Safran : Solid cash generation but a threat of contagion
>Solid underlying FCF in 2019, albeit shored up by savings - Adjusted for the cash costs of the B737 Max crisis of around € 0.7bn, FCF would have amounted to € 2.7bn in 2019, reflecting a net profit conversion rate of 95% (70% in terms of EBIT) and an FCF yield of 4.8%. This is very satisfactory but was achieved by putting the brakes on spending towards the end of the year as capex ultimately came out around € 200m lower and R&D € 50m lower than we had expected. The s...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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