Hexcel Corporation: Airbus commentary supports A350 upside

研报英文原文证据摘录

Hexcel Corporation: Airbus commentary supports A350 upside

Global Research

22 July 2026ab

Hexcel Corporation Equities

United StatesAirbus commentary supports A350 upside

Aerospace

12-month rating Buy

A350 ramp signals continue to improve

Airbus struck an incrementally more constructive tone on the A350 ramp at the 12m price target US$113.00

Farnborough International Airshow, which we view as positive for HXL given the A350

remains the largest driver. While A350 deliveries continue to track at ~5–6/mo, Airbus

Price (21 Jul 2026) US$108.67

indicated production is running materially higher at a rate of ~8–9/mo. This aligns with

our recent HXL work, which points to improving A350 first-flight activity. HXL typically RIC: HXL.N BBG: HXL US

ships material roughly six months ahead of Airbus deliveries, positioning the company to

Trading data and key metrics

benefit earlier in the ramp. During the Airshow, Airbus flagged that A350 production

52-wk range US$108.67-59.55

rate is now mainly limited by availably of cabins, instead of superstructures from Kinston

- the Spirit Aero facility that had been the primary program bottleneck which Airbus now Market cap. US$8.33b

owns. We have taken a conservative approach; our estimates remain below Airbus’ Shares o/s 76.7m (COM)

longer-term production ambitions, as we model the A350 ramping from ~7/mo in Free float 99%

2026E to 9.5/mo in 2028E (vs Airbus’ stated target of 12/mo by year-end 2028). While Avg. daily volume ('000) 298

Airbus did not announce an A350 stretch variant, any larger derivative would likely Avg. daily value (m) US$28.2

represent incremental upside for HXL given the higher composite content associated Common s/h equity (12/26E) US$1.39b

with a larger aircraft. P/BV (12/26E) 5.9x

Net debt to EBITDA (12/26E) 1.9x