Airbus SE

In 2019 Airbus has been more successful than its main competitor Boeing in securing orders, in particular due to the ongoing grounding of the 737 MAX, and has delivered significantly more single-aisle aircrafts than its main competitor. So far this year (as of Aug. 31, 2019), Airbus has made 500 deliveries compared with 434 during the same period last year. With 276 deliveries this year to date, Boeing is 205 shipments behind last year's total for the first eight months of the year, being hampered by the grounding of its 737 MAX program, the main competitor of Airbus' A320 family. We expect gross orders in 2019 to remain below previous years. Whereas Airbus has a high level of cyclicality in

...Leading position in a supporting underlying market for commercial aircraft. Robust market demand for commercial aircraft has led to a substantial order backlog, which strongly underpins Airbus SE's market position--especially for narrow body, single-aisle aircraft--and provides a good level of demand and revenue visibility over the next few years and onwards. Positive market factors supporting continued healthy order activity include solid air traffic growth, healthy airline profits, and the still-substantial need to replace aging aircraft currently in service. Overall, we expect the market to continue to grow over the long term in line with demand for air travel and transportation. Despite currently weakening airliner profits and economy, IATA expects global capacity in ASK (available seat kilometers) to grow by 4.7% and passenger traffic in RPK (revenue passenger kilometers) by 5.0% in 2019....

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