Safran: Key take-aways from defence site visit

研报英文原文证据摘录

Safran: Key take-aways from defence site visit

Deutsche Bank

Research

Rating Company Date

Buy Safran 10 June 2026

Company Update

Europe

France

Reuters Bloomberg Exchange Ticker Price at 9 Jun 2026 (EUR) 295.60

SAF.PA SAF FP PAR SAF

Price Target 365.00

Aerospace & Defence

Aerospace & Defence ADR ISIN 52-week range 347.20253.20-

SAFRY US7865841024

Key take-aways from defence site visit

Valuation & Risks

Christophe Menard

Safran's site visit to its Montluçon defence facilities helped showcase its

Research Analyst

comprehensive defence capabilities, clearly demonstrating competitive +33-1-4495-9315

advantages in inertial systems, optronics, and advanced guided bombs. While

the defence sector may not rival the civil propulsion business in size, the Sriram Krishnan, CFA

presentation highlighted Safran's robust and specialized offerings in these

+44-20-7541-0983

critical areas, making the site visit a worthwhile experience.

Samrudh Agrawal

Research Associate

Some key figures, but no incremental guidance details at group level

Safran's Defense sector generated approximately €6bn in FY25 sales (20% of the

Group's total sales). The business is heavily export-oriented, with 80% of its backlog

geared towards international markets. Revenues are 60% OE oriented, with 40%

coming from aftermarket services. Safran's defense activities are diverse,

encompassing military propulsion, French nuclear deterrence propulsion (50% of

ArianeGroup), missile propulsion (within Helicopter propulsion sales), as well as

equipment and electronics for defense applications. A key to Safran's success lies

in its platform-agnostic solutions and targeted M&A that have broadened its

portfolio. For instance, the acquisition of Preligens (now Safran AI) brought in