Record Level of CFM56 Deliveries in 2016 for Safran as LEAP Momentum Continues: Shares Undervalued
We are maintaining our fair value estimate of EUR 77 for wide-moat Safran. In line with our expectations, the company recorded strong organic revenue growth in 2016. The total production rate of 1693 deliveries of CFM56 engines (up from 1612 in 2016) and the ramp-up of the next-generation LEAP engine open the door for highly profitable aftersales in coming years. We believe Safran shares are undervalued and view the company as one of the most attractive investment opportunities in European aeros...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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