AIRBUS GROUP (OP, TP EUR80.0): We reiterate our OP rating and TP of EUR80. We also add Airbus to the European and Global Focus Lists. The 11% share price drop YTD offers attractive levels to buy into a strong FCF story for the next few years and potentially allows share buybacks of up to EUR15bn. Airbus should generate EUR24bn of cumulative FCF over 2016-20E. This should be driven by the increase in A320 output, a reduced cash drain from A350 and A400M and the improvement in the USD hedge rate. The large bulk of this FCF should come in 2018 and beyond. Given the cash needs of the business, we estimate that it would allow Airbus to envisage share buybacks of up to EUR15bn between 2017 and the end of the decade.