Announcement • May 01
Latécoère S.A., Annual General Meeting, Jun 04, 2026 Latécoère S.A., Annual General Meeting, Jun 04, 2026. Location: 135 rue de periole, toulouse France Announcement • Apr 14
Latecoere Showcases Next-Generation Cabin Video Solutions Latecoere, a Tier-1 partner to aerospace manufacturers, will participate in the Aircraft Interiors Expo (AIX), taking place from April 14 to 16, 2026, in Hamburg, Germany. The Group’s Systems business unit will highlight its latest innovations in airborne video network solutions, designed to enhance both aircraft operations and the passenger experience. At this year’s edition, Latecoere will highlight its comprehensive and scalable video solutions, combining advanced surveillance capabilities with immersive in-flight entertainment. With over 25 years of expertise in turning breakthrough video technologies into certified flight-ready solutions, and serving more than 70 airlines worldwide, the Group’s Systems business unit continues to support operators and manufacturers in improving efficiency, safety, and passenger satisfaction. Among the innovations discussed at AIX, Latecoere will introduce visitors to its VVIP & Business Smart Monitors, offering seamless integration of a wide and evolving suite of onboard entertainment software applications; and latest-generation video systems, including the 4K Side View Camera – an innovative solution designed to democratize the window-seat experience. Easy to integrate into existing cabin architectures and compatible with major in-flight entertainment systems, this technology enables every passenger to enjoy real-time external views, contributing to a more engaging and premium journey. In addition, Latecoere will announce new collaborations with key partners, further reinforcing its commitment to enhancing the passenger experience through innovation and cooperation. Visitors can meet the Latecoere team at Hall B3 – Booth #3C35C to discover how its solutions are shaping the future of onboard video systems. Reported Earnings • Apr 08
Full year 2025 earnings released Full year 2025 results: Revenue: €757.2m (up 6.8% from FY 2024). Net loss: €32.1m (loss narrowed 47% from FY 2024). Reported Earnings • Sep 28
First half 2025 earnings released First half 2025 results: Revenue: €374.6m (up 6.4% from 1H 2024). Net loss: €6.83m (loss narrowed 86% from 1H 2024). New Risk • Sep 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€40m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable next year (€13m net loss next year). Announcement • Aug 05
Cicor Technologies Ltd. (SWX:CICN) completed the acquisition of Malaga Aerospace, Defense and Electronics Systems, S.A.U. from Latécoère S.A. (ENXTPA:LAT). Cicor Technologies Ltd. (SWX:CICN) signed an agreement to acquire Malaga Aerospace, Defense and Electronics Systems, S.A.U. from Latécoère S.A. (ENXTPA:LAT) on April 4, 2025. As part of the acquisition, Cicor Technologies Ltd will acquire 100% stake in Malaga Aerospace, Defense and Electronics Systems, S.A.U. The transaction will be financed from existing credit lines. For the period ending December 31, 2024, Malaga Aerospace, Defense and Electronics Systems, S.A.U. reported total revenue of €29 million.
The transaction is subject to regulatory filings and approvals in the relevant jurisdictions, including the approval by the Spanish Council of Ministers pursuant to defense foreign direct investment regulations. The transaction is is expected in the second half of 2025. Lincoln International SAS acted as financial advisor to Latécoère S.A. Baker & McKenzie SCP acted as legal advisor to Latécoère S.A. CMS Albiñana & Suárez de Lezo, S.L.P. led by Luis Miguel de Dios acted as legal advisor for Cicor Technologies Ltd. Crowe Spain led by Fernando Segú and Jaime Peiro acted as due diligence provider for Cicor Technologies Ltd. CMS Hasche Sigle Partnerschaft von Rechtsanwälten und Steuerberatern mbB led by Hendrick Hirsch acted as legal advisor for Cicor Technologies Ltd.
Cicor Technologies Ltd. (SWX:CICN) completed the acquisition of Malaga Aerospace, Defense and Electronics Systems, S.A.U. from Latécoère S.A. (ENXTPA:LAT) on August 4, 2025. following the fulfillment of all conditions precedent to the closing of the transaction, Latecoere (Paris:LAT) confirms the completion of the sale to the Cicor Group. New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€40m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-€40m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable next year (€13m net loss next year). Share price has been volatile over the past 3 months (9.5% average weekly change). Major Estimate Revision • Jun 06
Consensus EPS estimates increase from loss to €0.00 profit The consensus outlook for fiscal year 2025 has been updated. 2025 forecast for profit of -€0.001 instead of a loss of €0.00 per share previously. Revenue forecast unchanged at €695.5m. Aerospace & Defense industry in France expected to see average net income growth of 38% next year. Consensus price target of €0.01 unchanged from last update. Share price rose 5.8% to €0.015 over the past week. Announcement • May 02
Latécoère S.A., Annual General Meeting, Jun 06, 2025 Latécoère S.A., Annual General Meeting, Jun 06, 2025. Location: 135 rue de periole, toulouse France Announcement • Apr 04
Cicor Technologies Ltd. (SWX:CICN) signed an agreement to acquire Malaga Aerospace, Defense and Electronics Systems, S.A.U. from Latécoère S.A. (ENXTPA:LAT). Cicor Technologies Ltd. (SWX:CICN) signed an agreement to acquire Malaga Aerospace, Defense and Electronics Systems, S.A.U. from Latécoère S.A. (ENXTPA:LAT) on April 4, 2025. As part of the acquisition, Cicor Technologies Ltd will acquire 100% stake in Malaga Aerospace, Defense and Electronics Systems, S.A.U. The transaction will be financed from existing credit lines. For the period ending December 31, 2024, Malaga Aerospace, Defense and Electronics Systems, S.A.U. reported total revenue of €29 million.
The transaction is subject to regulatory filings and approvals in the relevant jurisdictions, including the approval by the Spanish Council of Ministers pursuant to defense foreign direct investment regulations. The transaction is is expected in the second half of 2025. Lincoln International SAS acted as financial advisor to Latécoère S.A. Baker & McKenzie SCP acted as legal advisor to Latécoère S.A. New Risk • Mar 20
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: €62m Forecast net loss in 1 year: €13m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable next year (€13m net loss next year). Announcement • Feb 06
Latecoere Announces Director Changes At its meeting on 4 February 2025 Latecoere's Board of Directors unanimously agreed to appoint Jenette Ramos as non-executive director to replace Samantha Marnick who recently started an executive position within the Group as President of Latecoere Americas. Jenette Ramos brings extensive aerospace supply chain and operations experience having worked for Boeing for over 30 years. In her final role at Boeing, Jenette was SVP of Manufacturing, Supply Chain and Operations reporting into the CEO as a member of the Executive Council. She has deep knowledge of the end-to-end aerospace supply chain and operations across both commercial and defense segments. She has a particularly strong understanding of Aerostructures and component manufacturing from her time as Business Unit Director, Integrated Aerostructures and Vice President of Fabrication. Jenette is currently vice-chairperson of the Board of Regents for Washington State University and the lead director for the Beneficial State Bank Board. Jenette has been recognized by peer, industry, and academia with several distinguished awards including the “Top 20 women in aerospace”. She has a Bachelor of Science degree from Washington State University, a master's degree in business from Seattle Pacific University and completed the Harvard Business School Advanced Management Program. She is an active mentor connected to multiple philanthropic organizations. Announcement • Dec 24
Latécoère S.A. Provides Revenue Guidance for the Year 2024 Latécoère S.A. provided revenue guidance for the year 2024. For the year, the company expects increased revenue growth. Announcement • Dec 17
Latecoere Appoints Yves Yemsi as Group Chief Operating Officer & President EMEA, Effective February 1, 2025 Latecoere announce the appointment of Yves Yemsi as its new Group Chief Operating Officer (COO) & President EMEA, effective February 1, 2025. He will report to the Group CEO, André-Hubert Roussel. Yves Yemsi brings over 30 years of experience in the aerospace and advanced manufacturing industries, with a proven track record in industrialization, supply chain optimization, and operational excellence. He has held key executive positions at major player such as Airbus, Flextronics, and, more recently, Lilium, where he served as Chief Operating Officer, leading the industrialization and global supply chain development of innovative electrical aircraft. At Airbus, Yves Yemsi held several executive positions, including Senior Vice President of Procurement and Vice President of Quality for the groundbreaking A350XWB program. His expertise spans manufacturing ramp-ups, supplier partnerships, and quality assurance, with a strong focus on cost efficiency, innovation and digitalization. Yves Yemsi’s extensive international experience and visionary leadership will support Latecoere in its mission to deliver cutting-edge aerostructures and interconnection systems to clients worldwide. His appointment comes as Latecoere continues to expand its global presence and operational capabilities in response to evolving market demands. Yves holds an engineering degree in Aeronautics from ISAE-ENSICA and an MBA in Corporate Finance from Santa Clara University. He has also completed executive education at MIT, focusing on strategic innovation. Reported Earnings • Dec 12
Full year 2023 earnings released: EPS: €0.003 (vs €1.76 loss in FY 2022) Full year 2023 results: EPS: €0.003 (up from €1.76 loss in FY 2022). Revenue: €622.8m (up 33% from FY 2022). Net income: €4.75m (up €91.4m from FY 2022). Profit margin: 0.8% (up from net loss in FY 2022). Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Aerospace & Defense industry in France. Announcement • Nov 14
Latecoere Announces Appointment of André-Hubert Roussel as CEO Latecoere announced that the Board of Directors, on the recommendation of the Nominations, Remuneration and CSR Committee, appointed André-Hubert Roussel as the company’s new Chief Executive Officer, effective November 14, 2024. André-Hubert Roussel is an experienced and respected leader in the aerospace and defence industry with a reputation for building strong teams and running complex engineering and manufacturing organizations. He brings over 20 years of experience in the aerospace and defence industry, having most recently served as the CEO of ArianeGroup, the prime contractor for Ariane satellite launchers and the French nuclear deterrence missiles. He was previously Head of Operations at Airbus Defense and Space where he successfully turned around the delivery of the A400M aircraft. In both of those roles André-Hubert gained experience managing global teams and working with a broad range of international customers. Before assuming those duties, André-Hubert was Head of Engineering, Operations and Quality for the Space Systems business line inside Airbus Defense and Space. He also has experience driving innovation having originally started his career in Research, Technology & Development and having driven the innovation agenda at Airbus Defense & Space. André-Hubert is a French national and holds a degree in Engineering from École Polytechnique and École Nationale Supérieure des Télécommunications. New Risk • Oct 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €88.7m (US$96.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Share price has been highly volatile over the past 3 months (14% average weekly change). Negative equity (-€23m). Shareholders have been substantially diluted in the past year (over 232x increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€27m net loss in 3 years). Market cap is less than US$100m (€88.7m market cap, or US$96.1m). New Risk • Sep 20
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-€23m). Shareholders have been substantially diluted in the past year (over 232x increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (€27m net loss in 3 years). Announcement • Apr 27
Latecoere Announces Board Changes Latecoere at its meeting on April 26, 2024, the Board of Directors unanimously appointed Samantha Marnick and June du Halgouet as non-independent directors to the board replacing Helen Lee Bouygues and Caroline Catoire, who resigned from their directorships. Both Samantha and June bring extensive experience in the aerospace industry across Europe and North America to the Latecoere board. Samantha Marnick served as President of Spirit AeroSystems’ commercial division and Chief Operating Officer for the group in her last executive role. During her 17 years at Spirit she worked across commercial, operations and human capital aspects of the business and will be able to bring to this extensive experience to the Latecoere team. Prior to joining Spirit AeroSystems, Samantha was at Mercer Human Resources Consulting for nine years. June du Halgouet is currently the Executive Vice President, Transformation at KNDS. Previously she was Senior Vice President, Head of Corporate Strategy, M&A and post-merger integration at Airbus Group. During her 16 years at Airbus (and previously EADS) she worked on major M&A deals and worked on the group corporate strategy. June brings deep knowledge of the aerospace landscape and experience of striking M&A deals and driving successful integration. Prior to Airbus /EADS, she was at Ernst & Young for seven years and Grant Thornton for nine years. In accordance with current regulations, the appointments of Samantha Marnick and June du Halgouet will be submitted to ratification of the next Annual Shareholders' Meeting of Latecoere. The ratios for male-female representation and independence on the Board of Directors remain unchanged. New Risk • Apr 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Negative equity (-€23m). Shareholders have been substantially diluted in the past year (over 232x increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (€36m net loss in 2 years). New Risk • Jan 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 232x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (76% average daily change). Negative equity (-€23m). Shareholders have been substantially diluted in the past year (over 232x increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (€44m net loss in 2 years). New Risk • Nov 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €637.3k (US$684.4k) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (58% average weekly change). Negative equity (-€23m). Market cap is less than US$10m (€637.3k market cap, or US$684.4k). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (€59m net loss in 2 years). Announcement • Nov 02
Latécoère S.A. has filed a Follow-on Equity Offering in the amount of €108.201371 million. Latécoère S.A. has filed a Follow-on Equity Offering in the amount of €108.201371 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,820,137,070
Price\Range: €0.01
Transaction Features: Rights Offering Announcement • Oct 14
Latécoère S.A. Announces Chief Executive Changes Latecoere, S. A announced that the Board of Directors, on the recommendation of the Nominations, Remuneration and CSR Committee, appointed Greg Huttner as the company’s new Chief Executive Officer. Greg Huttner joined the Latecoere Group in 2020 and has played a critical role to help the company navigate through the depths of COVID and to bounce back as the industry ramps up to deliver on the significant aircraft order-book of end customers. Latecoere has had a strong start to the year with revenue growing 42.9%. Notwithstanding this, a huge amount of work is still underway to navigate inflationary pressure and on-going supply chain challenges. This change will enable the company to accelerate and fully deliver on its plan to secure the ramp-up in production required by customers on the back of the recapitalization, which was announced before the summer and is currently underway. Thierry Mootz who combined the function of Chairman of the Board of Directors and Chief Executive Officer will continue to serve and act as non-executive Chairman of the Board of Directors starting immediate. Greg Huttnerfirst joined Latecoere as a member of the Board of Directors and member of its Strategy Committee in June 2019. He was appointed member of the Executive Committee of the Group and General Manager of the Aerostructures Division in March 2020, additionally Deputy Group CEO in August 2021 and General Manager of the Interconnection Systems Division in November 2022. Since joining the company, he led the operational transformation of both divisions to a more competitive and agile organization in a challenging post-Covid environment, whilst completing transformative acquisitions for the Aerostructures Division. Furthermore he engaged the development of the group’s industrial footprint around its Eastern European and Mexican clusters, whilst continuing to invest in engineering through the Composite Development Center. Finally he expanded the business across both divisions, with gains at Airbus (A321 XLR), Boeing (737 MAX and 767) as well as new customers for the Group such as Pratt & Whitney, Heart Aerospace and Deutsche Aircraft. Announcement • Oct 13
Latécoère S.A. Reaffirms Financial Guidance for the Year 2023 Latécoère S.A. reaffirmed financial guidance for the year 2023. The company’s management confirms its expectation of ca. 35% full year revenue growth in 2023 on a reported basis. Major Estimate Revision • Sep 27
Consensus EPS estimates fall by 93%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €591.7m to €631.0m. Forecast EPS reduced from -€0.75 to -€1.45 per share. Aerospace & Defense industry in France expected to see average net income growth of 27% next year. Consensus price target down from €2.50 to €1.83. Share price fell 7.1% to €0.79 over the past week. New Risk • Sep 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 9x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (50% average weekly change). Negative equity (-€23m). Shareholders have been substantially diluted in the past year (over 9x increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€106m). Currently unprofitable and not forecast to become profitable over next 2 years (€17m net loss in 2 years). Reported Earnings • Sep 20
First half 2023 earnings released First half 2023 results: Revenue: €309.5m (up 27% from 1H 2022). Net loss: €59.2m (loss widened 117% from 1H 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Aerospace & Defense industry in France. Buying Opportunity • Aug 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 51%. The fair value is estimated to be €0.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings is also forecast to grow by 65% per annum over the same time period. Buying Opportunity • Aug 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 46%. The fair value is estimated to be €0.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings is also forecast to grow by 65% per annum over the same time period. New Risk • Aug 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €76.0m (US$83.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€9.1m net loss in 3 years). Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (€76.0m market cap, or US$83.4m). Announcement • Jul 29
Latecoere Announces Management Changes Latecoere announced that after the Annual General Meeting held on July 26, 2023, elected Thierry MOOTZ, currently the Chief Executive Officer, as the new Chairman of the Board. The Board has decided to combine the functions of Chairman of the Board and Chief Executive Officer, hence Thierry MOOTZ’s combined function. The Board of Directors also decided to adapt the composition of its committees as follows: Audit and Risks Committee: Chair: Laurence DORS, independent director, Members: Ralf ACKERMANN and Helen LEE BOUYGUES. Pierre GADONNEIX being not replaced. Appointments, Compensation and CSR Committee: Chair: Helen LEE BOUYGUES; Members: Christophe VILLEMIN and Ralf ACKERMANN in replacement of Pierre GADONNEIX. Reported Earnings • Jul 07
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: €0.18 loss per share (improved from €0.40 loss in FY 2021). Revenue: €469.3m (up 25% from FY 2021). Net loss: €86.7m (loss narrowed 22% from FY 2021). Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Aerospace & Defense industry in France. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Announcement • Jun 24
Latécoère S.A. Announces Board Changes On the recommendation of the Nominations, Remuneration and CSR Committee, the Board of Directors of Latécoère S.A. has proposed to the next Annual General Meeting, to be held on July 26, 2023 at 10:00 a.m., the appointment of Thierry Mootz as a director to replace Pierre Gadonneix, whose term of office is due to expire on reaching the age limit stipulated in the Company's bylaws. Announcement • May 09
Latécoère S.A. announced that it expects to receive €45 million in funding Latécoère S.A. announced that it will received €45 million of loan under recapitalization agreement on May 8, 2022. The transaction will include participation from funds advised by returning lender Searchlight Capital Partners, L.P. Reported Earnings • Mar 27
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: €0.18 loss per share (improved from €0.40 loss in FY 2021). Revenue: €469.3m (up 25% from FY 2021). Net loss: €86.7m (loss narrowed 22% from FY 2021). Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Aerospace & Defense industry in France. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to €0.38 Down from €0.45, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €0.38. Stock is down 31% over the past year. The company is forecast to post a net loss per share of €0.059 next year compared to a net loss per share of €0.40 last year. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Laurence Dors was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Major Estimate Revision • Sep 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €454.8m to €475.1m. Forecast EPS reduced from -€0.05 to -€0.06 per share. Aerospace & Defense industry in France expected to see average net income growth of 11% next year. Consensus price target down from €0.45 to €0.38. Share price fell 3.6% to €0.35 over the past week. Breakeven Date Change • Sep 27
No longer forecast to breakeven The 2 analysts covering Latécoère no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €1.43m in 2023. New consensus forecast suggests the company will make a loss of €681.9k in 2023. Price Target Changed • Sep 26
Price target decreased to €0.38 Down from €0.45, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €0.37. Stock is down 35% over the past year. The company is forecast to post a net loss per share of €0.053 next year compared to a net loss per share of €0.40 last year. Reported Earnings • Sep 21
First half 2022 earnings released: EPS: €0 (vs €0.57 loss in 1H 2021) First half 2022 results: EPS: €0 (improved from €0.57 loss in 1H 2021). Revenue: €243.1m (up 36% from 1H 2021). Net loss: €27.3m (loss narrowed 49% from 1H 2021). Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Aerospace & Defense industry in France. Breakeven Date Change • Jul 20
Forecast to breakeven in 2023 The 2 analysts covering Latécoère expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €1.43m in 2023. Average annual earnings growth of 122% is required to achieve expected profit on schedule. Reported Earnings • Apr 27
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: €0.40 loss per share (up from €2.00 loss in FY 2020). Revenue: €376.8m (down 8.9% from FY 2020). Net loss: €111.0m (loss narrowed 42% from FY 2020). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 392%. Over the next year, revenue is forecast to grow 21%, compared to a 11% growth forecast for the industry in France. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 49% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (6 non-independent directors). Independent Chairman of the Board Pierre Gadonneix is the most experienced director on the board, commencing their role in 2015. Independent Director Laurence Dors was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €376.8m (down 8.9% from FY 2020). Net loss: €111.0m (loss narrowed 42% from FY 2020). Revenue exceeded analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 15%, compared to a 12% growth forecast for the industry in France. Reported Earnings • Sep 15
First half 2021 earnings released The company reported a decent first half result with reduced losses and improved control over expenses, although revenues were weaker. First half 2021 results: Revenue: €178.9m (down 23% from 1H 2020). Net loss: €53.6m (loss narrowed 43% from 1H 2020). Executive Departure • Sep 03
Chief Financial Officer Michel Abaza has left the company During their tenure, earnings grew by 29% annually compared to the industry average, which went down by 32%. We don't have any record of a personal shareholding under Michel's name. Michel is the only executive to leave the company over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Major Estimate Revision • Aug 05
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 losses forecast to reduce from -€0.34 to -€0.12 per share. Revenue forecast unchanged from €372.2m at last update. Aerospace & Defense industry in France expected to see average net income growth of 8.9% next year. Consensus price target down from €1.30 to €0.83. Share price fell 13% to €0.54 over the past week. Price Target Changed • Apr 28
Price target decreased to €1.30 Down from €1.43, the current price target is an average from 3 analysts. New target price is 29% below last closing price of €1.83. Stock is down 2.4% over the past year. Major Estimate Revision • Mar 24
Consensus revenue estimates fall to €372.2m The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from €505.0m to €372.2m. Forecast losses increased from -€0.27 to -€0.31 per share. Aerospace & Defense industry in France expected to see average net income growth of 46% next year. Consensus price target of €1.33 unchanged from last update. Share price was steady at €1.98 over the past week. Reported Earnings • Mar 17
Full year 2020 earnings released: €2.00 loss per share (vs €0.35 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: €413.7m (down 42% from FY 2019). Net loss: €189.6m (loss widened 477% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Price Target Changed • Mar 16
Price target decreased to €1.33 Down from €1.47, the current price target is an average from 3 analysts. New target price is 34% below last closing price of €2.01. Stock is down 9.5% over the past year. Is New 90 Day High Low • Dec 07
New 90-day high: €2.10 The company is up 28% from its price of €1.64 on 08 September 2020. The French market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Aerospace & Defense industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.34 per share. Is New 90 Day High Low • Nov 16
New 90-day high: €2.05 The company is up 13% from its price of €1.82 on 18 August 2020. The French market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Aerospace & Defense industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.44 per share. Is New 90 Day High Low • Oct 15
New 90-day low: €1.19 The company is down 35% from its price of €1.82 on 17 July 2020. The French market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.33 per share. Major Estimate Revision • Sep 29
Analysts update estimates The company's losses in 2020 are expected to worsen with analysts lowering their consensus EPS forecasts from -€0.94 to -€1.13. Revenue estimate was approximately flat at €432.2m. The Aerospace & Defense industry in France is expected to see a 1.9% decline in net income next year. The consensus price target was lowered from €1.63 to €1.43. Share price is down by 9.5% to €1.24 over the past week. Is New 90 Day High Low • Sep 22
New 90-day low: €1.44 The company is down 33% from its price of €2.15 on 24 June 2020. The French market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.59 per share.