Safran SA

SAF: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€451.00	Rlcd	Pxwdmttl

Safran Earnings: Solid Set of Results With 2023 Guidance Upgrade

Loredana Muharremi

Jul 27, 2023

Wide-moat Safran reported a strong set of results for the first half, driven by narrow-body air traffic available seat kilometers ahead of 2019 levels, with second-quarter ASK at 104% of the second-quarter 2019 level. Management raised its EBIT and cash flow outlook for the full year. Safran is consolidating its market position in Airbus' A320neo with win rates higher than the 70% figure in 2022. Narrow-body demand ahead of 2019 levels coupled with pent-up demand in original equipment and aftermarket supports our 2023 view, and we maintain our fair value estimate.

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