Safran SA

SAF: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DDz	LOCK\|@s$	LOCK\|Y^^qWMth

Safran Earnings: Strong Result With Upgraded Aftermarket Guidance; We Lift Our Fair Value to EUR 286

Loredana Muharremi

Feb 17, 2025

Safran delivered record revenue, profits, and cash flow in 2024, driven by strong aftermarket activity, particularly for civil engines. The CFM56 fleet, with over 10,000 aircraft in service, remains a key driver of long-term aftermarket revenue. Total revenue reached EUR 27.3 billion, 17.1% organic growth, with a 150-basis-point EBIT margin expansion to 15.1%, supported by aftermarket pricing and mix benefits in propulsion. We increase our fair value estimate to EUR 286 to reflect updated aftermarket assumptions.

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Safran SA

Safran Earnings: Strong Result With Upgraded Aftermarket Guidance; We Lift Our Fair Value to EUR 286

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