Safran : TP raised to € 171 - Still solid trends in after-market and optionality offered by P&W issues
>After-market still driven by volume and price effects - After Q2 growth of 35% in civil after market in the Propulsion segment in USD, we have raised our 2023 growth forecast to 27% (vs +25%). In our view, this level remains cautious since the expected high single digit increase in CFM catalogue prices as of August, vs. November traditionally helps capture a price effect over five months. Our assumptions correspond to very slight sequential growth in after market i...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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