Safran : Neutre vs Surperformance… en attendant le CMD
>Neutre vs Surperformance - OC révisé à 220 € - Après une appréciation de 30.8% YtD, le titre se traite désormais sur des multiples de best in class dans le secteur aéronautique européen avec un multiple VE/EBIT de 18.2x (prime de c25%) et une décote limitée à c5% par rapport à GE Aero. Certes, Safran est le titre le plus qualitatif dans notre univers de couverture et nous ne percevons pas de nuage à l’horizon mais les investisseurs nous semblent avoir déjà intégré un...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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