Safran: Oddo BHF maintains its 'neutral' rating on the stock

(CercleFinance.com) - Oddo BHF maintains its neutral rating on Safran shares, with an unchanged target price of 220 euros.


As a reminder, Safran has unveiled its objectives for fiscal 2028, broadly in line with expectations. The company is targeting a high-single-digit organic compound annual growth rate (CAGR) over the 2024-2028 period, in line with VA consensus expectations (10.4%).

The operating profit (EBIT) target for 2028, set at between 6 and 6.5 billion euros, is slightly below VA's consensus expectations (6.871 billion euros).

For 2025, the consensus is already at the high end of EBIT (€4.885 billion versus a target range of €4.7 to €4.8 billion), while FCF is in line, including an impact of €320 to €340 million linked to the French surtax.

' With strong visibility and solid growth, Safran's profile remains attractive, although these strengths are already partially factored into the valuation, with an estimated PER of 27.8x for 2025 (excluding the French tax hike) and an EV/EBIT ratio of 20.1x ', emphasizes Oddo BHF.

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