印度：印度航空考虑大量窄体和宽体飞机订单；达美航空+法航-荷航+维珍航空+靛蓝航空

10375429 20272028202920301218152400000022424312151232211018986245442625557764543456517121211 2031250335371074677 Sheila Kahyaoglu * | Equity Analyst+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.comGreg Konrad, CFA * | Equity Analyst+1 (212) 284-2391 | gkonrad@jefferies.comKyle Wenclawiak * | Equity Associate+1 (212) 323-7671 | kwenclawiak@jefferies.com Company DescriptionBoeingThe Boeing Company is the world's largest aerospace company based on total sales. Boeing designs and produces commercial airplanes (787, 737,747, 767, 777), defense systems, and civil and defense space systems, and it is the largest contractor to NASA. The company's non-airplane productsinclude helicopters, electronic and defense systems, missiles, satellites, launch vehicles, and advanced information and communication systems.Major defense programs include the F-15, F/A-18, C-17, P-8, V-22, and the Ground-Based Midcourse (GMD) Missile Defense System. Its defensebusiness is likely to shrink as certain programs wind down or are restricted. Foreign military sales opportunities exist for the F/A-18, F-15, P-8, andmultiple helicopter programs.Company Valuation/RisksBoeingWe derive our price target based on FCF Yield on our 2026E FCF/Share. Risks include cancelation of civil aircraft orders, cost overruns of developmentprograms, and disruption-related military systems.Airbus Group NVValuation: SOTP-based. Risks include ramp-up constraints and airline bankruptcies.Delta Air Lines, Inc.Our price target is based on EV/EBITDAR using a discount to its historical relative valuation to the market.Upside risks: Strength in premium consumer. TechOps growth & margin contribution. Amex remuneration scales to $10BB target.Downside risks: Reversion to the mean of international travel. Corporate travel stagnates. Elevated maintenance & salary costs.InterGlobe Aviation LimitedWe rate IndiGo a Buy with a price target of Rs6,300 (based on 11x FY27E EV/EBITDA). Key risks include (1) rise in crude/ATF price; (2) INR depreciation;(3) normalisation of supply chain for Boeing (supplier for key competitor); (4) decrease in Railway Passenger Fares.Analyst Certification:I, Sheila Kahyaoglu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Greg Konrad, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Kyle Wenclawiak, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies International Limited is acting as financial advisor to Airbus on its definitive agreement to acquire certain industrial assets from Spirit Aerosystems Inc.Please see important disclosure information on pages 2 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. June 2, 2025 9:21 A.M.June 2, 2025 9:21 A.M.2 Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from Airbus GroupNV within the next three months.Within the past twelve months, Airbus Group NV has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment banking servicesare being or have been provided.Jefferies International Ltd, its affiliates or subsidiaries has, or had, within the past 12 months an agreement to provide investment services to Airbus Group NV.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - D