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
Fatma Ayachi ...
  • Olfa Taamallah
  • Oussema Ettaieb
  • Yan Derocles

Safran : Focus sur l’abaissement du point mort vs faible visibilité à court terme

>Amélioration graduelle des cycles de vol mais faible visibilité sur la fin de l’année 2020 - Lors d’un road-show organisé avec Philippe Petitcolin (CEO) et Bernard Delpit (CFO), Safran a souligné que l’utilisation des moteurs poursuivait son redressement pour atteindre un recul de 46% en termes de cycles de vols hebdomadaires pour le CFM56 en août (vs un point bas de -83% en avril). La tendance est portée par la Chine où les vols domestiques dépassent désormais le ni...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/14/2020

The case for of a K-shaped recovery may be attractive, with one world belonging to the industries of the future (growth), mainly digital and technological, and another “old world” destined for relegation (value). But the recent correction by tech stocks serves as a reminder that the die is not cast. There can be no new world without the help of the old (no booking.com without hotels). The old world is awaiting the COVID-19 vaccine to be revived. When it comes, it will benefit fully fr...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/09/2020

La thèse de la reprise en K est attrayante : le monde appartiendrait aux industries du futur (la croissance), essentiellement digitales et technologiques, avec un « vieux monde » condamné à la relégation (la value). Mais la récente correction des valeurs technologiques nous rappelle que la messe n’est pas dite. Pas de nouveau monde sans le concours de l’ancien (ex pas de Booking.com sans hôtels). Ce dernier attend pour se réveiller la piqûre du vaccin COVID-19. Il profitera alors à pl...

Jean-Christophe Dourret

Safran : Safran - 14 Sept 2020

...

Jean-Christophe Dourret

Vinci : Technical Overview - 14 Sept 2020

...

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 st...

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 we...

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 r...

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.

Fatma Ayachi ...
  • Olfa Taamallah
  • Oussema Ettaieb
  • Yan Derocles

Safran : Focus sur l’abaissement du point mort vs faible visibilité à court terme

>Amélioration graduelle des cycles de vol mais faible visibilité sur la fin de l’année 2020 - Lors d’un road-show organisé avec Philippe Petitcolin (CEO) et Bernard Delpit (CFO), Safran a souligné que l’utilisation des moteurs poursuivait son redressement pour atteindre un recul de 46% en termes de cycles de vols hebdomadaires pour le CFM56 en août (vs un point bas de -83% en avril). La tendance est portée par la Chine où les vols domestiques dépassent désormais le ni...

Jean-Christophe Dourret

Safran : Safran - 14 Sept 2020

...

Jean-Christophe Dourret

Vinci : Technical Overview - 14 Sept 2020

...

Fatma Ayachi ...
  • Olfa Taamallah
  • Oussema Ettaieb
  • Yan Derocles

Safran : Roadshow feedback – focus on lowering the breakeven vs limited visibility in the short term

>Gradual improvement in flight cycles but poor visibility on end of 2020 - In a roadshow organised with Philippe Petitcolin (CEO) and Bernard Delpit (CFO), Safran underlined that engine use was continuing to recover, with a decline of 46% in terms of weekly fleet cycles for the CFM56 in August (vs. a low of -83% in April). The trend is being driven by China where domestic flights are now above the level seen in 2019 and to a lesser extent by North America and Europe. ...

Jean-Christophe Dourret

Safran : Safran - 14 sept 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...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/14/2020

The case for of a K-shaped recovery may be attractive, with one world belonging to the industries of the future (growth), mainly digital and technological, and another “old world” destined for relegation (value). But the recent correction by tech stocks serves as a reminder that the die is not cast. There can be no new world without the help of the old (no booking.com without hotels). The old world is awaiting the COVID-19 vaccine to be revived. When it comes, it will benefit fully fr...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/09/2020

La thèse de la reprise en K est attrayante : le monde appartiendrait aux industries du futur (la croissance), essentiellement digitales et technologiques, avec un « vieux monde » condamné à la relégation (la value). Mais la récente correction des valeurs technologiques nous rappelle que la messe n’est pas dite. Pas de nouveau monde sans le concours de l’ancien (ex pas de Booking.com sans hôtels). Ce dernier attend pour se réveiller la piqûre du vaccin COVID-19. Il profitera alors à pl...

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 we...

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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