Figeac Aéro (AO) | Buy | FY2026 in line, higher investment ambitions weigh on FCF outlook

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Figeac Aéro (AO) | Buy | FY2026 in line, higher investment ambitions weigh on FCF outlook

Figeac Aéro Buy | Target Price: EUR13.00

Company description Management

Figeac Aéro, a leading partner for major aerospace manufacturers, specialises in Jean-Claude Maillard, CEO

producing light alloy and hard metal structural parts, engine parts, landing gear, Joel Mallevialle, CFO

and sub-assemblies. Figeac Aéro is a global group operating in France, the US, Thomas Girard, COO

Morocco, Mexico, Romania, and Tunisia. Key shareholders

Free float 18.67%

Maillard Family 53.60%

Tikehau ACE Capital 27.20%

Investment case Valuation methodology

Geared towards the post-Covid recovery in the build rates of DCF (8.7% WACC, 2% long term growth, 16% long term EBITDA

large commercial aircraft and aerostructure demand, we expect margin).

Figeac Aéro to display strong growth and margin recovery in the Target multiple: 9x on 2028E EBITDA, discounted.

next three to four years. Risks to our rating

The well-funded asset base can produce more than EUR0.5bn in Sensitive to Airbus and Boeing production rates.

sales at a 16%+ EBITDA margin and >10% ROIC at full capacity. Growth consumes capital.

FCF is set to rebound strongly in next years as profitability EUR/USD exchange rate.

bounces, capex and working capital consumption eases. This

should drive a rapid deleveraging of the balance sheet (net

debt/EBITDA to fall to 3x in 2025-26), which we see as a key de-

risking factor for the shares.

Catalysts

Potential bid. succession of CEO Maillard is a recurring topic.

Post-Covid aerospace recovery.

Deleveraging of balance sheet

Key data charts

Price performance Sales split by region Sales split by division

SWOT analysis

Strengths Weaknesses

Underutilised state-of-the-art and well-funded asset base.