Safran: Oddo BHF reassured by roadshow

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Safran shares, along with its E250 target price, leaving the roadshow 'reassured by the quality of the assets and management's attitude in the face of uncertainties', and believes that its own medium-term estimates are certainly a little too cautious.


Following the roadshow on the US East Coast, the broker noted management's clear commitment to limiting the impact of customs duties by adapting logistics flows and renegotiating contracts.

The first few months of the year have seen solid momentum in after-sales for both equipment and propulsion, the analyst adds, highlighting the confirmation of 2025 targets and management's confidence in the medium term.

However, Oddo BHF believes that Safran shares are trading on a demanding valuation, with a 2026 P/E of 25.3x and FCF yield of 3.9% for 2024-28 average annual EPS growth of 13.3%.


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