Safran : Une génération de cash solide mais la contagion menace
>Un FCF sous-jacent solide en 2019 toutefois aidé par des économies - Ajusté du coût cash de la crise du B737 Max d’environ 0.7 Md€, le FCF ressortirait à 2.7 Md€ sur l’exercice 2019, soit une conversion du résultat net de 95% (70% en EBIT) et un FCF yield de 4.8%. Ce niveau très satisfaisant a toutefois été atteint en freinant les dépenses en fin d’année puisque les Capex ressortent finalement inférieurs de près de 200 M€ et la R&D de 50 M€ par rapport à nos attentes...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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