Safran : S1 plus faible qu’attendu – OC ajusté de 140 € à 138 €
>Un S1 fortement impacté par la faiblesse des volumes - Après déduction d’éléments exceptionnels comptabilisés dans l’activité Propulsion (notamment un non-remboursement d’avances) d’environ +50 M€, l’EBITA S1 2021 ressortirait à 609 M€ pour un CA de 6.9 Md€ (-17.3% lfl dont+10% au T2), en deçà des attentes du consensus (ODDO BHF : 666 M€, Cons : 662 M€). Si la reprise est bien visible sur le T2, avec une croissance de l’après-vente civile Propulsion de 55% et de +15%...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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