Safran's 1Q Revenue Ahead of Our Expectations; FVE Maintained
Wide-moat Safran reported this morning strong first-quarter revenue, beating our expectations for the start of the year. All segments contributed to the group's organic revenue growth at 12.6%. Propulsion, the largest segment in both revenue and operating income terms, delivered double-digit organic growth at 14.8%. We are maintaining our fair value estimate of EUR 110.ÂStrong momentum marked both equipment and services divisions. Demand for services in propulsion at 14.9% organic growth was dr...
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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