By: Carter Copeland 

I vividly remember upgrading Airbus in 2011. In the months prior, I spent more time working on the name than any other company in my previous seven years as an analyst. After hundreds of hours work, thousands of rows in a model that would have 70 iterations before it was finished, and several conversations with key members of management, our team finally mustered the courage to recommend the stock; it wasn’t an easy call. We had such a disagreement as a transatlantic research team that I had to fly across the ocean to personally lead the pitch to the stock selection committee out of fear that if I wasn’t in the room, it would be undermined. I’d also have to stand guard at the morning meeting, where the first question from a UK salesperson revealed just how tough this campaign was going to be: “why should I recommend this rubbish company to my clients?”. The marketing blitz that followed was much the same, with pushbacks to our thesis citing, “too much career risk” to own it, a lack of catalysts to change sentiment, and the claim that Airbus “wasn’t a real company” and was just a “European jobs program”. While it turned out to be a great call, it was a rough slog for a long time. Here’s the back story…

AIR Report Here