{"id":21342,"date":"2025-08-28T13:17:23","date_gmt":"2025-08-28T13:17:23","guid":{"rendered":"https:\/\/eavest.fr\/?post_type=eavestpedia&#038;p=21342"},"modified":"2025-08-28T13:23:44","modified_gmt":"2025-08-28T13:23:44","slug":"analyse-de-laction-airbus","status":"publish","type":"eavestpedia","link":"https:\/\/eavest.fr\/en\/eavestpedia\/analyse-de-laction-airbus\/","title":{"rendered":"Analyse de l&#8217;action Airbus"},"content":{"rendered":"<p><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/th.bing.com\/th\/id\/R.99b3e52e74903cbe3c903a278ad1c013?rik=mrn3VHu4od05lA&amp;riu=http%3a%2f%2fpluspng.com%2fimg-png%2fairbus-logo-vector-png-airbus-logo-vector-by-windytheplaneh-airbus-logo-vector-by-windytheplaneh-5656.png&amp;ehk=UVMmyJe%2f%2fFXmgA9aUIUfjsEKFHovXXFV6eRWBWfjSTg%3d&amp;risl=&amp;pid=ImgRaw&amp;r=0\" alt=\"Airbus Logo Vector PNG Transparent Airbus Logo Vector.PNG Images. | PlusPNG\" width=\"475\" height=\"377\" \/><\/p>\n<h2 data-start=\"175\" data-end=\"201\">Pr\u00e9sentation d\u2019Airbus<\/h2>\n<p data-start=\"203\" data-end=\"695\"><strong data-start=\"203\" data-end=\"216\">Airbus SE<\/strong> est un groupe a\u00e9ronautique et spatial europ\u00e9en, leader mondial dans la conception, la production et la commercialisation d\u2019avions commerciaux, d\u2019h\u00e9licopt\u00e8res civils et militaires, ainsi que dans les domaines de la d\u00e9fense et de l\u2019espace. Sa gamme couvre l\u2019ensemble du spectre a\u00e9ronautique, des monocouloirs A220 et A320neo aux gros-porteurs A350 et A380, en passant par les h\u00e9licopt\u00e8res civils H145 ou militaires NH90, et les programmes spatiaux (satellites, lanceurs Ariane).<\/p>\n<p data-start=\"697\" data-end=\"1084\">Airbus se distingue par un mod\u00e8le diversifi\u00e9, \u00e9quilibr\u00e9 entre <strong data-start=\"759\" data-end=\"781\">avions commerciaux<\/strong>, <strong data-start=\"783\" data-end=\"799\">h\u00e9licopt\u00e8res<\/strong> et <strong data-start=\"803\" data-end=\"823\">d\u00e9fense &amp; espace<\/strong>, qui lui permet de mieux absorber les cycles du secteur a\u00e9rien. Le groupe mise \u00e9galement sur la <strong data-start=\"920\" data-end=\"945\">transition \u00e9cologique<\/strong> (avion hydrog\u00e8ne d\u2019ici 2035, carburants durables) et sur la <strong data-start=\"1006\" data-end=\"1041\">digitalisation de la production<\/strong> pour maintenir son avance technologique.<\/p>\n<hr data-start=\"1086\" data-end=\"1089\" \/>\n<h2 data-start=\"1091\" data-end=\"1128\">Performances financi\u00e8res T2 2025<\/h2>\n<ul data-start=\"1130\" data-end=\"1528\">\n<li data-start=\"1130\" data-end=\"1189\">\n<p data-start=\"1132\" data-end=\"1189\"><strong data-start=\"1132\" data-end=\"1154\">Chiffre d\u2019affaires<\/strong> : 16,1 Md \u20ac (stable vs T2 2024).<\/p>\n<\/li>\n<li data-start=\"1190\" data-end=\"1230\">\n<p data-start=\"1192\" data-end=\"1230\"><strong data-start=\"1192\" data-end=\"1207\">EBIT ajust\u00e9<\/strong> : 1,58 Md \u20ac (+94 %).<\/p>\n<\/li>\n<li data-start=\"1231\" data-end=\"1271\">\n<p data-start=\"1233\" data-end=\"1271\"><strong data-start=\"1233\" data-end=\"1249\">R\u00e9sultat net<\/strong> : 732 M \u20ac (+218 %).<\/p>\n<\/li>\n<li data-start=\"1272\" data-end=\"1302\">\n<p data-start=\"1274\" data-end=\"1302\"><strong data-start=\"1274\" data-end=\"1281\">BPA<\/strong> : 0,93 \u20ac (+221 %).<\/p>\n<\/li>\n<li data-start=\"1303\" data-end=\"1528\">\n<p data-start=\"1305\" data-end=\"1321\"><strong data-start=\"1305\" data-end=\"1317\">Segments<\/strong> :<\/p>\n<ul data-start=\"1324\" data-end=\"1528\">\n<li data-start=\"1324\" data-end=\"1394\">\n<p data-start=\"1326\" data-end=\"1394\">Avions commerciaux : 11,3 Md \u20ac de CA (-6 %), EBIT 780 M \u20ac (-47 %).<\/p>\n<\/li>\n<li data-start=\"1397\" data-end=\"1453\">\n<p data-start=\"1399\" data-end=\"1453\">Helicopters : 2,1 Md \u20ac (+21 %), EBIT 171 M \u20ac (+8 %).<\/p>\n<\/li>\n<li data-start=\"1456\" data-end=\"1528\">\n<p data-start=\"1458\" data-end=\"1528\">Defence &amp; Space : 3,2 Md \u20ac (+22 %), EBIT 192 M \u20ac (vs perte en 2024).<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr data-start=\"1530\" data-end=\"1533\" \/>\n<h2 data-start=\"1535\" data-end=\"1572\">Performances financi\u00e8res S1 2025<\/h2>\n<ul data-start=\"1574\" data-end=\"2228\">\n<li data-start=\"1574\" data-end=\"1620\">\n<p data-start=\"1576\" data-end=\"1620\"><strong data-start=\"1576\" data-end=\"1598\">Chiffre d\u2019affaires<\/strong> : 29,6 Md \u20ac (+3 %).<\/p>\n<\/li>\n<li data-start=\"1621\" data-end=\"1660\">\n<p data-start=\"1623\" data-end=\"1660\"><strong data-start=\"1623\" data-end=\"1638\">EBIT ajust\u00e9<\/strong> : 2,2 Md \u20ac (+58 %).<\/p>\n<\/li>\n<li data-start=\"1661\" data-end=\"1702\">\n<p data-start=\"1663\" data-end=\"1702\"><strong data-start=\"1663\" data-end=\"1679\">R\u00e9sultat net<\/strong> : 1,53 Md \u20ac (+85 %).<\/p>\n<\/li>\n<li data-start=\"1703\" data-end=\"1732\">\n<p data-start=\"1705\" data-end=\"1732\"><strong data-start=\"1705\" data-end=\"1712\">BPA<\/strong> : 1,93 \u20ac (+86 %).<\/p>\n<\/li>\n<li data-start=\"1733\" data-end=\"1851\">\n<p data-start=\"1735\" data-end=\"1851\"><strong data-start=\"1735\" data-end=\"1779\">Free Cash Flow avant financement clients<\/strong> : \u20131,61 Md \u20ac (vs \u20130,53 Md \u20ac en 2024), plomb\u00e9 par les retards moteurs.<\/p>\n<\/li>\n<li data-start=\"1852\" data-end=\"2074\">\n<p data-start=\"1854\" data-end=\"1870\"><strong data-start=\"1854\" data-end=\"1866\">Segments<\/strong> :<\/p>\n<ul data-start=\"1873\" data-end=\"2074\">\n<li data-start=\"1873\" data-end=\"1939\">\n<p data-start=\"1875\" data-end=\"1939\">Avions commerciaux : 20,8 Md \u20ac (-2 %), EBIT 1,23 Md \u20ac (-38 %).<\/p>\n<\/li>\n<li data-start=\"1942\" data-end=\"1998\">\n<p data-start=\"1944\" data-end=\"1998\">Helicopters : 3,7 Md \u20ac (+16 %), EBIT 249 M \u20ac (+8 %).<\/p>\n<\/li>\n<li data-start=\"2001\" data-end=\"2074\">\n<p data-start=\"2003\" data-end=\"2074\">Defence &amp; Space : 5,8 Md \u20ac (+17 %), EBIT 161 M \u20ac (retour au positif).<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li data-start=\"2075\" data-end=\"2126\">\n<p data-start=\"2077\" data-end=\"2126\"><strong data-start=\"2077\" data-end=\"2090\">Commandes<\/strong> : 402 avions (vs 310 en H1 2024).<\/p>\n<\/li>\n<li data-start=\"2127\" data-end=\"2174\">\n<p data-start=\"2129\" data-end=\"2174\"><strong data-start=\"2129\" data-end=\"2143\">Livraisons<\/strong> : 306 avions (vs 323, \u20135 %).<\/p>\n<\/li>\n<li data-start=\"2175\" data-end=\"2228\">\n<p data-start=\"2177\" data-end=\"2228\"><strong data-start=\"2177\" data-end=\"2200\">Carnet de commandes<\/strong> : 8 754 appareils (+2 %).<\/p>\n<\/li>\n<\/ul>\n<hr data-start=\"2230\" data-end=\"2233\" \/>\n<h2 data-start=\"2235\" data-end=\"2267\">Points cl\u00e9s et perspectives<\/h2>\n<ul data-start=\"2269\" data-end=\"2869\">\n<li data-start=\"2269\" data-end=\"2426\">\n<p data-start=\"2271\" data-end=\"2426\">Airbus conserve une <strong data-start=\"2291\" data-end=\"2340\">position dominante sur l\u2019aviation commerciale<\/strong>, tout en voyant la division <strong data-start=\"2369\" data-end=\"2389\">D\u00e9fense &amp; Espace<\/strong> redevenir un moteur de croissance.<\/p>\n<\/li>\n<li data-start=\"2427\" data-end=\"2555\">\n<p data-start=\"2429\" data-end=\"2555\">Les <strong data-start=\"2433\" data-end=\"2452\">retards moteurs<\/strong> ont pes\u00e9 lourdement sur la tr\u00e9sorerie, avec pr\u00e8s de <strong data-start=\"2505\" data-end=\"2541\">60 avions \u00ab gliders \u00bb non livr\u00e9s<\/strong> \u00e0 fin juin.<\/p>\n<\/li>\n<li data-start=\"2556\" data-end=\"2707\">\n<p data-start=\"2558\" data-end=\"2707\">Le groupe maintient n\u00e9anmoins ses <strong data-start=\"2592\" data-end=\"2610\">objectifs 2025<\/strong> : ~820 livraisons, <strong data-start=\"2630\" data-end=\"2655\">EBIT ajust\u00e9 de 7 Md \u20ac<\/strong> et <strong data-start=\"2659\" data-end=\"2704\">FCF avant financement clients de 4,5 Md \u20ac<\/strong>.<\/p>\n<\/li>\n<li data-start=\"2708\" data-end=\"2869\">\n<p data-start=\"2710\" data-end=\"2869\">La <strong data-start=\"2713\" data-end=\"2739\">transition \u00e9nerg\u00e9tique<\/strong> (avion hydrog\u00e8ne, SAF) et les <strong data-start=\"2770\" data-end=\"2807\">programmes militaires et spatiaux<\/strong> devraient constituer des relais de croissance strat\u00e9giques.<\/p>\n<\/li>\n<\/ul>\n<hr data-start=\"2230\" data-end=\"2233\" \/>\n<h2><strong>Recommandations des analystes :<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Jefferies<\/strong> maintient son opinion <strong>acheteuse<\/strong> sur le titre. L&#8217;objectif de cours est inchang\u00e9 \u00e0 <strong>225<\/strong> <strong>EUR<\/strong>.<\/li>\n<li>Le conseil de <strong>MWB Research<\/strong> n&#8217;est plus \u00e0 vendre sur le dossier. Le broker est d\u00e9sormais <strong>neutre<\/strong>. L&#8217;objectif de cours est modifi\u00e9 \u00e0 la hausse et passe de <strong>142 EUR<\/strong> \u00e0 <strong>170 EUR<\/strong>.<\/li>\n<li><strong>Deutsche Bank<\/strong> a annonc\u00e9 vendredi avoir relev\u00e9 de <strong>185 \u00e0 186 EUR <\/strong>son objectif de cours sur Airbus suite \u00e0 des livraisons jug\u00e9es &#8216;rassurantes&#8217; au titre du mois de juillet, tout en renouvelant sa recommandation <strong>d&#8217;achat<\/strong> sur le titre.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-21343 size-full aligncenter\" src=\"https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151331.png\" alt=\"\" width=\"1210\" height=\"428\" srcset=\"https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151331.png 1210w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151331-300x106.png 300w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151331-1024x362.png 1024w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151331-768x272.png 768w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151331-1100x389.png 1100w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151331-800x283.png 800w\" sizes=\"(max-width: 1210px) 100vw, 1210px\" \/><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<h2><strong>Dividendes et pr\u00e9visions :<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-21347 size-full aligncenter\" src=\"https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151518.png\" alt=\"\" width=\"1203\" height=\"219\" srcset=\"https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151518.png 1203w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151518-300x55.png 300w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151518-1024x186.png 1024w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151518-768x140.png 768w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151518-1100x200.png 1100w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Capture-decran-2025-08-28-151518-800x146.png 800w\" sizes=\"(max-width: 1203px) 100vw, 1203px\" \/><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<h2><strong>Cours de l\u2019action Airbus au 28\/08\/2025 :<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-21349 aligncenter\" src=\"https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Graphique-Airbus.png\" alt=\"\" width=\"1330\" height=\"624\" srcset=\"https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Graphique-Airbus.png 4007w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Graphique-Airbus-300x141.png 300w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Graphique-Airbus-1024x481.png 1024w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Graphique-Airbus-768x361.png 768w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Graphique-Airbus-1536x721.png 1536w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Graphique-Airbus-2048x961.png 2048w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Graphique-Airbus-1900x892.png 1900w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Graphique-Airbus-1100x516.png 1100w, https:\/\/eavest.fr\/wp-content\/uploads\/2025\/08\/Graphique-Airbus-800x376.png 800w\" sizes=\"(max-width: 1330px) 100vw, 1330px\" \/><\/p>\n<hr \/>\n<p><strong><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-18599\" src=\"https:\/\/eavest.fr\/wp-content\/uploads\/2023\/02\/Capture.jpg\" alt=\"\" width=\"27\" height=\"23\" \/>\u00a0\u00a0Avertissement :<\/strong><\/p>\n<p>Les donn\u00e9es relatives aux performances pass\u00e9es et\/ou simulations de performances pass\u00e9es ont trait ou se r\u00e9f\u00e8rent \u00e0 des p\u00e9riodes pass\u00e9es et ne sont pas un indicateur fiable des r\u00e9sultats futurs. Ceci est valable \u00e9galement pour les donn\u00e9es historiques de march\u00e9. Cette pr\u00e9sentation ne fait pas office de conseil en investissement.<\/p>\n<hr \/>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/eavest.fr\/wp-content\/uploads\/2024\/03\/ELEMENTS_Plan-de-travail-1-copie.png\" alt=\"Premi\u00e8re marketplace de produits structur\u00e9s\" width=\"685\" height=\"210\" \/><\/p>\n","protected":false},"featured_media":0,"template":"","meta":[],"sujet":[],"sous-categorie-titre":[],"_links":{"self":[{"href":"https:\/\/eavest.fr\/en\/wp-json\/wp\/v2\/eavestpedia\/21342\/"}],"collection":[{"href":"https:\/\/eavest.fr\/en\/wp-json\/wp\/v2\/eavestpedia\/"}],"about":[{"href":"https:\/\/eavest.fr\/en\/wp-json\/wp\/v2\/types\/eavestpedia\/"}],"wp:attachment":[{"href":"https:\/\/eavest.fr\/en\/wp-json\/wp\/v2\/media\/?parent=21342"}],"wp:term":[{"taxonomy":"sujet","embeddable":true,"href":"https:\/\/eavest.fr\/en\/wp-json\/wp\/v2\/sujet\/?post=21342"},{"taxonomy":"sous-categorie-titre","embeddable":true,"href":"https:\/\/eavest.fr\/en\/wp-json\/wp\/v2\/sous-categorie-titre\/?post=21342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}