DUAVF - Dassault Aviation Continues To Be A Top Buy Despite Next-Gen Programme Challenges

• Dassault Aviation is our highest conviction buy thanks to its low multiple and substantial non-operating assets being ignored by markets.
• Despite the fact that the Rafale is a successful jet in the current 4.5th landscape, especially when 5th gen jets are expensive, there have been problems for 6th gen plans.
• Although issues with cooperation between states could be a problem, we are optimistic that Dassault will produce a sophisticated 6th gen fighter to arm Europe.
• The downside remains very limited and the opportunity in private planes remains substantial.

For further details see: