Safran : Lower than expected H1 – TP notched down from € 140 to € 138
>H1 harshly affected by weak volumes - After deducting exceptional income booked in the Propulsion business (especially non-reimbursement of advanced payments) of around € 50m, H1 2021 EBITA worked out to € 609m on sales of € 6.9bn (-17.3% lfl, of which +10% in Q2) below the consensus figures (ODDO BHF: € 666m, Cons: € 662m). While the recovery was very clear in Q2 with growth in the Propulsion civil aftermarket of 55% and +15% vs. Q1, it was slightly lower than ex...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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