Report
Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : Good showing in FCF but visibility on the trajectory of the aftermarket recovery still just as poor

>The cash preservation strategy is paying off - At € 901m at the end of H1, FCF was much higher than expected (ODDO BHF: € 564m, consensus: € 436m) and reflected strong responsiveness with, in particular, a favourable change in the WCR, due notably to a stabilisation of inventories and work-in-progress but also a reduction in industrial capex of 18% and in intangibles of 33%. While certain favourable factors, like the non-repayment of engine concessions, will reverse ...
Underlying
Safran S.A.

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).

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Antoine Boivin-Champeaux

Yan Derocles

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