(News Bulletin 247) – Oddo BHF reiterates its ‘outperformance’ opinion on Safran and raises its price target from 138 to 151 euros, after the publication last Friday of the annual results of the high-tech group for aeronautics, space and defense.
‘The current valuation may appear high at first sight but the generation of anticipated cash is stronger and the risk of the appearance of a totally new aircraft program postponed’, estimates the analyst.
The research department expects 2023-26 average annual EPS growth of 17.5% (around 19.3% with a share buyback program of 2.5 billion euros) and a cumulative FCF of 12, 6 billion over the same period.
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