加拿大航空电子设备(CAE)
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CAE Inc.: Undervalued Stock With 21% FCF Growth And Long-Term Demand Drivers
Seeking Alpha· 2024-11-17 16:44
If you want full access to all our reports, data and investing ideas, join The Aerospace Forum , the #1 aerospace, defense and airline investment research service on Seeking Alpha, with access to evoX Data Analytics, our in-house developed data analytics platform.I have been covering CAE Inc. (NYSE: CAE ) (TSX: CAE:CA ) since May 2023, and I was bullish on the stock with a buy rating. When I assign a buy rating to a stock, I am looking for market outperforming returns. However, forDhierin runs the investing ...
CAE(CAE) - 2025 Q2 - Earnings Call Transcript
2024-11-14 02:21
财务数据和关键指标变化 - 第二季度综合营收为11.4亿美元,较去年同期增长8%,调整后的每股收益为0.24美元,去年同期为0.26美元[21][22] - 本季度调整后的分部营业收入为1.49亿美元,去年第二季度为1.356亿美元,本季度净财务费用为5290万美元,高于上季度的4950万美元和去年第二季度的4710万美元[21][25] - 本季度所得税费用为1040万美元,有效税率为16%,调整后的有效所得税率为18%,本季度经营活动净现金为1.621亿美元,去年第二季度为1.802亿美元,自由现金流为1.4亿美元,去年第二季度为1.474亿美元[26] - 本季度资本支出总计5700万美元,公司预计2025财年的总资本支出将略低于之前预估范围[28] - 本季度末净债务约为31亿美元,净债务与调整后EBITDA之比为3.25倍,在不计入遗留合同影响前为2.97倍[29] 各条业务线数据和关键指标变化 民用业务(Civil) - 第二季度营收同比增长12%至6.407亿美元,调整后的分部营业收入增长1%至1.159亿美元,利润率为18.1%,本季度交付18台全飞行模拟器,平均培训中心利用率为70%,较去年下降1个百分点[31] - 本季度与全球民用客户签订了6.93亿美元订单,订单收入比为1.08,较去年第二季度增长12%,本季度末民用调整后总积压订单达67亿美元,同比增长13%[18][19] 国防业务(Defense) - 营收增长4%至4.959亿美元,调整后的分部营业收入增长55%至3310万美元,利润率为6.7%,本季度记录的订单价值23亿美元,订单收入比为4.6倍,国防调整后积压订单达114亿美元,同比增长约94%[32] 各个市场数据和关键指标变化 - 民用航空市场方面,商业航空培训利用率平均比去年低约3个百分点,美国飞行员招聘在本季度仍然较低,影响了正常情况下应有的新增飞行员培训需求,但在亚太地区的商业培训和模拟器产品有同比增长[16][17] - 国防市场方面,随着北约和盟国预算增加、地缘政治紧张局势加剧,对公司提供的培训和模拟解决方案需求增加,公司在该增长市场中处于有利地位[43] 公司战略和发展方向和行业竞争 - 公司在民用和国防领域的长期需求关键驱动因素是对飞行员和飞行员培训的高需求,民用航空培训解决方案前景强劲,受航空旅行增长、飞行员需求增加以及航空技术和法规不断发展需要持续培训等因素推动[34] - 在商业航空领域,尽管受到飞机供应中断影响,但随着劳动纠纷解决、停飞飞机恢复服务和新飞机交付率上升,预计航空业将逐步从窄体机供应挑战中恢复,波音和空客有近1.5万架飞机的订单积压[36] - 在公务航空领域,公司上周宣布购买SIMCOM合资企业的多数股权,这一战略投资加强了公司在核心公务航空培训市场的地位,增加了经常性收入,并深化了为重要客户提供顶级培训解决方案的承诺,同时与Flexjet及其附属公司延长了独家公务航空培训合作伙伴关系[37][38] - 在国防业务方面,随着行业进入长期上升周期,公司处于有利地位,公司将利用在加拿大FAcT等项目中的地位,推进全球网络中的多领域训练,为国防业务的增长和利润率扩张奠定基础[43][45] 管理层对经营环境和未来前景的评论 - 在民用业务方面,尽管飞机供应中断影响了商业航空培训部门的部分需求,但公司已采取措施提高运营效率,且第三和第四季度的培训预订量较高,预计下半年业绩将更强,公司仍维持2025财年民用调整后部门营业收入约10%的年增长目标,利润率预计在22% - 23%之间[40][42] - 在国防业务方面,预计年度营收将实现低至中个位数增长,国防调整后部门营业收入利润率将提高到6% - 7%,业绩将更多集中在下半年[46] - 公司认为目前面临的如飞机供应、飞行员招聘等问题是暂时的,全球航空业仍有很大增长空间,例如印度在宽体飞机方面的潜力[59] 其他重要信息 - 公司在2024财年剥离了医疗保健业务,所有比较数据和财务结果已重新分类以反映终止经营业务[5] - 公司完成了AirCentre的整合以及精简运营模式和投资组合的重组计划,本季度产生了3090万美元的重组、整合和收购成本,预计到下一财年末将实现约2000万美元的年度运行成本节约[23][24] - 在本季度,公司根据正常发行人招标(NCIB)回购并注销了392730股普通股,总代价为960万美元[31] 问答环节所有的提问和回答 问题:国防业务在不考虑遗留合同的情况下,目标是将营业利润率(SOI)提高到两位数,如何实现这一目标? - 回答:主要通过遗留合同风险的消除,用更高利润率的合同替换低利润率合同,同时需要持续的强有力执行,国防业务管道仍然强劲,预计下半年会逐步增长[48][49][50] 问题:民用业务下半年的盈利转折点有哪些驱动因素,GTF停飞情况在过去三个月是否有变化? - 回答:在商业航空培训方面,空客GTF发动机问题导致的飞机停飞影响正在改善,美国航空公司飞行员招聘有小幅上升趋势,波音交付有望改善,公司在亚太地区业务活跃,同时公司在公务航空培训方面有强大地位且SIMCOM将有贡献,这些因素促使公司对下半年持乐观态度[52][53] 问题:全飞行模拟器今年的交付目标是否仍在50台左右,航空业供应问题是否会导致交付延迟并影响其他地区? - 回答:全飞行模拟器交付目标仍为今年超过50台,虽然公司受飞机交付市场影响,但目前情况正在改善,波音罢工已解决,空客因发动机问题导致的停飞已过峰值,公司在亚太地区看到了机会,目前未看到交付方面的疲软迹象[56][57][58] 问题:本季度民用业务的订单收入比低于过去几个季度,资本支出指引下降,这对长期增长机会有何影响? - 回答:民用业务订单收入比仍高于1,营收有增长,资本支出指引下降是公司投资过程灵活性的体现,公司根据市场需求调整模拟器部署,以实现最高回报,公司将继续关注市场情况[62][63] 问题:能否提供更多关于国防业务利润率在第三和第四季度持续改善的原因?是否存在季节性因素? - 回答:成本节约正在影响利润表,新业务如FAcT项目将推动增长,同时还有更好的执行能力,包括赢得好的订单等因素,公司有信心达到既定的利润率和增长目标[64][66] 问题:在中期是否有机会与其他稳定的合作伙伴进行类似SIMCOM股权收购的交易? - 回答:如果有机会整合合资企业,公司会考虑,因为公司熟悉这些业务且有能力执行,但目前的SIMCOM交易是一个很好的有机投资范例[68] 问题:除了重组计划节省2000万美元成本外,运营支出(OpEx)方面是否还有其他降低成本的机会? - 回答:公司有纪律性地管理资本和成本,例如降低资本支出指引以适应市场,同时在研发和销售、一般及行政费用(SG&A)方面也在寻找效率提升机会,本季度SG&A较去年和之前季度有所降低[70][71] 问题:美国新政府上台可能带来的风险和机遇,特别是关税方面? - 回答:公司将持续关注情况,但目前不预测会对公司有重大影响,公司在美国有很强的业务存在,在军事培训方面发挥重要作用,在部分业务如公务飞机方面市场情况良好[74] 问题:在加速遗留合同退役方面是否有增量成功? - 回答:公司在按计划退役遗留合同方面取得了良好进展,本季度退役一个,下季度预计退役一个,第四季度还有一个,公司有能力提前退役更多以降低风险[75][76][77] 问题:网络SEU增长是否主要集中在公务机平台? - 回答:不是,商业和公务机方面都有需求,公司部署模拟器的数量与去年大致相同,并且有新老客户的需求[78][79] 问题:商业培训面临的挑战是否对定价有影响? - 回答:没有,主要是对业务量有影响,因为价格大多在合同中已确定[80] 问题:下半年民用业务利润率中软件销售的占比? - 回答:软件业务已完成整合,未来不会有额外成本,在下半年软件销售占比很小[83] 问题:如何看待国防业务积压订单增长对顶线(营收)的影响? - 回答:目前给出的中期有机营收增长范围不会改变,这取决于业务组合,以加拿大FAcT合同为例,合同包含产品交付和服务交付,不同阶段有不同的盈利组合,其他合同也有类似情况,目前还不能提供不同的指引,但对业务稳定增长有信心[86][87] 问题:能否提供民用业务利润率在第三和第四季度的具体拆分? - 回答:通常第四季度业绩更强,今年第四季度会因更多交付、成本节约以及培训绩效等因素而更强,预计第三季度利润率高于20%,第四季度更高[89] 问题:在CEO搜索过程中,寻找潜在候选人的特征、属性和经验,以及该过程是否与CFO搜索过程相结合? - 回答:CEO搜索和CFO搜索是两个独立的问题,公司在全球范围内寻找内部和外部候选人,CEO搜索过程中,公司将确保选择合适的人选来推动公司发展,但不会透露更多关于候选人特征的信息,目前搜索过程正在进行中[91]
Here's What Key Metrics Tell Us About CAE (CAE) Q2 Earnings
ZACKS· 2024-11-13 08:06
For the quarter ended September 2024, CAE (CAE) reported revenue of $833.2 million, up 2.7% over the same period last year. EPS came in at $0.18, compared to $0.20 in the year-ago quarter.The reported revenue represents a surprise of +5.85% over the Zacks Consensus Estimate of $787.16 million. With the consensus EPS estimate being $0.13, the EPS surprise was +38.46%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expecta ...
CAE (CAE) Q2 Earnings and Revenues Surpass Estimates
ZACKS· 2024-11-13 07:36
CAE (CAE) came out with quarterly earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $0.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 38.46%. A quarter ago, it was expected that this civil and military flight simulator company would post earnings of $0.15 per share when it actually produced earnings of $0.15, delivering no surprise.Over the last four quarters ...
CAE announces CEO succession plan
Prnewswire· 2024-11-13 05:11
MONTREAL, Nov. 12, 2024 /PRNewswire/ - (NYSE: CAE) (TSX: CAE) CAE announced today that after 20 years at CAE, including 15 as President and Chief Executive Officer, and after spearheading the making of CAE as a global leader in training for civil aviation and defence and security forces, Marc Parent will be leaving the company at next year's Annual General Meeting in August 2025, as part of an ongoing succession plan. Until this time, Mr. Parent will continue to lead CAE in his role as CEO and as a member o ...
CAE reports second quarter fiscal 2025 results
Prnewswire· 2024-11-13 05:09
Revenue of $1,136.6 million vs. $1,050.0 million in prior year Earnings per share (EPS) from continuing operations of $0.16 vs. $0.17 in prior year Adjusted EPS(1) of $0.24 vs. $0.26 in prior year Operating income of $118.1 million vs. $97.7 million in prior year Adjusted segment operating income(1) of $149.0 million vs. $135.6 million in prior year Free cash flow(1) of $140.0 million vs. $147.4 million in prior year Adjusted order intake(1) of $3.0 billion for a record $18.0 billion adjusted backlog(1) ...
Military Simulators and Training Market Size & Share Analysis, Regional Growth Trends & Forecasts (2024-2029) Featuring Profiles of Leading Players CAE, FlightSafety Int'l, Lockheed Martin & More
GlobeNewswire News Room· 2024-11-11 18:14
Dublin, Nov. 11, 2024 (GLOBE NEWSWIRE) -- The "Military Simulators and Training Market Size & Share Analysis - Growth Trends & Forecasts (2024-2029)" report has been added to ResearchAndMarkets.com's offering. The Military Simulation and Training Market size is estimated at USD 12.94 billion in 2024, and is expected to reach USD 16.71 billion by 2029, growing at a CAGR of 5.24% during the forecast period (2024-2029). The continued growth in global defense spending combined with the increased need for skill ...
Unlocking Q2 Potential of CAE (CAE): Exploring Wall Street Estimates for Key Metrics
ZACKS· 2024-11-07 23:21
Wall Street analysts forecast that CAE (CAE) will report quarterly earnings of $0.13 per share in its upcoming release, pointing to a year-over-year decline of 35%. It is anticipated that revenues will amount to $787.16 million, exhibiting a decline of 3% compared to the year-ago quarter.The consensus EPS estimate for the quarter has been revised 3.5% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates duri ...
Advisory: CAE's FY2025 second quarter financial results and conference call
Prnewswire· 2024-11-07 04:31
MONTREAL, Nov. 6, 2024 /PRNewswire/ - (NYSE: CAE) (TSX: CAE) – CAE will release its fiscal year 2025 second quarter financial results on Tuesday, November 12, 2024, after market close. A conference call will be held the next day, Wednesday, November 13, 2024, at 8 a.m. Eastern Time (ET) to provide analysts and institutional investors with a review of CAE's performance and outlook.Marc Parent, CAE's President and Chief Executive Officer, Nick Leontidis, Chief Operating Officer, Constantino Malatesta, Interim ...
Earnings Preview: CAE (CAE) Q2 Earnings Expected to Decline
ZACKS· 2024-11-06 00:05
Wall Street expects a year-over-year decline in earnings on lower revenues when CAE (CAE) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 12. On the ...