Safran : All engines firing in H1 2019 with some exceptional items buoying FCF
>All indicators were positive in H1 2019 - We were expecting an excellent first half - and it was indeed impressive. EBIT came to € 1,883m (+36%) on organic sales growth of 12.4%, giving a margin of 15.6%. EBIT came in 7% ahead of our forecasts and 11% higher than the consensus. Compared with our estimates, this performance is mainly attributable to the propulsion division which enjoyed: i/ growth of 10.2% in the civil aftermarket business, in line with our forecasts;...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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