Report
Jeffrey Vonk
EUR 101.80 For Business Accounts Only

We're raising our fair value estimate as Safran's Leap deliveries and service revenue accelerate.

With Zodiac’s 2017 results set to be published on Oct. 31, our attention is focused on operational improvements at the seat production facilities of Safran's acquisition target. As both firms' boards of directors, 90%-plus of Safran shareholders, and Zodiac's two reference shareholders support the deal, we expect it to close after regulatory approval in first-quarter 2018. Although Safran management's control strengthens our belief in Zodiac’s profitability recovery for its aircraft interiors di...
Underlying
Safran S.A.

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).

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

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.

We have operations in 27 countries.

Analysts
Jeffrey Vonk

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