Safran : Preview FY2020 – Trajectoire de reprise plus prudente et FX = OC abaissé à 120 €
>Un exercice 2020 sauvé par l’ajustement de la base de coûts - Nous ajustons légèrement à la hausse notre estimation d’EBIT 2020 à 1 677 M€ (vs 1 663 M€) pour refléter de moindres pertes sur la ligne « Holding/autres » partiellement compensées par un mix après-vente Propulsion moins favorable (contrats de services vs pièces détachées). Au final, nous tablons sur une marge opérationnelle de 10.3% pour le groupe contre un objectif de rentabilité « supérieure à 10% ». Pr...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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