BancoSabadell: At the beginning of the week, the aeronautical company announced the delivery of 55 aircraft in September (compared to 52 in August ’23 and 55 in September ’22), bringing total deliveries in 2023 to 488 (against 437 in August ’22; +12%). On the other hand, a total of 23 new orders and no cancellations were recorded during the month. Considering cancellations for the year as a whole, net orders through September’23 stand at 1,241 (versus 647 in September’22).
Assessment: The deliveries data published yesterday by Airbus is fully in line with the market rumours of the last days, so we do not expect any impact on the share price today. After the good evolution in the last months, September’s figure shows some stagnation against the same month last year, but we think that the delivery target (720 aircraft compared to 725 BS(e)) is achievable. Specifically, AIR is expected to deliver 232 aircraft in the remainder of the year, which compares to 226 aircraft delivered in that period in 2022, and we recall that the last few months were heavily affected by supply chain issues. On the positive side, we again highlight the good order intake, which stands at around 2x for the year against the same period in 2022.
