Safran Coverage Change; Slight Fair Value Estimate Increase, Wide Moat and Stable Moat Rating
After taking a fresh look at Safran, an aircraft equipment manufacturer and Tier 1 engine supplier, we are maintaining our wide moat and a stable trend rating while increasing our fair value estimate to EUR 113 from EUR 110. Our new fair value estimate implies 2019 adjusted P/E and EBITDA multiples of 21 times and 12 times, respectively. The shares do not offer upside at current levels, trading 10% above our fair value estimate.In our view, engine manufacturers are competitively well-positioned...
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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