- Bombardier does great for the full-year, with incremental growth coming from highest end jets.
- Aftermarket contribution also relevant with flight hours exceeding by 20% the pre-COVID level.
- However, larger cabin demand is more at risk to Russian sanctions, with larger cabins being more popular among wealthy Russians due to the country's size.
- Mitigants to this are that next year's growth is expected to come from the midsize jets.
- They also deleveraged well, clearing up the maturity runway. However, Dassault remains far superior in terms of value so we remain neutral on Bombardier.
For further details see:
Bombardier Vindicates Our Private Jet Call, But Note Potential Russian Exposure