Safran : More cautious recovery trajectory and FX = target price lowered to € 120
>2020 saved by cost base adjustment - We have shaded up our 2020 EBIT estimate to € 1.677bn (vs € 1.663bn) to reflect reduced losses on the “holding/others” line which are partly offset by a less favourable propulsion aftermarket mix (service contracts vs spares). All told, we forecast an operating margin of 10.3% for the group vs guidance for profitability of over 10%. Propulsion has suffered from the slump in the civil aftermarket (-50%e in Q4 after -56% in Q3) and ...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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