Safran : Confidence in growth and shareholder-friendly policy vision
>2022 targets in line with our estimates, at first glance... - At first glance, the 2022 targets unveiled at the CMD were a shade disappointing, particularly in terms of cash conversion. Safran is aiming for i/ an EBIT margin of 16%-18% in 2022 (Oddo BHF: 17.6%) buoyed by a return to profitability of around 15% at Zodiac, including synergies (Oddo BHF: 15.6%), via an improvement in the margin of at least 400bp in propulsion and equipment and 300bp in defence; ii/ org...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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