From Climb to Cruise: PT Raised to €260

研报英文原文证据摘录

From Climb to Cruise: PT Raised to €260

Equity Research

European Aerospace & Defence

3 August 2026

Airbus

From Climb to Cruise: PT Raised to

€260

Airbus offers a visible path to mid-teens EBIT CAGR and ~20% AIR.PA/AIR FP OVERWEIGHT

+ FCF CAGR through 2029. Combined with a €5bn buyback Unchanged

European Aerospace &

and improving execution, this should broaden the Defence NEUTRAL

Unchanged

shareholder base and supports our increased €260 PT. Price Target EUR 260.00

raised 18% from EUR 220.00

Our original investment thesis was that Airbus was undervalued because investors were focused Price (30-Jul-26) EUR 204.00

on near-term operational challenges rather than the group's long-term earnings power. That Potential Upside/Downside +27.5%

argument remains valid, but we now have materially greater visibility around the path forward. Source: Bloomberg, Barclays Research

Execution remains the key risk. However, we believe the balance of risks is shifting. Airbus' Market Cap (EUR mn) 161625

decision to introduce a €12-13bn EBIT target for 2029 provides investors with significantly Shares Outstanding (mn) 792.28

greater visibility over the company's medium-term earnings and FCF trajectory (mid-teens EBIT Free Float (%) 74.26

and ~20%+ FCF CAGR over 2025-29) and highlights management's growing confidence in the 52 Wk Avg Daily Volume (mn) 1.1

industrial ramp-up. Dividend Yield (%) 1.57

Return on Equity TTM (%) 24.27As production volumes continue to increase, we expect the focus of the investment case to shift

Current BVPS (EUR) 32.69towards the sustainable earnings power of the Commercial Aircraft division. In our view, the Source: Bloomberg

market continues to underestimate the degree of operating leverage on the A320 family.