Safran : 2021 preview – the aftermarket did not disappoint in Q4 – FY 2022 still penalised by exposure to widebody
>The expected upturn in the aftermarket well and truly materialised in Q4 2021 - We are modelling growth in the civil aftermarket of 42% in Q4, buoyed by continuing growth in CFM56 cycles, anticipation of spare parts purchases before the price hike in November, and a restocking trend. The trajectory of the Omicron variant does not seem - at this stage - to have affected airlines’ behaviour. Over FY 2021, we forecast growth of 7.5%, at the lower end of the guidance ra...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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