(Boursier.com) — Saffron rose by 0.8% to 195 euros this Monday, on new historic records on the stock market, while the group recently published a strong increase in its turnover of 23.6% on an organic basis to €23.199 billion and its current operating profit which increased by 27.2% organically to €3.166 billion. Safran said its civil engine services business grew 32.9% in dollar terms.
Net income (group share) stood at €3.444 billion. Free cash flow stood at €2.945 billion. The dividend per share will be set at 2.20 euros, subject to shareholder approval.
The outlook for 2024 (in adjusted data) involves a turnover of around €27.4 billion, a current operating profit close to €4 billion and a free cash flow of around €3 billion.
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The group’s general director, Olivier Andriès, explained that the restrictions imposed on Boeing by American regulators could affect deliveries of LEAP-1B engines… With General Electric, Safran co-produces LEAP engines for all Boeing and more half of Airbus’ narrow-body aircraft through their company CFM International. The accident of an Alaska Airlines Boeing 737 MAX 9 aircraft in January prompted the American Civil Aviation Authority (FAA) to prohibit the company from increasing its production…
Olivier Andriès ruled out the possibility of switching from the Boeing version of the LEAP to the Airbus version, known as the LEAP-1A, in 2024 or in the near term, and said Airbus had not made a request in this regard. sense. However, he did not rule out the possibility that CFM International would study the capacity requirements of both versions for 2025 and beyond.
LEAP deliveries increased by 38% in 2023, slightly below the objective set by the group…
Among the latest broker opinions, JP Morgan overweights Safran with a target that rises from 215 to 230 euros, while Deutsche Bank maintains the file with a slider adjusted to 190 euros. Goldman Sachs is ‘neutral’, but with a target of 196 euros. BNP Paribas Exane is ‘outperforming’ targeting a price of 217 euros and SG is buying, targeting 223 euros.
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