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《大行報告》瑞銀降波音(BA.US)目標價至275美元 品質控制和現金流非互相排斥
阿思達克 02-02 11:36
瑞銀發表報告,降波音(BA.US)目標價,由325美元降至275美元,基於與標普500指數企業價值(EV/EBITDA)率同步,而非早前給予的15%溢價,同時反映監管增加及MAX系列客機增產時間表的不確定性。目標價亦相當於2027年預測每股現金流的17.5倍,較標普500指數具22%折讓。該行同時下調對公司今年至2027年各年EBITDA預測,由介乎70億至177億美元,降至介乎68億至173億美元。 該行認為品質控制和現金流非互相排斥,波音股價回落是中期投資者買入機會,基於歷來保守的管理層仍對2025及2026年業務目標有信心。該行亦指,在787夢幻客機加快生產及737供應鏈時間表沒有變動下,見到公司2025年達到100億美元自由現金流的路徑。 該行又指,波音清楚表明MAX系列客機生產速度及MAX 7與MAX 10客機認證由監管機構主導,認為反映他們配合美國聯邦航空管理局(FAA)現時對監管的看法。
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