Dassault Aviation SA

AM: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€898.00	Psz	Twythjmr

We Lower Our Fair Value Estimate for Dassault Amid Weak Longer-Term Business Jet Outlook

Joachim Kotze

Apr 6, 2020

Business Strategy and Outlook

Due to leading positions in military jets, Dassault Aviation will benefit from both an improved outlook in mature defence markets and sales opportunities in emerging markets. Dassault, controlled by the Dassault Family with 77% of voting rights, is the leading manufacturer of the Rafale fighter jet with 60% of the equipment value on the aircraft. Other Rafale industrial participants are Thales, with 25% of the aircraft’s value, and Safran.

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