Deutsche Bank | Christophe Menard: Airbus (AIR) successfully met its revised delivery forecasts for 2025 thanks to an unprecedented rebound of 102 aircraft in the second half of December, demonstrating its resilience and ability to ramp up production ahead of 2026.
This strong performance warrants a longer-term valuation assessment, shifting the focus to 2028. Accordingly, we have raised our target price from £222 to £250, reflecting the shift to the 2028 valuation horizon.
The appointment of Lars Wagner as CEO of Airbus Commercial is expected to improve operational efficiency. The company is expected to publish conservative forecasts for the 2026 financial year, with the 30 undelivered aircraft from 2025 as a potential upside factor.
Greater confidence in production increase for 2026-2028; target €222 to €250. Last close: €216.15. Buy.
