Safran reported FY19 results broadly in line with expectations, except on FCF which came in 4.5% above consensus. Management expects revenues to decline in 2020 due to the 737 Max production halt, while FCF is expected to be higher than in 2019, which is clearly above our expectations, that we will smooth over 2020-22.
27 Feb 2020
Better-than-expected 2020 FCF guidance
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Better-than-expected 2020 FCF guidance
Safran SA (SAF:WBO) | 0 0 1.4% | Mkt Cap: 37,132m
- Published:
27 Feb 2020 -
Author:
Luis Pereira -
Pages:
3
Safran reported FY19 results broadly in line with expectations, except on FCF which came in 4.5% above consensus. Management expects revenues to decline in 2020 due to the 737 Max production halt, while FCF is expected to be higher than in 2019, which is clearly above our expectations, that we will smooth over 2020-22.