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).
  • TickerSAF
  • ISINFR0000073272
  • ExchangeEuronext Paris
  • SectorAerospace & Defense
  • CountryFrance

Analysts

Research Department

INFORME DIARIO 12 NOVIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA. LIBERBANK, MASMOVIL, MEDIASET ESPAÑA, SECTOR ELÉCTRICO. EUROPA: DEUTSCHE POST, SAFRAN. El mercado es escéptico Ligeras caídas en las bolsas europeas en una sesión sin referencias en EE.UU. En el Euro STOXX lideraron las subidas Media y Alimentación frente a Químicas y Autos, que protagonizaron las mayores caídas. Por el lado macro, en España el PSOE descartó una gran coalición con el PP. En R. Unido el PIB del 3T’19 se desaceleró hasta el 1,0% a/a cayendo al ritmo más bajo desde 2010 mientras la producción industrial de septiembre salió algo peor....

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2019

You have to know when you’re beaten. Our tactical caution derived from a macroeconomic slowdown and lacklustre EPS growth, has been severely buffeted over the last four weeks. Admittedly, the fundamentals remain relatively unappealing and the downward revisions of the consensus for 2020e are yet to come, but the elements of a risk rally are falling into place: optimism on the trade war, spectre of a no-deal Brexit scenario now fading, stabilisation of PMI indices in Europe, persistent...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2019

Il faut savoir se reconnaitre battu. Notre prudence tactique dérivée du ralentissement macroéconomique et de la faiblesse de la croissance des BPA a pris sévèrement l’eau sur les 4 dernières semaines. Les fondamentaux restent pourtant peu reluisants et les révisions en baisse du consensus pour 2020e sont à venir, mais les éléments d’un « risk rally » se mettent en place : optimisme sur la guerre commerciale, éloignement du no deal Brexit, stabilisation des PMI en Europe, persistance d...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : Continuity with the succession

>Olivier Andries will become Safran’s new CEO - Safran’s board of directors opted for continuity in appointing Olivier Andries (57) to succeed Philippe Petitcolin as CEO from 1 January 2021. While the press reports had listed a number of candidates, both from within the group and outside, in our view the logical choice was made: i/ Olivier Andries has lengthy experience in the aerospace industry with a period at Airbus between 2000 and 2008 (respectively head of ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : Une succession sous le signe de la continuité

>Olivier Andries deviendra le nouveau DG de Safran - Le conseil d’administration de Safran a donc choisi la continuité en retenant Olivier Andries (57 ans) pour succéder à Philippe Petitcolin au poste de Directeur Général à compter du 1er janvier 2021. Si la presse avait fait état de nombreux prétendants, internes comme externes, la logique a selon nous été respectée : i/ Olivier Andries a une longue expérience dans l’aéronautique avec un passage chez Airbus entr...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - EN

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - Fr

Fiat Chrysler Automobiles (Achat) : Confirme ses objectifs avant la fusion avec PSA ING (Achat) - 9M-19 : PNB de €13,9 mds (+2,1%) Lloyds Banking Group (Vente) - 9M-19 : RN de $2,0mds (-46,9%) Ryanair (Conserver) - S1/19-20 : Résultat opérationnel de €1,3md (-1%) Metro (Vente) : EP Global Commerce (EPGC) prévoit d’augmenter sa participation à ~30% Repsol (Achat) - 9M-19 : Résultat opérationnel de €2,9 mds (-6,5%) IAG (Achat) : Rachète la compagnie espagnole Air Europa pour €1 md Bombardier (Achat) : Cession de ses activités aérost...

Jean-Christophe Dourret

Safran : Safran - 31 May 2018

...

Jean-Christophe Dourret

Safran : Safran - 31 mai 2018

...

Research Department

INFORME DIARIO 12 NOVIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA. LIBERBANK, MASMOVIL, MEDIASET ESPAÑA, SECTOR ELÉCTRICO. EUROPA: DEUTSCHE POST, SAFRAN. El mercado es escéptico Ligeras caídas en las bolsas europeas en una sesión sin referencias en EE.UU. En el Euro STOXX lideraron las subidas Media y Alimentación frente a Químicas y Autos, que protagonizaron las mayores caídas. Por el lado macro, en España el PSOE descartó una gran coalición con el PP. En R. Unido el PIB del 3T’19 se desaceleró hasta el 1,0% a/a cayendo al ritmo más bajo desde 2010 mientras la producción industrial de septiembre salió algo peor....

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2019

You have to know when you’re beaten. Our tactical caution derived from a macroeconomic slowdown and lacklustre EPS growth, has been severely buffeted over the last four weeks. Admittedly, the fundamentals remain relatively unappealing and the downward revisions of the consensus for 2020e are yet to come, but the elements of a risk rally are falling into place: optimism on the trade war, spectre of a no-deal Brexit scenario now fading, stabilisation of PMI indices in Europe, persistent...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2019

Il faut savoir se reconnaitre battu. Notre prudence tactique dérivée du ralentissement macroéconomique et de la faiblesse de la croissance des BPA a pris sévèrement l’eau sur les 4 dernières semaines. Les fondamentaux restent pourtant peu reluisants et les révisions en baisse du consensus pour 2020e sont à venir, mais les éléments d’un « risk rally » se mettent en place : optimisme sur la guerre commerciale, éloignement du no deal Brexit, stabilisation des PMI en Europe, persistance d...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : Continuity with the succession

>Olivier Andries will become Safran’s new CEO - Safran’s board of directors opted for continuity in appointing Olivier Andries (57) to succeed Philippe Petitcolin as CEO from 1 January 2021. While the press reports had listed a number of candidates, both from within the group and outside, in our view the logical choice was made: i/ Olivier Andries has lengthy experience in the aerospace industry with a period at Airbus between 2000 and 2008 (respectively head of ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : Une succession sous le signe de la continuité

>Olivier Andries deviendra le nouveau DG de Safran - Le conseil d’administration de Safran a donc choisi la continuité en retenant Olivier Andries (57 ans) pour succéder à Philippe Petitcolin au poste de Directeur Général à compter du 1er janvier 2021. Si la presse avait fait état de nombreux prétendants, internes comme externes, la logique a selon nous été respectée : i/ Olivier Andries a une longue expérience dans l’aéronautique avec un passage chez Airbus entr...

1 director sold

A director at Safran S.A. sold 10,410,000 shares at 119.650EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/31/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/10/2019

...

Alain William ...
  • Antoine Boivin-Champeaux
  • Florent Laroche-Joubert
  • Pierre Tegner
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/16/2019

...

Alain William ...
  • Antoine Boivin-Champeaux
  • Florent Laroche-Joubert
  • Pierre Tegner
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/07/2019

...

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/11/2019

Following our ODDO BHF Nextcap Forum, 44 French and German companies met close to 100 investors in Paris. In the complex small caps market (outflows, limited liquidity, persistently high valuations) and in a more uncertain macroeconomic environment, selectivity is paramount and a number of opportunities are taking shape. We compile 35 feedback articles in the present document, which give rise to six target price revisions: i/ three upward (Esker, ECA, Groupe Gorge), and ii/ three down...

With a more favourable environment, SAFRAN SA improves to Slightly Positive

SAFRAN SA (FR), a company active in the Aerospace industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 10, 2019, the closing price was EUR 139.35 and its potential was estimated at EUR 146.32.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

Rolls-Royce Holdings Plc - Strategy, SWOT and Corporate Finance Report

Summary Rolls-Royce Holdings Plc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Rolls-Royce Holdings plc (Rolls-Royce) is a provider of integrated power systems. The company designs, develops, and manufactures power and propulsion systems. Its product portfolio encompasses aircraft and helicopter engines, combat jet engines, unmanned aerial vehicle engines, and ...

MarketLine Department

Leonardo S.p.A. - Strategy, SWOT and Corporate Finance Report

Summary Leonardo S.p.A. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Leonardo SpA (Leonardo or 'the company') is a designer, manufacturer and marketer of military aircraft, aero structures and defense electronics, helicopters, land and missile systems. The company offers combat support systems and services, unmanned, automation and electronic systems, sensors,...

MarketLine Department

Northrop Grumman Corporation - Strategy, SWOT and Corporate Finance Report

Summary Northrop Grumman Corporation - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Northrop Grumman Corporation (Northrop or 'the company') is a designer, developer, and manufacturer of security and technology products and solutions.It also designs, and develops solutions for electronics, and information systems, and aerospace industries. The company offers a ...

MarketLine Department

Nexter Group - Strategy, SWOT and Corporate Finance Report

Summary Nexter Group - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Nexter Group (Nexter) is a systems provider and integrator of land defense systems, weapons systems and armored vehicles. The company designs, develops, manufactures and markets large and medium caliber munitions, warheads, and safety devices for missiles and protection systems. It also special...

MarketLine Department

Leonardo S.p.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Leonardo S.p.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Leonardo S.p.A. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Hig...

Jehanne Leroy

Safran - Assemblée générale des actionnaires du 23 mai 2019

Rémunérations : La politique de rémunération 2019 ne présente aucun changement par rapport à 2018. Cette politique de rémunération présente ainsi des montants ainsi qu'une structure acceptables et nous la soutenons. Gouvernance : La société propose le renouvellement de son Directeur général, M. Petitcolin. Au regard de la séparation des fonctions (pratique que nous encourageons) et des bonnes performances boursières que la société enregistre depuis que M. Petitcolin est devenu Directeur Général (+52,5%), nous soutenons ce renouvellement. En revanche, concernant M. McInnes, lors de l'AG 20...

Expert Corporate Governance Service (ECGS)

Safran - AGM 23 May 2019

ITEM 4: the Company proposes to re-elect Ross McInnes, Chairman of the Board. In 2017, TCI (a UK-based fund) asked to add a resolution to the agenda so that shareholders could be consulted on the acquisition of Zodiac. The Board of Safran refused to add this resolution to the agenda. We consider that this refusal is a major breach of the shareholding democracy (especially considering that it was a non-binding consultation). As Chairman of the Board, Ross McInnes is responsible for this breach. Thus, we do not support his re-election.

Safran – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Safran - 27 Novembre 2018

Lors de l'annonce de l'acquisition de Zodiac par Safran en janvier 2017, Proxinvest et de nombreux investisseurs font entendre leur voix pour contester le prix offert par Safran (29,47 €/action Zodiac, soit une prime de 36% sur le cours de Zodiac au 31 décembre 2016), trop élevé, particulièrement au regard des difficultés rencontrées par Zodiac. Le 24 mai 2017, grâce à cet activisme actionnarial, Safran revoit à la baisse son prix et propose alors 25 €/action Zodiac (prime de 14,6%) (soit une économie de plus 1,2 Mds€). Lors de la présente assemblée, les actionnaires sont appelés à se prononc...

Expert Corporate Governance Service (ECGS)

Safran - 2018, November 27

ITEM 2: When Safran announced in January 2017 that it would acquire Zodiac for €29.47/share, several shareholders and investors contested this price as it was deemed excessive considering Zodiac’s difficulties. On May 2017, Safran reduced its offer price to €25/share (a 14.6% premium compared to Zodiac’s share price as of 31/12/2016). At this 2018 EGM, shareholders are called to approve the merger between Safran and Zodiac. The exchange ratio proposed (0.2745 Safran share for 1 Zodiac share) includes a 16% premium compared to Zodiac’s share price as of 31/12/2016). This is line with the 14.6%...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Equities Beginning a New Leg Higher Positive technical developments have continued and global equities are now breaking out to new highs -- something we noted was increasingly likely in last week's Int'l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. • MSCI ACWI, EAFE, and STOXX Europe 600 are Breaking Out. The ACWI, EAFE, and STOXX 600 are making bullish inflections, following in the footsteps of MSCI EM and Japan. The proliferation of breakouts is building a stro...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

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