Guillaume Faury, the boss of Airbus, unveiled a very ambitious roadmap to his equipment suppliers on increasing his production capacities. The stability recommended at the end of March could be exchanged for a certificate better suited to the evolution of the action.
After having erred on the side of caution at the start of the year, the boss of Airbus, Guillaume Faury, readjusted his speech. The commercial aviation sector is starting to restart and the European consortium plans from the second quarter of 2023 to produce more single-aisle aircraft of the A320 family than before the crisis in 2019. A prospect that the firm of consulting Alix Partners for example did not anticipate before 2024 and which could lead Airbus to remove 1000 aircraft from its factories per year (against 863 aircraft in 2019). In the meantime, the group, which produces 40 A320s per month, is preparing to increase its speed to 45 in the last quarter of this year to bring it to 64 planes in the second quarter of 2023 and 70 in early 2024. It has warned its suppliers to be prepared for this ramp-up to avoid bottlenecks. Too conservative in our opinion in its objectives for the year with stable deliveries of devices, current operating income of 2 billion euros (the market is already anticipating 2.7 billion) and generation of net cash flow at balance, the group should raise them during the year and thus fuel the continued rebound of the stock on the stock market
The principle of stability: all or nothing
On March 22, on this site, we had proposed on this site for “stock market derivatives advice” the purchase at 9.29 euros of a stability issued by Societe Generale (code: DE000SD4C3S0) with limits of 60 euros for the lowest and 130 euros for the highest and a deadline fixed on June 18, 2021. There is no point in waiting for the maturity of the certificate to be reimbursed at 10 euros. It is already worth 9.90 euros and generates a gain of 6.5% over two months. We therefore recommend reselling it at 9.90 euros to position ourselves on a better adapted stability and with a greater upside potential. The one selected is still issued by Société Générale with a deadline set on September 17, 2021 and two terminals located at 80 euros and 140 euros. The mechanism remains the same: the product will be reimbursed 10 euros at maturity provided that the Airbus share continues to move between these two limits until then. Given its purchase price of 8.34 euros, it is likely to deliver a capital gain of 19.9% in four months. But beware of the risk. This is far from neutral since the certificate will instantly lose all of its value in the event of an exit from the Airbus share through the top or the bottom of the fluctuation zone defined by the two limits.
Our advice: buy an Airbus stability issued by Société Générale (code: DE000SF0P9S1); deadline: September 17, 2021; terminals: 80/140 euros; price: 8.34 euros; amount: 1