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CAPITAL GOODS: Safran (SAFFP NR/A-/NR): CMD

CAPITAL GOODS
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Stepping up shareholder returns, but not a spread mover for us. Equity coming off record highs on growth sensitivity.

  • Safran confirms FY24 guidance and releases FY25 preliminary outlook.
  • FY25 revenue growth guidance at 10% lags consensus of 14% and adj. EBIT at €4.7-4.8bn is 2% shy. FCF is seen at €2.8-3bn, 10% below consensus at midpoint, mostly impacted by surtax.
  • Medium term ambitions are also slightly below consensus with FCF in line.
  • Committed to strong investment grade, with 70% of FCF to be returned to shareholders. Bolt-on M&A will continue, leaving leverage likely stable over time.
  • CMD 13.00 GMT https://www.safran-group.com/calendar/capital-markets-day-2024.
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Stepping up shareholder returns, but not a spread mover for us. Equity coming off record highs on growth sensitivity.

  • Safran confirms FY24 guidance and releases FY25 preliminary outlook.
  • FY25 revenue growth guidance at 10% lags consensus of 14% and adj. EBIT at €4.7-4.8bn is 2% shy. FCF is seen at €2.8-3bn, 10% below consensus at midpoint, mostly impacted by surtax.
  • Medium term ambitions are also slightly below consensus with FCF in line.
  • Committed to strong investment grade, with 70% of FCF to be returned to shareholders. Bolt-on M&A will continue, leaving leverage likely stable over time.
  • CMD 13.00 GMT https://www.safran-group.com/calendar/capital-markets-day-2024.