Safran : Prices, FX, share buyback… good news not yet priced in
>Hidden elements that minimise the group’s H1 2022 performance - Although reported EBIT reached € 1,047m in H1 2022 and beat the consensus by 8.8%, a look at the EBITDA figure seems to more clearly reflect the performance achieved as the first half of the year saw a 58% increase in depreciation versus H1 2021. The EBITDA margin thus came to 19.1%, which means it has already returned to its H1 2018 level (albeit -10% in absolute terms) and is just 100bp below its peak ...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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