2025-06-05-Jefferies-波音（BA）_eVTOL峰会_Wisk_Aero受益于波音内部的规模扩张潜力_12页_175kb

报告摘要

Boeing Equity Research Summary

This report, dated June 5, 2025, from Jefferies provides an equity research analysis on The Boeing Company (ticker BA). The recommendation is "Buy" with a price target of $250, representing a 17% upside from the prior closing price of $213.43. Key focus is on Wisk Aero, Boeing's subsidiary dedicated to electric vertical takeoff and landing (eVTOL) aircraft development.

Key Details on Wisk Aero

Wisk Aero is a fully-owned Boeing subsidiary (acquired in 2023) that develops fully autonomous eVTOL aircraft for commercial passenger transport.
It leverages Boeing's in-house production, scaling, and certification expertise.
Wisk has ~800 employees, 80% in engineering/certification, with facilities globally (U.S., Canada, NZ, Australia, Poland).
Achieved over 330 patents and completed ~1,750 flight tests; sixth-generation aircraft is expected to fly in summer 2025, with a 90-mile range, 120-knot speed, and focus on safety standards.
Business model involves acting as both OEM and operator initially to build customer trust, with international expansion in mind (e.g., partnership with Japan Airlines).
CEO Tyler Painter emphasized Boeing's resources as advantageous for scaling operations by reusing existing facilities.

Overall Boeing Company Details

Boeing is the world's largest aerospace company, producing commercial jets (e.g., 737, 787), defense systems, and space products.
Valuation: Currently trades at high multiples (FY2 P/E of 53.9x vs. 3-year average 46.5x; EV/EBITDA 22.6x vs. average 19.5x), reflecting a ~17% premium to the S&P 500 above historical averages.
Financials: Projected to grow revenues and free cash flow significantly by 2027, with improved margins; however, risks include BCA (Boeing Commercial Airplanes) production delays, supply chain issues, and negative events (e.g., safety incidents).

Valuation and Price Target

Based on a 4.6% FCF yield, expecting $11.60 FCF/share in 2027.
PT of $250 is higher than current trading, indicating potential upside from disciplined execution and core asset monetization.
Comparables show trading premium; on FCF yield, it's at a discount.

Risks and Catalysts

Risks: BCA order cancellations, manufacturing overruns, inventory distortions, and 737/787 production choppiness.
Catalysts: Tariff resolution, favorable regulatory approvals (e.g., FAA certification of autonomous operations), inventory releases, and production rate progress for key aircraft.

Other Highlights

Boeing targets 100% SAF-capable aircraft by 2030 and outlines sustainability goals (e.g., ESG targets for emissions reduction).
Analysts noted Wisk's autonomy is rule-based with human oversight, aiming to accelerate AAM adoption and address pilot shortages.
The company faces broader risks like competitive pressures in defense and commercial aerospace.

This report emphasizes Boeing's turnaround potential through strategic execution, but caution is advised due to operational and market uncertainties.

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