Safran SA

SAF: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€619.00	Znybs	Rflcxhcmvq

We Increase Safran’s Fair Value Estimate on the Back of Strong Long-Term Growth and Margin Prospects

Joachim Kotze

Dec 9, 2021

We increase our fair value estimate for wide-moat Safran to EUR 150, from EUR 142 as we anticipate a sharper recovery in aftermarket revenue in the short term, complimented with above-market growth in the longer term. Trading in 4-star territory, Safran is one of the top picks in our European aerospace and defense coverage. The coronavirus pandemic hit earnings hard, with first-half 2021 EBIT still 65% below 2019 levels.

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