Safran SA

SAF: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€413.00	Rvj	Qsfjmdlgcd

Safran Earnings: Solid Set of Results In Line With Our Expectations

Loredana Muharremi

Oct 27, 2023

Wide-moat Safran reported a strong set of results for the third quarter, driven by narrow-body air traffic available seat kilometers ahead of 2019 levels, with second-quarter ASK at 107% of the third-quarter 2019 level. Management raised its revenue outlook for the full year. 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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