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Safran; Results Slightly Weak But Outlook Very Strong. Credit Positive.

CAPITAL GOODS

Safran (SAF FP) reported FY23 results which missed at the profit line but included strong guidance, outlook upgrades and a dividend hike. Already an A- issuer, if anything there’s reason to be credit positive here.


  • Revenues in 4Q23 were up 4% y/y but 2% below consensus. 2H23 net income looks to be c.20% below consensus but a dividend hike should keep equity investors slightly less disgruntled.
  • Key credit metrics: net cash of EUR374m (from 263m net debt at Jun-23. Free cash flow generation guidance was upgraded at the half-year and beaten with these results (working capital moves).
  • Outlook guidance looks good. FCF generation is upgraded again (to EUR3bn) and revenues to EUR27.4bn (cons: 26.7bn) with net income guidance well above current expectations, on strong LEAP engine deliveries (up 20-25%).

Conf call is ongoing at https://edge.media-server.com/mmc/p/xnfg2jr9/

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