Safran : Civil aftermarket still robust but continuing uncertainty on the MAX
>A solid end to the year in 2019 - A robust civil aftermarket trend helped offset most of the B737 Max impact at the end of the year. For 2019 as a whole, we expect EBIT growth of 26% to € 3.817bn (FactSet consensus: € 3.727bn), with i/ growth of close to 11% in the civil aftermarket in USD, with around 12% in Q4, mainly thanks to CFM56 spares but also to high-thrust engines, ii/ a CFM56-Leap transition cost of close to € 100m due to non-recurrent expenses to address ...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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