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    Christophe Menard

    Managing Director and Senior Equity Analyst at Deutsche Bank

    Christophe Menard is a Managing Director and Senior Equity Analyst at Deutsche Bank, specializing in European industrials and aerospace research. He covers prominent companies including Rolls-Royce, RENK, and Leonardo, and is recognized for high-performing investment calls such as upgrading Rolls-Royce with significant price targets; he has maintained an impressive 89% Buy rating ratio and holds a Wall Street analyst ranking of 178 on TipRanks. Menard has built his career at Deutsche Bank, advancing to senior ranks, and brings a track record of in-depth sector expertise and actionable equity research. His professional credentials and licensing meet industry standards for senior UK and European research analysts, reflecting rigorous regulatory compliance in the financial sector.

    Christophe Menard's questions to HNSDF leadership

    Christophe Menard's questions to HNSDF leadership • Q1 2025

    Question

    Asked for a detailed explanation of the Q1 Sensors margin drop, whether future logistics efficiencies could offset higher R&D spending, and if there's an increase in repeat orders for existing programs.

    Answer

    The Q1 margin drop was a temporary effect from a 2-3 week production halt for the logistics center transition. While future efficiencies from scaling up should help, increased R&D spending will be a factor, and the company remains conservative on margin projections. There is a significant increase in discussions for repeat buys and volume increases across key product lines like TRML-4D radars, vehicle systems, and self-protection systems.

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    Christophe Menard's questions to Airbus SE/ADR (EADSY) leadership

    Christophe Menard's questions to Airbus SE/ADR (EADSY) leadership • Q1 2024

    Question

    Christophe Menard asked for the divisional split of the Employee Share Ownership Plan (ESOP) cost and whether it should be considered a recurring Q1 expense. He also inquired about the expected timing for the Defence and Space restructuring to yield tangible margin improvements.

    Answer

    CFO Thomas Toepfer advised that the ESOP cost can be split pro-rata by employee headcount per division. While not a firm commitment, he noted it has become a tradition. On Defence and Space profitability, he stated that while the transformation program is on the right track, achieving the mid-to-high single-digit margin target will take a couple of years and results would not be visible in the immediate next quarter.

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    Christophe Menard's questions to BAE SYSTEMS PLC /FI/ (BAESY) leadership

    Christophe Menard's questions to BAE SYSTEMS PLC /FI/ (BAESY) leadership • H1 2022

    Question

    Christophe Menard from Deutsche Bank requested guidance on the yearly pacing of the new share buyback program. He also asked about BAE's competitive advantages in the current defense market and its strategy for recruiting talent outside the U.S. to support future growth.

    Answer

    CFO Bradley Greve indicated the buyback would not be linear, with a significant portion completed this year and the remainder over the next two. CEO Charles Woodburn highlighted BAE's diverse product and geographic portfolio, strong collaboration track record, and focus on sovereign capability as key competitive advantages. He also noted the company is ramping up its world-class apprentice and graduate programs to meet future hiring needs.

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