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

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.

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/09/2019

Les sociétés d’ingénierie construction ont appliqué leur savoir-faire en matière d’installation d’équipements Subsea et flottants au marché de l’éolien offshore, qui devrait afficher une croissance à 2 chiffres sur les prochaines années. En outre, le nombre d’acteurs y reste restreint ce qui devrait bénéficier aux marges des sociétés de services pétroliers. Notre top pick afin de jouer ce marché est Subsea 7 qui affiche à la fois la stratégie la plus pertinent et un excellent track re...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/06/2019

We expect organic growth to continue to decline over the coming quarters and have revised down our EPS forecasts by -6% for 2020. The valuation is relatively low but an additional decline is possible in the event of a deterioration in the macroeconomic environment. We still prefer Randstad (Neutral, target price € 42 vs € 46) vs Adecco (Reduce, target price CHF 48 vs CHF 51) for its attractive FCF generation and returns. - Cf. sector report published today. - ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : All engines firing in H1 2019 with some exceptional items buoying FCF

>All indicators were positive in H1 2019 - We were expecting an excellent first half - and it was indeed impressive. EBIT came to € 1,883m (+36%) on organic sales growth of 12.4%, giving a margin of 15.6%. EBIT came in 7% ahead of our forecasts and 11% higher than the consensus. Compared with our estimates, this performance is mainly attributable to the propulsion division which enjoyed: i/ growth of 10.2% in the civil aftermarket business, in line with our forecasts;...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : Feedback from sell-side dinner

>Key takeaways from the sell-side dinner - Safran yesterday evening organised a sell-side dinner where it shared its confident stance on the potential for a continued improvement in the group's profitability and its capacity to manage the Max crisis. We note the following main points: In new deliveries, the mix will remain robust with spares expected to continue to account for a volume above the normative level of around 7-9% of an airline’s fleet. Two facto...

Jean-Christophe Dourret

Safran : Safran - 31 May 2018

...

Jean-Christophe Dourret

Safran : Safran - 31 mai 2018

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/09/2019

Les sociétés d’ingénierie construction ont appliqué leur savoir-faire en matière d’installation d’équipements Subsea et flottants au marché de l’éolien offshore, qui devrait afficher une croissance à 2 chiffres sur les prochaines années. En outre, le nombre d’acteurs y reste restreint ce qui devrait bénéficier aux marges des sociétés de services pétroliers. Notre top pick afin de jouer ce marché est Subsea 7 qui affiche à la fois la stratégie la plus pertinent et un excellent track re...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/06/2019

We expect organic growth to continue to decline over the coming quarters and have revised down our EPS forecasts by -6% for 2020. The valuation is relatively low but an additional decline is possible in the event of a deterioration in the macroeconomic environment. We still prefer Randstad (Neutral, target price € 42 vs € 46) vs Adecco (Reduce, target price CHF 48 vs CHF 51) for its attractive FCF generation and returns. - Cf. sector report published today. - ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : All engines firing in H1 2019 with some exceptional items buoying FCF

>All indicators were positive in H1 2019 - We were expecting an excellent first half - and it was indeed impressive. EBIT came to € 1,883m (+36%) on organic sales growth of 12.4%, giving a margin of 15.6%. EBIT came in 7% ahead of our forecasts and 11% higher than the consensus. Compared with our estimates, this performance is mainly attributable to the propulsion division which enjoyed: i/ growth of 10.2% in the civil aftermarket business, in line with our forecasts;...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : Feedback from sell-side dinner

>Key takeaways from the sell-side dinner - Safran yesterday evening organised a sell-side dinner where it shared its confident stance on the potential for a continued improvement in the group's profitability and its capacity to manage the Max crisis. We note the following main points: In new deliveries, the mix will remain robust with spares expected to continue to account for a volume above the normative level of around 7-9% of an airline’s fleet. Two facto...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Safran : Feed back sell-side diner

>Points saillants du dîner sell-side - Safran a organisé hier soir un dîner sell-side où le groupe a partagé sa confiance dans la poursuite de l’amélioration de la rentabilité du groupe ainsi que dans sa capacité à gérer la crise du Max. Nous retenons notamment les éléments suivants : Dans les livraisons neuves, le mix restera porteur avec des moteurs volants qui devraient continuer de représenter un volume supérieur au niveau normatif de l’ordre de 7 à 9% d...

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...

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...

Antoine Boivin-Champeaux ...
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/11/2019

...

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

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

A l’issue de notre conférence ODDO BHF Nextcap, 44 sociétés françaises et allemandes ont rencontré près de 100 investisseurs à Paris. Dans un marché des Small caps complexe (décollecte, liquidité limitée, valorisations encore élevées) et dans un environnement macroéconomique plus incertain, la sélectivité est primordiale et quelques opportunités se dessinent. Nous compilons dans ce document 35 feedbacks, qui donnent lieu à 6 révisions d’objectifs de cours : i/ 3 à la hausse (Esker, EC...

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

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...

MarketLine Department

Northrop Grumman Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Northrop Grumman Corporation 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 Northrop Grumman Corporation 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 compe...

MarketLine Department

Rolls-Royce Holdings Plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Rolls-Royce Holdings Plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Marketline's Rolls-Royce Holdings Plc 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 Rolls-Royce Holdings Plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organ...

ICD Research Department

Safran SA : Technology and Communications - Company Profile, SWOT & Financial Analysis

Synopsis ICD Research's "Safran SA : Technology and Communications - Company Profile, SWOT & Financial Analysis" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, major products and services, SWOT analysis, business description, company history, financial analysis, mergers & acquisitions, recent developments, key employees, company locations and subsidiaries as well as competitive benchmarking data. Summary This report is a crucial resource for industry executives and anyone looking to access key information abou...

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

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

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Valérie GASTALDY

Analyse court terme - SAFRAN : La tendance est haussière.

La tendance est haussière. Les cours progressent encore, mais la tendance s'affaiblit. La prochaine résistance est à 117,20 €. La rupture de 105,35 € mettrait la tendance en danger.

Valérie GASTALDY

Short term view - SAFRAN : The trend is bullish.

The trend is bullish. Prices are still making progress but the trend is slowing down. The next resistance is at €117.20. The break of €105.35 would endanger the trend.

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