Raising Safran FVE as Leap Deliveries and Service Revenue Accelerate in 3Q
After updating our sales estimates for wide-moat Safran after strong third-quarter results (slightly ahead of our expectations) and adjusting for the time value of money, we are increasing our fair value estimate to EUR 92 per share from EUR 88. As expected, deliveries of CFM56 engines declined (366 in the third quarter versus 407 a year ago), as airframes like Boeing and Airbus transition production towards neo and Max aircraft. However, the large installed base of CFM56 units and the ramp-up o...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).
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