Browsing by Author "Chiaro, Federico"
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- Equity valuation : Airbus SEPublication . Chiaro, Federico; Martins, José TudelaThis document provides a commercial, financial, and valuation analysis of Airbus, one of Europe’s leading manufacturers of commercial and military aircraft, satellites, and helicopters. The core of this report is centered around an intrinsic valuation, primarily using a Discounted Cash Flow (DCF) model. Two approaches have been adopted to estimate the Terminal Value (TV): the perpetuity growth method and the exit multiple method based on EV/EBITDA. Additionally, a relative valuation based on comparable companies has been included, though given less weight, utilizing EV/EBITDA and EV/Sales multiples. The weighted average of these methodologies yields a fair value of €147.29, essentially aligned with Airbus’ market share price of €147.14 as of the valuation date (April 30, 2025). This supports a Hold recommendation for investors. The valuation is underpinned by Airbus’s anticipated production ramp-up, driven by the substantial backlog of orders accumulated post-pandemic. The analysis suggests that company’s expected growth is already reflected in the current market price. Lastly, these findings have been contrasted with an independent equity report by AlphaValue, which recommends a Buy, although their valuation incorporates different methods and underlying assumptions.