Morgan Stanley | Although April deliveries (56) represent a slowdown in annual delivery growth (192, down 5%), if we take into account the 25 aircraft that management pointed out at the AGM in mid-April, production totals 217 units, representing 7% growth year-on-year and in line with guidance for the full year. Regarding tariffs, management’s message that the current guidance may already be reflecting the direct impact of tariffs (i.e., returning to original levels after the 90-day pause) is more bullish than expected. In this regard, the share price is only 3% down compared to pre-Liberation Day, which seems to reflect some optimism that the aerospace industry will be exempt from tariffs. Furthermore, Airbus has valuation support, as it is trading at 9.5x EV/EBIT 2027, below its long-term average (11x) and below Boeing (18x).
Airbus production totals 217 units through April, year-to-date increase of 7%, in line with guidance for full year
