The $AIR (+1,32%) employee shares were booked into the securities account at the beginning of April. 15 were paid for and 10 shares were added on top. The initial reference price of € 200.65 (closing price on February 18) was thankfully replaced by the closing price on April 1. So at €162/163, I actually got the same entry price as last year. Now the rally can start again as far as I'm concerned.
Airbus
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Ação
ISIN: NL0000235190
Ticker: AIR
NL0000235190
AIR
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151
5D·
Apr 6 / Portfolio Update — March
New month, and a few new trades.
First, I should note that most of my activity happened in the first half of the month. After that, I tweaked my approach and now have a significantly stricter framework in place when it comes to replacing one holding with another.
As I’m 100% invested right now, the focus is clear: avoid overtrading and don’t switch one high-quality long-term compounder for another just because of a recent dip.
The month itself was largely driven by the Iran war and the effective closure of the Strait of Hormuz. But in my own portfolio, I didn’t try to predict the next tweet from Donald Trump. Instead, I focused on picking up high-quality companies at a discount.
On March 2, I mainly added to the e-commerce side of my portfolio, increasing positions in MercadoLibre and Sea Limited after both stocks sold off quite significantly.
Sea reported a strong quarter on the top line and continues to take market share, but profitability remains a concern. For me, however, market penetration is the key objective at this stage. Margins are a nice-to-have for now. MercadoLibre dropped below $1,700, largely driven by geopolitical noise rather than anything business-related.
After that, things stayed relatively quiet until mid-month, when I made a few bigger moves. I sold my Netflix position, along with some fintech exposure, and redeployed that capital into broader asset managers that were caught up in the private credit selloff without being directly exposed: Brookfield and BlackRock.
I’ve already gone into detail on both buys and the Netflix sale in previous posts.
Around the same time, I also rotated my Visa position into Adyen. There are a few reasons behind that move which I’ll break down separately, but at its core it was a choice between “a bit more safety” and “safety plus stronger growth with European exposure.”
Into the second half of the month, the strategy became even clearer: double down on the most compelling opportunities. Risk/reward setups I’d almost call no-brainers.
I honestly didn’t expect to get another chance to buy Meta below $550 or Microsoft below $370. But when the opportunity presented itself, I took it. Both were already my largest positions going into the month, and they’ve only grown further.
The final addition, which I had been waiting on for a while and stayed disciplined for, was Airbus. I explained my reasoning a few weeks ago, but to sum it up, this was a classic case of short-term geopolitical noise overshadowing long-term quality. Airbus is a high-quality business with a backlog stretching years into the future and only one real competitor, which has its own well-documented issues.
Overall, I’m very happy with how the portfolio is positioned. The Iran war didn’t help performance, but I expect those pressures to ease sooner rather than later.
March Performance: -9%
Performance since inception: -5%
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3 Comentários
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1Semana·
Strong dividend season ahead💶
15 increases
13 unchanged
7 reductions
Insurance companies
Banks
Utilities
Car stocks
Type here if you like collecting dividends: https://shorturl.at/83W8R
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4Semana·
Back inside Airbus.
After selling Airbus about a year ago at 165, I have now re-entered the market at 170. The share price has cooled down again recently, while the fundamental situation has changed to some extent.
The supply chain problems now seem more robustly manageable, the helicopter division is developing somewhat better and parts of the Space & Defense business are to be incorporated into a joint venture. This makes the share more interesting for me again - especially because it looks as if parts of the restructuring have already taken effect.
Margins are starting to stabilize, driven by a combination of continued high demand and operational efficiency measures as part of the restructuring.
Hadn't written the update on this so now. $AIR (+1,32%)
2424
12 Comentários4Semana
Airbus one of my first shares. I won't be selling them any time soon :)
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•1Mês·
Feb 23 / Airbus — The More Interesting Aircraft Play Right Now
It’s been a while since I talked about the major aircraft manufacturers. Today it’s about Airbus.
Yes, Boeing might be the hotter commodity at the moment, which represents a role reversal compared to the past few years, but Airbus is the more interesting player for me right now.
The company sits right at the intersection of two powerful secular trends: global expansion in commercial aviation and European rearmament. Roughly 20% of Airbus’ revenue already comes from its Defence and Space segment, and that division is expanding rapidly. With Europe increasing defense budgets and pushing for more strategic autonomy, Airbus is positioned as a core beneficiary.
But even if you ignore defence entirely, the core commercial aviation business is performing extremely well. Free cash flow is projected to grow in the 20% range annually through 2028, while top-line growth is expected to stay in the low teens. And these growth assumptions don’t feel heroic. With a backlog of nearly 9,000 aircraft, Airbus doesn’t need blue-sky scenarios. It simply has to execute and work off what is already contracted.
And beyond growth, Airbus is an incredibly safe business. It operates in a practical duopoly with Boeing in commercial aviation. There are no serious new entrants that can realistically challenge that structure anytime soon. The backlog is filled to the sky.
In 2025, Airbus delivered nearly 800 aircraft, yet its backlog still climbed to record highs of almost 9,000 planes by year-end. That’s multi-year revenue visibility. Add to that a balance sheet with no net debt and roughly $14 billion in cash, and the financial position looks very solid. Airbus is also the prime contractor for major future European defence programs like the Future Combat Air System, which could become a cornerstone project over the next decade.
Despite all of this, the stock is down more than 20% from its all-time highs reached in early January. Concerns about permanently elevated energy costs, especially in light of the U.S.-Israel-Iran conflict, have weighed on the sector. A P/E ratio of around 30 times earnings likely added pressure as well. That multiple was roughly the average from 2022 to 2025 following the Russian invasion of Ukraine and seemed fair rather than excessive at the time.
Now the forward P/E sits closer to 23 times, around 19 times based on FY27 earnings, and roughly 16 times on FY28 estimates. For a company with this backlog, this visibility, and these structural tailwinds, that valuation looks much more reasonable and closer to pre-war levels, while being in a more favourable position.
Airbus is firmly on my watchlist and approaching my buy zone as it moves into the $160 range.
1616
1 Comentar
Thank you very much and absolutely Right! Airbus is at a relatively fair price range to buy These Days… 👍 160 $ Would be a nice entry Point for sure and a real Value Title!
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1Mês·
📊 AIRBUS - FY 2025 Earnings & 2026 Outlook (Feb 19, 2026)
🔢
2025 - Annual figures (FY 2025)
✈️ Sales:
- €73.4 billion (+6% YoY)
➡️ Growth despite supply chain challenges 📈
📈 EBIT (Adjusted):
- €7.1 bn (+33% YoY)
➡️ Strong increase in operating profit
🧾 Net result:
- €5.22 bn (+23% YoY)
- EPS: €6.61 (versus €5.36)
🛫 Q4 2025 profit & sales:
- Sales +5% to €25.98 bn.
- Adjusted EBIT +17% to €2.98 billion.
- Q4 EPS: €3.27 (+7% YoY)
📦 Order book:
- Order Intake: €123.3 bn.
- Order book: €619 bn (strong resilient demand cushion)
💰 Dividend proposal:
- €3.20 per share (+7% vs. previous year)
📉
2026 Guidance (Outlook)
🚀 Deliveries:
- ~870 commercial aircraft (record target)
➡️ slightly below most analyst estimates (~896)
💸 Adjusted EBIT:
- ~€7.5 billion planned
💵 Free cash flow (before customer financing):
- ~€4.5 billion expected
📍 Assumptions:
- No additional global disruptions
- Supply chain, air traffic & market conditions stable
⚙️
Drivers & challenges
✔
Positive:
- Robust demand & full order book
- Profit and cash flow growth
- Record delivery target for 2026 👊
⚠️
Negative:
- Engine delivery bottlenecks (Pratt & Whitney)
→ Production and delivery targets are adjusted
→ A320 monthly rate limited to 70-75 aircraft (until 2027)
- 2026 delivery target below analysts' expectations
→ Share price reacts negatively 📉
📊
Market reaction (short-term)
- Share fell significantly on Feb. 19 - in some cases > 5 % in DAX trading
- Reason: subdued supply and production outlook despite strong figures
📌 Conclusion (Shareable)
Airbus delivers strong 2025 figures: Revenue + profit up significantly, cash flow robust.
EPS & EBIT solid, order book huge.
2026 outlook:
➡ Record deliveries (~870), but below analyst expectations.
➡ EBIT and cash flow targets solid, but engine bottlenecks depress expectations → Share falls
1111
3 ComentáriosThe figures are great, but production simply cannot be expanded fast enough, especially the P&W engines are a big problem. I think we will see a similar picture of increasingly full order books over the next 2-3 years, but also missed delivery targets.
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1Mês·
Quarterly figures 16.02-20.02.26
$PANW (-1,85%)
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$CAKE (+3,66%)
$DASH (+2,06%)
$EBAY (+2,08%)
$FIG (-3,56%)
$CVNA (+3,73%)
$AIR (+1,32%)
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$KLAR (+1,85%)
$DE (-1,52%)
$PAAS (+1,21%)
$MONC (+3,71%)
$OXY (-4,82%)
$OPEN (+3,48%)
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$BN (-0,19%)
$AI (-0,87%)
2Mês·
Deutsche Telekom opens Europe's most modern AI data center
Deutsche Telekom $DTE (-1,64%) and the leading AI chip manufacturer Nvidia are $NVDA (+3,56%) are investing billions in Munich. What is behind the plans for the huge AI data center in the English Garden?
Deutsche Telekom wants to enter into the construction and operation of data centers for artificial intelligence (AI) on a grand scale. Group CEO Timotheus Höttges announced the launch of a joint project with the US chip company Nvidia in Munich last November.
Three months later, the time has come. Together with Vice Chancellor Lars Klingbeil (SPD) and Bavaria's Minister President Markus Söder (CSU), the Deutsche Telekom CEO will open the new AI data center.
》How much money is Deutsche Telekom investing in the project?
The cloud data center for artificial intelligence requires an investment of around one billion euros. This will involve the purchase of 10,000 graphics processors from Nvidia.
This puts Deutsche Telekom in the top league of data centers in Germany.
For comparison: Germany's largest supercomputer, Jupiter, which is located at the research center in Jülich, has 24,000 graphics processors.
》Why did only three months pass before the launch?
Telekom is not building on a greenfield site, but is moving into a completely renovated existing data center in Munich, which was previously operated by Hypovereinsbank.
Little can be seen from the outside, as the data center extends over six underground floors. The building is part of the Tucherpark office quarter, which was built in the 1960s directly on the edge of the English Garden.
》What happens to the heat《
It's true: AI chips, especially Nvidia's Blackwell GPUs, get extremely hot. Telekom will use the cold water from the adjacent ice stream for cooling.
The waste heat generated in the data center will not simply be directed into the stream water. There are plans to feed this energy into the local district heating network to heat the surrounding neighborhood in Tucherpark.
》Why Telekom chose the Munich site《
Munich was chosen because it has a high density of potential industrial customers. Telekom customers and partners such as Airbus $AIR (+1,32%)BMW $BMW (-2,01%)the AI company Perplexity and Siemens $SIE (+2,54%)as well as a number of robotics start-ups such as Agile Robots require low data runtimes (latency) for their applications. By placing the computers in the middle of the city - and not in a remote business park - Telekom can meet the companies' requirements.
》Isn't the competition with large US providers like a battle between David and Goliath?
At first glance, the market position of US giants such as AWS (Amazon) $AMZN (+3,37%), Azure (Microsoft) $MSFT (+1,93%) or Google Cloud $GOOGL (+3,2%) overwhelming.
The large US companies invest many times more each year than Deutsche Telekom can afford.
Nevertheless, Deutsche Telekom still has a chance in the competition and this is due to the fact that the Bonn-based company has chosen a lucrative niche in the cloud business, namely the provision of high-security data centers close to industrial companies.
》Does Telekom benefit from Germany as a business location?
Yes and no. On the one hand, Telekom has to live with higher costs in Germany - especially for the energy supply. On the other hand, it can turn the keyword "data sovereignty" into a business model.
Many German companies are reluctant to store their sensitive data in the clouds of US providers.
Deutsche Telekom offers a "sovereign cloud" in which the data remains physically in Germany and is subject to European and German law. US providers, on the other hand, have the option of access by US authorities, at least in theory, due to laws such as the US Cloud Act.
2222
7 Comentários
2Mês
Cool, and thanks for the report. I decided to set up a savings plan with Telekom last year. Hopefully it will now pay off after the downturn.
In my opinion, a lot is happening with the big players in Germany at the moment.
In my opinion, a lot is happening with the big players in Germany at the moment.
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