ENXTPA:AM

Stock Analysis Report

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Executive Summary

Dassault Aviation SA engages in the aeronautical business in France, the Americas, and internationally. More Details


Snowflake Analysis

Undervalued with excellent balance sheet.


Similar Companies

Share Price & News

How has Dassault Aviation's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: AM is not significantly more volatile than the rest of French stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: AM's weekly volatility (6%) has been stable over the past year.


Market Performance


7 Day Return

2.2%

AM

1.6%

FR Aerospace & Defense

0.8%

FR Market


1 Year Return

-26.3%

AM

-24.6%

FR Aerospace & Defense

-2.7%

FR Market

Return vs Industry: AM underperformed the French Aerospace & Defense industry which returned -26% over the past year.

Return vs Market: AM underperformed the French Market which returned -3.4% over the past year.


Shareholder returns

AMIndustryMarket
7 Day2.2%1.6%0.8%
30 Day25.0%31.3%11.0%
90 Day18.9%26.7%10.1%
1 Year-26.3%-26.3%-24.6%-24.6%-0.7%-2.7%
3 Year-26.4%-28.3%13.6%10.0%17.3%7.7%
5 Year-4.3%-8.7%51.7%41.3%45.4%25.6%

Long-Term Price Volatility Vs. Market

How volatile is Dassault Aviation's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Dassault Aviation undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: AM (€930) is trading below our estimate of fair value (€10018.69)

Significantly Below Fair Value: AM is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: AM is good value based on its PE Ratio (15.7x) compared to the FR Aerospace & Defense industry average (24.8x).

PE vs Market: AM is good value based on its PE Ratio (15.7x) compared to the French market (21x).


Price to Earnings Growth Ratio

PEG Ratio: AM is good value based on its PEG Ratio (0.6x)


Price to Book Ratio

PB vs Industry: AM's PB Ratio (1.8x) is in line with the FR Aerospace & Defense industry average.


Next Steps

Future Growth

How is Dassault Aviation forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

26.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AM's forecast earnings growth (26.3% per year) is above the savings rate (0.6%).

Earnings vs Market: AM's earnings (26.3% per year) are forecast to grow faster than the French market (25.1% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: AM's revenue is expected to decline over the next 3 years (-3.1% per year).

High Growth Revenue: AM's revenue is forecast to decline over the next 3 years (-3.1% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AM's Return on Equity is forecast to be low in 3 years time (11.5%).


Next Steps

Past Performance

How has Dassault Aviation performed over the past 5 years?

22.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AM has high quality earnings.

Growing Profit Margin: AM's current net profit margins (7.1%) are lower than last year (10.8%).


Past Earnings Growth Analysis

Earnings Trend: AM has become profitable over the past 5 years, growing earnings by 22.8% per year.

Accelerating Growth: AM's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: AM had negative earnings growth (-30%) over the past year, making it difficult to compare to the Aerospace & Defense industry average (-36%).


Return on Equity

High ROE: AM's Return on Equity (11.5%) is considered low.


Next Steps

Financial Health

How is Dassault Aviation's financial position?


Financial Position Analysis

Short Term Liabilities: AM's short term assets (€11.1B) exceed its short term liabilities (€9.9B).

Long Term Liabilities: AM's short term assets (€11.1B) exceed its long term liabilities (€251.7M).


Debt to Equity History and Analysis

Debt Level: AM's debt to equity ratio (3.4%) is considered satisfactory.

Reducing Debt: AM's debt to equity ratio has reduced from 34.6% to 3.4% over the past 5 years.

Debt Coverage: AM's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: AM's interest payments on its debt are well covered by EBIT (14.5x coverage).


Balance Sheet


Next Steps

Dividend

What is Dassault Aviation current dividend yield, its reliability and sustainability?

2.01%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate AM's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate AM's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if AM's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if AM's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: AM is not paying a notable dividend for the French market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of AM's dividend in 3 years as they are not forecast to pay a notable one for the French market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.8yrs

Average management tenure


CEO

Éric Trappier (60 yo)

7.83yrs

Tenure

€3,017,516

Compensation

Mr. Eric Trappier has been the Chairman of the Board and Chief Executive Officer at Dassault Aviation SA since January 9, 2013. Mr. Trappier served as Executive Vice President of International at Dassault ...


CEO Compensation Analysis

Compensation vs Market: Éric's total compensation ($USD3.59M) is about average for companies of similar size in the French market ($USD3.58M).

Compensation vs Earnings: Éric's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Éric Trappier
Chairman & CEO7.83yrs€3.02m0.032%
€ 2.4m
Loïk Segalen
Chief Operating Officer7.83yrs€2.54m0.028%
€ 2.1m
Denis Dassé
Chief Financial Officer3.75yrsno datano data
Jean Sass
Chief Information Officer & Chief Digital Officerno datano datano data
Stéphane Fort
Chief Communication Officerno datano datano data
Claude Defawe
Vice President of Sales & Marketingno datano datano data
Philippe Massot
Senior Vice President of Salesno datano datano data
Valérie Guillemet
Director of Human Resources1.33yrsno datano data
Gérald Maria
Senior Executive Vice President of Total Quality3.75yrsno datano data
Benoît Berger
Senior Executive Vice President of Procurement & Purchasing3.75yrsno datano data
Bruno Chevalier
Senior Executive Vice President of Military Customer Support3.75yrsno datano data
Yves Petit
Senior Vice President of Human Resources1.33yrsno datano data

3.8yrs

Average Tenure

Experienced Management: AM's management team is considered experienced (3.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Éric Trappier
Chairman & CEO7.83yrs€3.02m0.032%
€ 2.4m
Charles Edelstenne
Honorary Chairmanno data€44.00k0.00081%
€ 61.8k
Henri Proglio
Independent Director12.58yrs€50.00k0.00032%
€ 24.4k
Olivier Dassault
Director24.58yrs€34.67k0.00031%
€ 23.6k
Lucia Sinapi-Thomas
Independent Director6.5yrs€44.00k0.00031%
€ 23.6k
Mathilde Lemoine
Independent Director3.67yrs€38.00k0.00030%
€ 22.9k
Marie-Hélène Habert-Dassault
Director6.5yrs€34.67k0.00030%
€ 22.9k
Richard Bédère
Employee Representative Director6.33yrs€38.00kno data
Catherine Dassault
Director3.67yrs€38.00k0.00031%
€ 23.6k

6.5yrs

Average Tenure

60yo

Average Age

Experienced Board: AM's board of directors are considered experienced (6.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Dassault Aviation SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Dassault Aviation SA
  • Ticker: AM
  • Exchange: ENXTPA
  • Founded:
  • Industry: Aerospace and Defense
  • Sector: Capital Goods
  • Market Cap: €7.625b
  • Shares outstanding: 8.32m
  • Website: https://www.dassault-aviation.com

Number of Employees


Location

  • Dassault Aviation SA
  • 9, Rond-point des Champs-ElysEes
  • Marcel Dassault
  • Paris
  • Ile-de-France
  • 75008
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AMENXTPA (Euronext Paris)YesOrdinary SharesFREURJan 1992
0IAXLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
DUAV.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
AMPBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992
DAUDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
AM NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNJan 1992
DAAVWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJan 1992

Biography

Dassault Aviation SA engages in the aeronautical business in France, the Americas, and internationally. The company designs and builds military aircraft, business jets, and space systems. It offers Rafale,...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/25 21:19
End of Day Share Price2020/11/24 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.