TD: revised target from 55 to 75 cents
Bombardier: We have made minor forecast revisions based on updated FX assumptions, and business jet industry data. Our target increase reflects a higher EV/EBITDA multiple (to 7.5x, from 6.5x) and the elimination of the small weighting applied to a scenario in which the Transportation sale to Alstom was unsuccessful (closed Jan. 29). These impacts are partially offset by higher valuation period net debt due to the implied cash flow shortfall relative to our forecasts in Q4/20 and the $400 million lower net proceeds from the sale of Transportation. Higher target multiples reflect sector valuations and our view of the post-transaction risk profile.
Previsions for Q4 (aviation only):
Revenus 1,766 M$
No of Planes: 33
EBITDA 164 M$
Free Cash flow : 577 M$
Note from LB1:
Folks, we already know that the Q4 deliveries are over 45 with the export list. They wait for the evidences .....they will have them and we will gather the profits after feb 11.