Safran : Transition under control and acceleration in spare parts business
>Robust civil aftermarket… - The civil aftermarket segment is performing well, particularly in CFM56 spare parts (which command the highest margins). In our view, this explains around two-thirds of the upward revision to the operating profit target for 2018. Safran noted a greater-than-expected acceleration in shop visits (vs previous forecast of a 3-5% rise) combined with an increase in the unit value per visit. It is not expecting this trend to change in the short t...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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