We increase our fair value estimate for wide-moat Safran to EUR 77; shares undervalued.
Wide-moat Safran’s acquisition target Zodiac Aerospace reported disappointing first-half 2017 sales, down 2.6% organically year on year, owing to production issues in its U.K. seats facility, cost overruns related to ramp-up of Airbus A350XWB toilets, and largely expected weak demand for airplane equipment for helicopters and business and regional jets. As no binding documents have been signed and we expect Safran to push for changes in the deal terms and lower the offering price, we lower the p...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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