BDRBF - Bombardier Proves Enduring Shift In Aviation Share To Private Jets

• Following broadly the situation in the B&GA market through our Dassault Aviation holding, we are seeing similar positive trends for Bombardier.
• With commercial aviation in a protracted and difficult to cure depression, private jets may pick up the slack for enduring gains.
• Bombardier's growing large ticket fleet is improving their margin profile, and is also setting them up for more larger cabin activity with cross-border flights recovering.
• Preowned jets are reaching decade lows in terms of inventory, meaning private jet manufacturers will be stepping up to the plate to satiate demand.
• Improved guidance indicates a good market for private jets, and the Bombardier fleet is attractive for an environment where fleet operators will do well with share stolen from commercial.

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