Safran : H1 2024 preview – Q2 in line with Q1, pressure on FCF
>Q2 in line with Q1 - Safran’s H1 2024 results, due on 31 July, are set to continue the trends seen in Q1. We model EBIT of € 1.897bn (VA consensus: € 1.822bn) for revenues of € 12.841bn (+17.1% l-f-l), or a margin of 14.8% (+201bp). Propulsion is set to benefit from a favourable mix with limited growth in deliveries of the Leap OE (+1%e in H1, the acceleration will be more marked in H2) and sustained growth in the civil aftermarket (+23%e) which we expected to be dri...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).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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