Safran SA

SAF: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€631.00	Gsnk	Jgjxxglxpr

Safran Raises Guidance Yet Again; Slight Increase in FVE; Shares Undervalued

Joachim Kotze

Oct 28, 2022

Wide-moat Safran once again raised full-year 2022 revenue and free cash flow guidance on the back of currency moves and growth in services. Revenue is expected to be EUR 19 billion (EUR 18.3 billion previously), while free cash flow is anticipated to exceed EUR 2.4 billion. Reported group sales increased by 30% in the third quarter, composed of 18% organic growth and 12% currency tailwinds. All divisions grew, but the most notable growth driver remains the civil aftermarket, which benefits from the recovery in narrow-body flying hours.

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