Safran : Bonne tenue du FCF mais toujours aussi peu de visibilité sur la trajectoire de reprise de l’après-vente
>Une stratégie de préservation de cash qui porte ses fruits - A 901 M€ à la fin du S1, le FCF est ressorti largement au-delà des attentes (ODDO BHF : 564 M€, Cons : 436 M€) et reflète une forte réactivité avec, en particulier, une variation de BFR favorable notamment en raison d’une stabilisation des stocks et en-cours mais aussi un recul des Capex industriels de 18% et des intangibles de 33%. Si certains éléments favorables, à l’image du non remboursement des concess...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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