Safran will acquire Zodiac at an attractive price.
After updating our sales, profit, and tax-rate estimates for wide-moat Safran following strong first-quarter results and adjusting for the time value of money, we are increasing our fair value estimate to EUR 83 per share from EUR 77. We reduced Safran’s tax rate to 25% (27% previously) for 2018 and beyond, as the firm, which generates significant U.S. sales via the CFM joint venture with GE, will benefit from our expected U.S. federal statutory tax-rate cut in 2018.Safran recorded strong reven...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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