转型中期，但运营风险仍存；重申减持

研报英文原文证据摘录

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M

Update

August 14, 2026 07:32 PM GMT

CAE Inc. | North America

Morgan Stanley & Co. LLC

Kristine T Liwag

Equity Analyst

Mid-Transformation, but

Operational Risks Remain;

Reiterate UW

Jason T Holcomb

Research Associate

Justin M Lang

Equity Analyst

Gabrielle Knafelman

Research Associate

CAE posted a 1FQ27 EPS beat, but commercial margins

remained pressured by Middle East disruption and

transformation investments. We like the transformation

progress & end-market exposure but see better risk/reward

elsewhere given continued execution and Middle East risks.

Reiterate UW / PT C$37.

Research Associate

Kyle Benvenuto

Research Associate

CAE Inc. (CAE.TO, CAE CT)

Aerospace | United States of America

However, margins were slightly below cons., & the company reaffirmed guidance.

Stock Rating

Industry View

Price target

Shr price, close (Aug 13, 2026)

Mkt cap, curr (mm)

52-Week Range

Segment trends mixed: Defense continues to improve, while commercial adj. op.

Fiscal Year Ending

margin declined ~370bps y/y from Middle East impacts & transformation

EPS (C$)**

Prior EPS (C$)**

P/E

EPS (C$)§

Div yld (%)

Key Takeaways

CAE reported Adj. EPS ~12% above cons., from rev. & below-the-line items.

investments.

Middle East disruption remains a key Civil headwind, pressuring margins through

lower utilization, disruption mitigation costs, and credit-related charges.

Shaina C Zuber

Underweight

Attractive

C$37.00

C$36.60

C$11,775

C$47.65-31.42

03/26 03/27e 03/28e 03/29e

1.20

36.2

1.19

0.0

1.21

29.5

1.24

0.0

1.43

25.3

1.45

0.1

1.66

21.9

1.76

0.3

we see other higher risk/reward ways to play the commercial upcycle. Remain

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

UW.

Quarterly EPS (C$)

We update our model for management commentary and 1FQ27 results. We

Quarter

2026

maintain our PT of C$37.

Q1

Q2

Q3

Q4

0.21

0.23

0.34

0.42

We like CAE’s transformation progress & end markets, but with cont’d op. risks,

Progress on Operational Improvements, but Execution Risks Remain

…