Oddo maintains its Outperform recommendation and 175E price target on Dassault Aviation shares.

' Results for fiscal 2022 are well ahead of consensus expectations", begins the analyst, highlighting adjusted operating income of €572m on sales of €6,929m, down -4% year-on-year, "i.e. a margin of 8.3% vs. 7.3% in 2021".

For the analyst, profitability remains penalized by historically high R&D expenses at €572m. However, adjusted net income ' increased by 20% to 830 million euros '.

' Overall, our ESP forecasts are respectively 10.3%, 11.7% and 7.6% higher than the Visible Alpha consensus for 2022, 2023 and 2024 ' adds Oddo. ' The valuation remains equally attractive with a core business slightly below 4.5 billion euros. '

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