Safran: Catalyst Alert: Three catalysts that could support further earnings upgrades at 1H results 28 July (positive)

研报英文原文证据摘录

Safran: Catalyst Alert: Three catalysts that could support further earnings upgrades at 1H results 28 July (positive)

Equity Research

European Aerospace & Defence

30 June 2026

Safran

Catalyst Alert: Three catalysts that

could support further earnings Earnings Forecast Change

SAF.PA/SAF FP OVERWEIGHTupgrades at 1H results 28 July

Unchanged

European Aerospace & NEUTRAL(positive) Defence

We think GE Aerospace Q2 (16/7), Farnborough (week of Price Target EUR 370.00

20/7) and Safran H1 results (28/7) could trigger another raised 12% from EUR 330.00

upgrade cycle. We lift FY26E EBIT to €6.4bn, above guidance Price (29-Jun-26) EUR 336.50 Potential Upside/Downside +10.0%

Source: Bloomberg, Barclays Researchand consensus, and raise our PT to €370 from €330 as we

believe aftermarket momentum remains stronger than

Market Cap (EUR mn) 140772

market expectations. Shares Outstanding (mn) 418.34

Free Float (%) 81.92

Catalyst: We see a concentrated catalyst path over the coming month that we think could drive 52 Wk Avg Daily Volume (mn) 0.6

further earnings upgrades and support continued share price outperformance. GE Aerospace's Dividend Yield (%) 1.00

(not covered) Q2 results on 16 July should provide an important read-across on commercial Return on Equity TTM (%) 57.38

aerospace aftermarket demand, particularly given recent commentary pointing to exceptionally Current BVPS (EUR) 35.59

strong spare parts order trends. We expect the Farnborough Airshow during the week of 20 July Source: Bloomberg

to reinforce the constructive industry backdrop through sector data points. This is followed by

Safran's H1 results on 28 July, where we see scope for management to acknowledge stronger- Price Performance Exchange-PA