Raising Safran FVE Due to Stellar Growth of Leap Deliveries in First-Half 2018
Having updated our sales and profit estimates for wide-moat Safran after stellar first-half results (ahead of our and the market's expectations), consolidation of the Zodiac Aerospace acquisition, and adjusting for the time value of money, we are increasing our fair value estimate to EUR 110 per share from EUR 99. As expected, deliveries of CFM56 engines declined (591 in the first half versus 710 a year ago) as airframes like Boeing and Airbus transition production towards neo and Max aircraft. ...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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