Safran SA

SAF: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€542.00	Wxsft	Vlqtljkvv

Safran Earnings: Strong Set of Results, Fair Value Estimate Maintained

Loredana Muharremi

Feb 15, 2024

Wide-moat Safran reported a strong set of results for full-year 2023, driven by narrow-body air traffic available seat kilometers, or ASK, ahead of 2019 levels, with full-year ASK at 105% of 2019's level. Strong demand in original equipment and aftermarket underpins our positive midterm outlook, and we maintain our fair value estimate.

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