Safran designs, develops and manufactures high technology electronics through three businesses: Aerospace, Defense and Security. Aerospace includes Aerospace Propulsion (propulsion systems for commercial aircraft, military transport, training and combat aircraft, rocket engines, civil and military helicopters) and Aircraft Equipment (mechanical, hydromechanical and electromechanical equipment); Defense (optronic, avionic and electronic systems); and Security (biometric technologies for fingerprint, iris and face recognition, identity management products, access management and transaction security, including tomographic systems for detection of dangerous or illicit substances in baggage).
  • TickerSAF
  • ISINFR0000073272
  • ExchangeEuronext Paris
  • SectorAerospace & Defense
  • CountryFrance
Olfa Taamallah ...
  • Yan Derocles

ODDO : Overbooking now seems like a distant memory...

While the trajectory of the return of capacity in China may have kindled hope, we anticipate a further postponement of the recovery, with a 60% fall in traffic in 2020 and a rebound of just 40% in 2021. The relatively high multiples make the stocks vulnerable to potential disappointments, which leads us to be selective. We prefer defence stocks such as Thales and Leonardo. Airbus is our only positive recommendation in the civil aerospace segment. In the airline segment, we confir...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Qu’il est loin le temps du surbooking…

Si la trajectoire de retour des capacités en Chine a pu alimenter l’espoir, nous anticipons une reprise une nouvelle fois décalée dans le temps avec une chute du trafic de 60% en 2020 et un rebond limité à 40% en 2021. Les multiples relativement élevés rendent les titres vulnérables à d’éventuelles déceptions ce qui nous pousse à être sélectif. Nous privilégions les valeurs défense comme Thales et Leonardo. Airbus est notre seule recommandation positive sur le civil. Dans l’aérie...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2020

The increase in Fortum’s stake in Uniper to 73.4% upends the two groups’ strategic priorities. In seeking to maintain an investment grade credit rating, Uniper might have to scale back its ambitions in terms of growth investments. In an environment where rivals are looking ahead to the future, Fortum and Uniper are uniting in adversity. We initiate coverage of Uniper with a Reduce rating and a target price of € 24.30. - Cf. company report published last evening. - ...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/07/2020

La montée de Fortum au capital d’Uniper à 73.4% rebat les cartes des priorités stratégiques des deux groupes. La volonté de maintenir la note de crédit en catégorie « investment grade » pourrait se traduire par une réduction des ambitions d’Uniper en matière d’investissements de croissance. Dans un environnement où les concurrents se projettent dans l’avenir, Fortum et Uniper sont en train de s’unir dans l’adversité. Nous initions le suivi d’Uniper avec une opinion Alléger et un OC de...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : H1 2020 preview – solid resilience with a good-quality Q1 and proactive stance

>Resilient showing from propulsion segment - While the break in trend in Q2 is obviously significant, we nonetheless forecast H1 2020 EBIT of € 837m (-56%) on sales down 30% in reported terms and 32% on an organic basis, i.e. a margin of 9.9% (-635bp). A number of one-offs such as restructuring charges and asset impairments could be booked as of H1. Safran should also be in a position to issue guidance for full-year 2020.In detail, for the propulsion division we ...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Equities Beginning a New Leg Higher Positive technical developments have continued and global equities are now breaking out to new highs -- something we noted was increasingly likely in last week's Int'l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. • MSCI ACWI, EAFE, and STOXX Europe 600 are Breaking Out. The ACWI, EAFE, and STOXX 600 are making bullish inflections, following in the footsteps of MSCI EM and Japan. The proliferation of breakouts is building a stro...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Valérie GASTALDY

Analyse court terme - SAFRAN : La tendance est haussière.

La tendance est haussière. Les cours progressent encore, mais la tendance s'affaiblit. La prochaine résistance est à 117,20 €. La rupture de 105,35 € mettrait la tendance en danger.

Valérie GASTALDY

Short term view - SAFRAN : The trend is bullish.

The trend is bullish. Prices are still making progress but the trend is slowing down. The next resistance is at €117.20. The break of €105.35 would endanger the trend.

Olfa Taamallah ...
  • Yan Derocles

ODDO : Overbooking now seems like a distant memory...

While the trajectory of the return of capacity in China may have kindled hope, we anticipate a further postponement of the recovery, with a 60% fall in traffic in 2020 and a rebound of just 40% in 2021. The relatively high multiples make the stocks vulnerable to potential disappointments, which leads us to be selective. We prefer defence stocks such as Thales and Leonardo. Airbus is our only positive recommendation in the civil aerospace segment. In the airline segment, we confir...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Qu’il est loin le temps du surbooking…

Si la trajectoire de retour des capacités en Chine a pu alimenter l’espoir, nous anticipons une reprise une nouvelle fois décalée dans le temps avec une chute du trafic de 60% en 2020 et un rebond limité à 40% en 2021. Les multiples relativement élevés rendent les titres vulnérables à d’éventuelles déceptions ce qui nous pousse à être sélectif. Nous privilégions les valeurs défense comme Thales et Leonardo. Airbus est notre seule recommandation positive sur le civil. Dans l’aérie...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : H1 2020 preview – solid resilience with a good-quality Q1 and proactive stance

>Resilient showing from propulsion segment - While the break in trend in Q2 is obviously significant, we nonetheless forecast H1 2020 EBIT of € 837m (-56%) on sales down 30% in reported terms and 32% on an organic basis, i.e. a margin of 9.9% (-635bp). A number of one-offs such as restructuring charges and asset impairments could be booked as of H1. Safran should also be in a position to issue guidance for full-year 2020.In detail, for the propulsion division we ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : Preview S1 2020 – Une bonne résistance grâce à un T1 de qualité et une réactivité notable

>La Propulsion résiste - La rupture de tendance sur le T2 est violente mais nous tablons tout de même sur un EBIT S1 2020 de 837 M€ (-56%) pour un CA en recul de 30% en publié et de 32% en organique, soit une marge de 9.9% (-635 pb). Notons que des éléments exceptionnels tels que des charges de restructuration et des dépréciations d’actifs pourraient être comptabilisés dès le S1. SAF devrait également être en position de dévoiler une guidance pour l’ensemble de l’exer...

Jean-Christophe Dourret

Safran : Safran - 6 July 2020

...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - EN

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - Fr

Fiat Chrysler Automobiles (Achat) : Confirme ses objectifs avant la fusion avec PSA ING (Achat) - 9M-19 : PNB de €13,9 mds (+2,1%) Lloyds Banking Group (Vente) - 9M-19 : RN de $2,0mds (-46,9%) Ryanair (Conserver) - S1/19-20 : Résultat opérationnel de €1,3md (-1%) Metro (Vente) : EP Global Commerce (EPGC) prévoit d’augmenter sa participation à ~30% Repsol (Achat) - 9M-19 : Résultat opérationnel de €2,9 mds (-6,5%) IAG (Achat) : Rachète la compagnie espagnole Air Europa pour €1 md Bombardier (Achat) : Cession de ses activités aérost...

Jean-Christophe Dourret

Safran : Safran - 31 May 2018

...

Jean-Christophe Dourret

Safran : Safran - 31 mai 2018

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2020

The increase in Fortum’s stake in Uniper to 73.4% upends the two groups’ strategic priorities. In seeking to maintain an investment grade credit rating, Uniper might have to scale back its ambitions in terms of growth investments. In an environment where rivals are looking ahead to the future, Fortum and Uniper are uniting in adversity. We initiate coverage of Uniper with a Reduce rating and a target price of € 24.30. - Cf. company report published last evening. - ...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/07/2020

La montée de Fortum au capital d’Uniper à 73.4% rebat les cartes des priorités stratégiques des deux groupes. La volonté de maintenir la note de crédit en catégorie « investment grade » pourrait se traduire par une réduction des ambitions d’Uniper en matière d’investissements de croissance. Dans un environnement où les concurrents se projettent dans l’avenir, Fortum et Uniper sont en train de s’unir dans l’adversité. Nous initions le suivi d’Uniper avec une opinion Alléger et un OC de...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2020

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2020

...

Alain William ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Emira Sagaama
  • Fatma Ayachi
  • Jean-François Granjon
  • Jeremy Garnier
  • Martial Descoutures
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 04/01/2020

We simulated the impact of COVID-19 on companies in our universe of coverage from an operating viewpoint. Setting target prices is a risky business amid uncertainty and very rapid movements in the financial markets, reacting more to political/sanitary news flow than to corporate disclosures. However, we tried to include the increase in the perceived risk premium and the change in aggregates in our valuations. As the current crisis is set to have radically different impacts on the twen...

SAFRAN SA sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of SAFRAN SA (FR), active in the Aerospace & Defense industry. As regards its fundamental valuation, the title now shows 2 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date July 3, 2020, the closing price was EUR 90.70 and its target price was estimated at EUR 61.29.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

Safran - Assemblée générale des actionnaires du 28 mai 2020

Gouvernance : Le 4 novembre 2019, le Conseil d'administration de Safran, sur recommandation de son Comité des Nominations et des Rémunérations, a choisi Olivier Andriès pour succéder à Philippe Petitcolin en tant que Directeur Général à compter du 1er janvier 2021. Rémunérations :La politique de rémunération 2020 ne présente aucun changement par rapport à 2019. Cette politique de rémunération présente ainsi des montants ainsi qu'une structure acceptables et nous la soutenons.

Expert Corporate Governance Service (ECGS)

Safran – AGM 28 May 2020

Governance: On November 4, 2019, Safran's Board of Directors, on the recommendation of its Appointments and Compensation Committee, selected Olivier Andriès to succeed Philippe Petitcolin as Chief Executive Officer as of January 1, 2021. ITEMS 12 and 13: The compensation policy for 2020 presents no change compared to 2019. This compensation policy thus presents acceptable amounts and structure and we support it.

Jehanne Leroy

Safran - Assemblée générale des actionnaires du 23 mai 2019

Rémunérations : La politique de rémunération 2019 ne présente aucun changement par rapport à 2018. Cette politique de rémunération présente ainsi des montants ainsi qu'une structure acceptables et nous la soutenons. Gouvernance : La société propose le renouvellement de son Directeur général, M. Petitcolin. Au regard de la séparation des fonctions (pratique que nous encourageons) et des bonnes performances boursières que la société enregistre depuis que M. Petitcolin est devenu Directeur Général (+52,5%), nous soutenons ce renouvellement. En revanche, concernant M. McInnes, lors de l'AG 20...

Expert Corporate Governance Service (ECGS)

Safran - AGM 23 May 2019

ITEM 4: the Company proposes to re-elect Ross McInnes, Chairman of the Board. In 2017, TCI (a UK-based fund) asked to add a resolution to the agenda so that shareholders could be consulted on the acquisition of Zodiac. The Board of Safran refused to add this resolution to the agenda. We consider that this refusal is a major breach of the shareholding democracy (especially considering that it was a non-binding consultation). As Chairman of the Board, Ross McInnes is responsible for this breach. Thus, we do not support his re-election.

Safran – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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