Eve Holding: Too Early To Play Impressive Backlog
- Eve announces another non-binding order to add to an existing strong order book.
- The eVTOL manufacturer doesn't forecast obtaining certification until 2026 with production of up to 75 aircraft that year.
- The stock isn't appealing after surging back above $10 while competitors trade at major discounts to SPAC prices.
The SPAC market has been so beaten up that it's rare to see a de-SPAC deal trading above $10. Eve Holding (NYSE:EVEX) is one such stock in the urban air mobility sector with a promising backlog of eVTOL orders. My investment thesis is more Neutral on the valuation due to the lengthy certification process and non-binding orders for this eVTOL manufacturer.
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