Safran published results which were globally in line with consensus on all metrics. The positive surprise came from its FCF generation, which has been high driven by a positive working capital linked to prepayments of the recent massive Rafales contracts and low capex. Safran would have been well set for growth, if it weren’t for Russia.
24 Feb 2022
Q4 21: strong FCF generation despite dull results
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Q4 21: strong FCF generation despite dull results
- Published:
24 Feb 2022 -
Author:
Romain Pierredon -
Pages:
3
Safran published results which were globally in line with consensus on all metrics. The positive surprise came from its FCF generation, which has been high driven by a positive working capital linked to prepayments of the recent massive Rafales contracts and low capex. Safran would have been well set for growth, if it weren’t for Russia.