SAFRF - Safran SA: Good Long-Term Story Supported By Short-Term Recovery In Travel

Summary

• SAFRF is well-positioned in the civil aviation sector with a strong product lineup, particularly in the narrow body engine market.
• Despite a slightly weaker performance in the Civil Aftermarket in 4Q, SAFRF's overall FY22 results were in line with expectations, with a healthy balance sheet and strong FCF.
• Long-term travel trends and the short-term recovery from the pandemic bode well for SAFRF's ability to maintain profitability.

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