexcel Corporation "A350 first flights slowly improving" (Buy) Parsons

研报英文原文证据摘录

Hexcel Corporation "A350 first flights slowly improving" (Buy) Parsons

Global Research

9 June 2026ab

Hexcel Corporation Equities

United StatesA350 first flights slowly improving

Aerospace

12-month rating Buy

Deliveries and first flights move above 5/mo, still some wood to chop

A350 is the biggest needle-mover for Hexcel revenue, increasing from 15% in 2025 to 12m price target US$105.00

20% in 2028E. We model Hexcel build rates steadily ramping, from 5/mo at the end of

2025 to an average 9.5/mo in 2028 - conservatively below Airbus' stated goal of 12/mo

Price (08 Jun 2026) US$89.19

within 2028. From <7/mo production rate in 1Q26, we see Hexcel holding at 7/mo for

the remainder of 2026 before steadily ramping to support higher Airbus deliveries. RIC: HXL.N BBG: HXL US

Hexcel stated it has five months of purchase order visibility on the A350, providing more

Trading data and key metrics

visibility on the program than it has had in the past. See our detailed quarterly build

52-wk range US$96.48-54.36

below.

Market cap. US$6.84b

First flights slowly improving, need to see the trend continue Shares o/s 76.7m (COM)

Free float 99%

First flights closely lag production and lead deliveries, and Hexcel delivers about 6mo

ahead of Airbus. We will need to see improvement in first flights to assume upside to Avg. daily volume ('000) 324

guidance of 80 shipsets for the year, but the slight improvement in first flights is Avg. daily value (m) US$27.8

supportive after having been stuck around 5/mo for the past few years. Provided this Common s/h equity (12/26E) US$1.39b

metric steadily continues to move higher we believe investors will gain greater P/BV (12/26E) 4.9x

confidence in the earnings profile of the business, which even in 2028 remains Net debt to EBITDA (12/26E) 1.9x