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Safran

ENXTPA:SAF
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SAF
ENXTPA
€27B
Market Cap
  1. Home
  2. FR
  3. Capital Goods
Company description

Safran SA, together with its subsidiaries, engages in the aerospace and defense businesses worldwide. The last earnings update was 36 days ago. More info.


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  • Safran has significant price volatility in the past 3 months.
SAF Share Price and Events
7 Day Returns
-27.6%
ENXTPA:SAF
-22.9%
FR Aerospace & Defense
-6.8%
FR Market
1 Year Returns
-49.8%
ENXTPA:SAF
-49.5%
FR Aerospace & Defense
-21.9%
FR Market
SAF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Safran (SAF) -27.6% -50.4% -54.3% -49.8% -13.5% -7.6%
FR Aerospace & Defense -22.9% -46.4% -53.1% -49.5% -23.6% -8.9%
FR Market -6.8% -21.2% -28.4% -21.9% -12.2% -11.3%
1 Year Return vs Industry and Market
  • SAF matched the Aerospace & Defense industry (-49.5%) over the past year.
  • SAF underperformed the Market in France which returned -21.9% over the past year.
Price Volatility
SAF
Industry
5yr Volatility vs Market

SAF Value

 Is Safran undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Safran to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Safran.

ENXTPA:SAF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 15 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.9%
Perpetual Growth Rate 10-Year FR Government Bond Rate -0.1%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:SAF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate -0.1%
Equity Risk Premium S&P Global 6.1%
Aerospace & Defense Unlevered Beta Simply Wall St/ S&P Global 0.84
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.84 (1 + (1- 33%) (27.22%))
0.995
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.11% + (0.995 * 6.07%)
5.93%

Discounted Cash Flow Calculation for ENXTPA:SAF using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Safran is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

ENXTPA:SAF DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.93%)
2020 1,409.57 Analyst x10 1,330.66
2021 2,314.36 Analyst x12 2,062.49
2022 2,791.00 Analyst x9 2,348.02
2023 2,739.67 Analyst x6 2,175.81
2024 2,654.50 Analyst x2 1,990.16
2025 2,599.76 Est @ -2.06% 1,840.00
2026 2,561.37 Est @ -1.48% 1,711.35
2027 2,534.05 Est @ -1.07% 1,598.32
2028 2,514.30 Est @ -0.78% 1,497.08
2029 2,499.74 Est @ -0.58% 1,405.09
Present value of next 10 years cash flows €17,958.00
ENXTPA:SAF DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €2,499.74 × (1 + -0.11%) ÷ (5.93% – -0.11%)
€41,340.72
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €41,340.72 ÷ (1 + 5.93%)10
€23,237.36
ENXTPA:SAF Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €17,958.00 + €23,237.36
€41,195.36
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €41,195.36 / 424.68
€97
ENXTPA:SAF Discount to Share Price
Calculation Result
Value per share (EUR) From above. €97.00
Current discount Discount to share price of €63.00
= -1 x (€63.00 - €97.00) / €97.00
35.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Safran is available for.
Intrinsic value
35%
Share price is €63 vs Future cash flow value of €97
Current Discount Checks
For Safran to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Safran's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Safran's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Safran's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Safran's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:SAF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €5.69
ENXTPA:SAF Share Price ** ENXTPA (2020-04-03) in EUR €63
France Aerospace & Defense Industry PE Ratio Median Figure of 8 Publicly-Listed Aerospace & Defense Companies 12.24x
France Market PE Ratio Median Figure of 408 Publicly-Listed Companies 13.19x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Safran.

ENXTPA:SAF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:SAF Share Price ÷ EPS (both in EUR)

= 63 ÷ 5.69

11.06x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Safran is good value based on earnings compared to the FR Aerospace & Defense industry average.
  • Safran is good value based on earnings compared to the France market.
Price based on expected Growth
Does Safran's expected growth come at a high price?
Raw Data
ENXTPA:SAF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.06x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
7.7%per year
France Aerospace & Defense Industry PEG Ratio Median Figure of 8 Publicly-Listed Aerospace & Defense Companies 1.49x
France Market PEG Ratio Median Figure of 247 Publicly-Listed Companies 1.01x

*Line of best fit is calculated by linear regression .

ENXTPA:SAF PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.06x ÷ 7.7%

1.44x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Safran is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Safran's assets?
Raw Data
ENXTPA:SAF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €29.13
ENXTPA:SAF Share Price * ENXTPA (2020-04-03) in EUR €63
France Aerospace & Defense Industry PB Ratio Median Figure of 11 Publicly-Listed Aerospace & Defense Companies 1.17x
France Market PB Ratio Median Figure of 589 Publicly-Listed Companies 1.12x
ENXTPA:SAF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:SAF Share Price ÷ Book Value per Share (both in EUR)

= 63 ÷ 29.13

2.16x

* Primary Listing of Safran.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Safran is overvalued based on assets compared to the FR Aerospace & Defense industry average.
X
Value checks
We assess Safran's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Aerospace & Defense industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Aerospace & Defense industry average (and greater than 0)? (1 check)
  5. Safran has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

SAF Future Performance

 How is Safran expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Safran expected to grow at an attractive rate?
  • Safran's earnings growth is expected to exceed the low risk savings rate of -0.1%.
Growth vs Market Checks
  • Safran's earnings growth is positive but not above the France market average.
  • Safran's revenue growth is positive but not above the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:SAF Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:SAF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 7.7%
ENXTPA:SAF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 2.2%
France Aerospace & Defense Industry Earnings Growth Rate Market Cap Weighted Average 20.4%
France Aerospace & Defense Industry Revenue Growth Rate Market Cap Weighted Average 1.6%
France Market Earnings Growth Rate Market Cap Weighted Average 12%
France Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTPA:SAF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:SAF Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 26,806 3,477 3,257 3
2023-12-31 25,637 3,599 2,928 6
2022-12-31 25,308 4,363 3,120 13
2021-12-31 22,855 3,632 2,504 15
2020-12-31 20,754 2,436 2,056 15
2020-04-03
ENXTPA:SAF Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 25,264 3,145 2,447
2019-09-30 24,687 3,264 2,314
2019-06-30 24,109 3,382 2,180
2019-03-31 22,643 3,227 1,732
2018-12-31 21,176 3,071 1,283
2018-09-30 19,536 3,073 1,545
2018-06-30 17,896 3,075 1,806
2018-03-31 17,206 3,011 2,763
2017-12-31 16,516 2,946 3,720
2017-09-30 16,519 2,699 3,163
2017-06-30 16,329 2,650 2,492
2017-03-31 16,475 2,652 2,164

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Safran's earnings are expected to grow by 7.7% yearly, however this is not considered high growth (20% yearly).
  • Safran's revenue is expected to grow by 2.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:SAF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from Safran Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:SAF Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 7.96 9.30 6.92 3.00
2021-12-31 6.05 8.23 4.37 10.00
2020-12-31 4.79 6.65 2.12 11.00
2020-04-03
ENXTPA:SAF Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 5.69
2019-09-30 5.37
2019-06-30 5.04
2019-03-31 4.01
2018-12-31 2.98
2018-09-30 3.63
2018-06-30 4.31
2018-03-31 6.66
2017-12-31 9.07
2017-09-30 7.68
2017-06-30 6.02
2017-03-31 5.21

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Safran is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Safran's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Safran has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

SAF Past Performance

  How has Safran performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Safran's growth in the last year to its industry (Aerospace & Defense).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Safran has delivered over 20% year on year earnings growth in the past 5 years.
  • Safran's 1-year earnings growth exceeds its 5-year average (90.7% vs 36.4%)
  • Safran's earnings growth has exceeded the FR Aerospace & Defense industry average in the past year (90.7% vs 14.3%).
Earnings and Revenue History
Safran's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Safran Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:SAF Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 25,264.00 2,447.00 6,358.00
2019-09-30 24,686.50 2,313.50 6,222.50
2019-06-30 24,109.00 2,180.00 6,087.00
2019-03-31 22,642.50 1,731.50 5,884.00
2018-12-31 21,176.00 1,283.00 5,681.00
2018-09-30 19,536.00 1,544.50 5,295.00
2018-06-30 17,896.00 1,806.00 4,909.00
2018-03-31 17,206.00 2,763.00 4,641.00
2017-12-31 16,516.00 3,720.00 4,373.00
2017-09-30 16,519.00 3,162.50 4,314.00
2017-06-30 16,329.00 2,492.00 4,309.00
2017-03-31 16,475.00 2,164.00 4,375.50
2016-12-31 16,621.00 1,836.00 4,442.00
2016-06-30 15,964.00 1,536.00 4,376.00
2016-03-31 16,167.50 543.00 4,481.00
2015-12-31 16,371.00 -450.00 4,586.00
2015-09-30 17,599.50 -688.50 5,041.50
2015-06-30 16,934.00 -953.00 4,962.00
2015-03-31 16,064.50 -539.50 4,879.00
2014-12-31 15,195.00 -126.00 4,796.00
2014-09-30 14,805.00 704.00 4,728.50
2014-06-30 14,415.00 1,550.00 4,654.00
2014-03-31 14,354.50 1,468.00 4,589.00
2013-12-31 14,294.00 1,386.00 4,524.00
2013-09-30 14,283.50 1,410.00 4,462.50
2013-06-30 14,132.00 1,434.00 4,362.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Safran has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Safran used its assets more efficiently than the FR Aerospace & Defense industry average last year based on Return on Assets.
  • Safran's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Safran's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Aerospace & Defense industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Safran has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

SAF Health

 How is Safran's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Safran's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Safran's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Safran's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Safran's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Safran Company Filings, last reported 3 months ago.

ENXTPA:SAF Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 12,748.00 6,555.00 2,775.00
2019-09-30 12,748.00 6,555.00 2,775.00
2019-06-30 12,463.00 6,282.00 2,656.00
2019-03-31 12,463.00 6,282.00 2,656.00
2018-12-31 12,301.00 6,042.00 2,515.00
2018-09-30 12,301.00 6,042.00 2,515.00
2018-06-30 10,796.00 6,374.00 2,507.00
2018-03-31 10,796.00 6,374.00 2,507.00
2017-12-31 9,648.00 5,039.00 7,027.00
2017-09-30 10,624.00 5,039.00 7,027.00
2017-06-30 9,239.00 5,738.00 6,962.00
2017-03-31 9,239.00 5,738.00 6,962.00
2016-12-31 6,809.00 3,846.00 2,073.00
2016-06-30 7,259.00 3,996.00 2,505.00
2016-03-31 7,259.00 3,996.00 2,505.00
2015-12-31 5,893.00 3,149.00 2,092.00
2015-09-30 5,893.00 3,149.00 2,092.00
2015-06-30 6,357.00 3,850.00 2,273.00
2015-03-31 6,357.00 3,850.00 2,273.00
2014-12-31 6,491.00 3,716.00 1,854.00
2014-09-30 6,478.00 3,716.00 1,854.00
2014-06-30 7,236.00 3,860.00 1,780.00
2014-03-31 7,236.00 3,860.00 1,780.00
2013-12-31 6,813.00 3,323.00 1,752.00
2013-09-30 6,814.00 3,315.00 1,880.00
2013-06-30 6,167.00 3,389.00 1,868.00
  • Safran's level of debt (51.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (57.3% vs 51.4% today).
  • Debt is well covered by operating cash flow (48%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 123.3x coverage).
X
Financial health checks
We assess Safran's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Safran has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

SAF Dividends

 What is Safran's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.78%
Current annual income from Safran dividends. Estimated to be 4.03% next year.
If you bought €2,000 of Safran shares you are expected to receive €76 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Safran's pays a higher dividend yield than the bottom 25% of dividend payers in France (2.04%).
  • Safran's dividend is below the markets top 25% of dividend payers in France (6.46%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTPA:SAF Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
France Aerospace & Defense Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3.5%
France Market Average Dividend Yield Market Cap Weighted Average of 299 Stocks 4%
France Minimum Threshold Dividend Yield 10th Percentile 1.2%
France Bottom 25% Dividend Yield 25th Percentile 2%
France Top 25% Dividend Yield 75th Percentile 6.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:SAF Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 3.38 2.00
2023-12-31 3.53 6.00
2022-12-31 3.07 14.00
2021-12-31 2.52 19.00
2020-12-31 1.81 20.00
2020-04-03
ENXTPA:SAF Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-02-27 2.380 2.862
2019-05-24 1.820 1.332
2018-05-25 1.600 1.433
2017-03-31 1.520 1.793
2017-02-24 1.520 2.216
2016-12-15 1.330 2.018
2016-02-25 1.380 2.239
2015-12-17 1.240 2.166
2015-04-24 1.200 1.816
2014-12-18 1.200 1.985
2014-05-30 1.120 2.296
2013-12-11 1.130 2.256
2013-05-28 0.960 2.183
2012-12-12 0.680 1.934
2012-02-23 0.740 2.637
2011-08-05 0.500 2.112
2011-07-29 0.500 1.836
2011-04-21 0.500 1.791
2010-02-25 0.380 1.717
2009-04-24 0.250 2.199

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Safran's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess Safran's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Safran afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Safran has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

SAF Management

 What is the CEO of Safran's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Philippe Petitcolin
COMPENSATION €2,892,341
AGE 67
TENURE AS CEO 5 years
CEO Bio

Mr. Philippe Petitcolin serves as Independent Director at Pernod Ricard SA since November 8, 2019. He has been the Chief Executive Officer and Director of Safran SA since April 23, 2015. He has been a Director of Electricité de France SA (EDF) since May 2019. He began his career in 1978 as an export manager for Europrim before becoming an export area manager for Filotex, a subsidiary of Alcatel-Alstom. In 1982 he was appointed Aviation Sales Director for Chester Cable in the United States before returning to Filotex in 1984 as Export Director. In 1988, he joined Labinal as Deputy Sales Director before being appointed Sales and Marketing Director of the company’s Aeronautical Systems Division and subsequently its Managing Director in 1995. Between 1999 and 2001, he was General Manager of Labinal's Filtrauto Division, also serving as General Manager of the friction materials business after the division was bought by Valeo. In May 2001, he was appointed Chief Executive Officer of Labinal (now Safran Electrical & Power), before being appointed Chairman and Chief Executive Officer in November 2004. He was appointed Chairman and Chief Executive Officer of Snecma (now Safran Aircraft Engines) in 2006. Between 2011 and 2013, he served as President of Safran's Defense and Security businesses and then Chairman and Chief Executive Officer of Safran Electronics & Defense. He served as the Chairman and Chief Executive Officer of Safran Identity & Security since July 2013 until December 2014 and Safran Electronics & Defense until July 2013. He subsequently served as Chairman of Safran Identity & Security from December 2014 to July 2015. Also on April 23, 2015, he became a Board member of the Aerospace and Defense Industries Association of Europe (ASD). In July 2015, he was appointed Vice-Chairman of GIFAS (Groupement des Industries Françaises Aéronautiques et Spatiales) and in September 2015, he was appointed as a Director of Belcan Corporation (alternate name: Belcan, LLC), an engineering services company. He served as the Chairman of the Board of Directors of Safran Identity & Security North America until July 2015, Morpho Detection International, LLC until July 2015 and Safran Electronics & Defense since July 2013 until December 2014. He served as the Chairman and President of Morpho USA, Inc. (United States) until July 2015, Director of Safran Identity & Security USA (formerly Morpho Detection, LLC) until July 2015, Member of the Supervisory Board of Safran Identity & Security GmbH (formerly Morpho Cards GmbH) until July 2015, Member of the Supervisory Board of Institut Aspen France until March 2015. He holds a degree in mathematics and is a graduate of the Centre de Perfectionnement aux Affaires (CPA) business school.

CEO Compensation
  • Philippe's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Philippe's remuneration is about average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the Safran management team in years:

3.8
Average Tenure
60.5
Average Age
  • The tenure for the Safran management team is about average.
Management Team

Philippe Petitcolin

TITLE
CEO & Director
COMPENSATION
€3M
AGE
67
TENURE
5 yrs

Bernard-Pierre Delpit

TITLE
Chief Financial Officer
AGE
55

Francis Gaillard

TITLE
Administration Director

Coralie Bouscasse

TITLE
Group General Counsel
TENURE
3.8 yrs

Pascale DuBois

TITLE
Executive Vice President of Communication

Stéphane Dubois

TITLE
Executive VP of Human Resources
TENURE
1.3 yrs

Jean-Pierre Cojan

TITLE
Executive Vice President of Strategy and Transformation
AGE
66

Jean-Lin Fournereaux

TITLE
Corporate Senior Vice President of Space
AGE
67

Herve Bouaziz

TITLE
Executive Vice President for Strategy & Business Development - Sagem
AGE
51

Stéphane Cueille

TITLE
Senior EVP of R&T and Innovation & CTO
AGE
46
TENURE
3.8 yrs
Board of Directors Tenure

Average tenure and age of the Safran board of directors in years:

5.4
Average Tenure
65
Average Age
  • The tenure for the Safran board of directors is about average.
Board of Directors

Ross McInnes

TITLE
Chairman of the Board
COMPENSATION
€466K
AGE
65
TENURE
5 yrs

Philippe Petitcolin

TITLE
CEO & Director
COMPENSATION
€3M
AGE
67
TENURE
5 yrs

Francis Mer

TITLE
Honorary Chairman
COMPENSATION
€26K
AGE
80
TENURE
7.3 yrs

Gérard Le Page

TITLE
Chairman of Teuchos and Chief Executive Officer of Teuchos

Anne Bouverot

TITLE
Chairman of Morpho
AGE
53
TENURE
4.7 yrs

Odile Desforges

TITLE
Independent Director
COMPENSATION
€81K
AGE
69
TENURE
9 yrs

Monique Cohen

TITLE
Lead Independent Director
COMPENSATION
€85K
AGE
63
TENURE
2.1 yrs

Jean-Lou Chameau

TITLE
Independent Director
COMPENSATION
€70K
AGE
66
TENURE
9 yrs

Vincent Imbert

TITLE
Director
AGE
63
TENURE
6.1 yrs

Daniel Mazaltarim

TITLE
Director
COMPENSATION
€63K
AGE
59
TENURE
5.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Safran's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Safran has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

SAF News

Simply Wall St News

How Do Analysts See Safran SA (EPA:SAF) Performing In The Next 12 Months?

Overall, analyst consensus outlook appear vastly optimistic, as a 80% rise in profits is expected in the upcoming year, against the previous 5-year average growth rate of 30%. … To get an idea of the overall earnings growth trend for SAF, I’ve plotted out each year’s earnings expectations and inserted a line of best fit to determine an annual rate of growth from the slope of this line. … ENXTPA:SAF Past and Future Earnings, September 4th 2019 By 2022, SAF's earnings should reach €3.0b, from current levels of €1.3b, resulting in an annual growth rate of 18%.

Simply Wall St -

Does Safran SA (EPA:SAF) Have A Place In Your Dividend Portfolio?

Safran has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments. … With rapid dividend growth and no notable cuts to the dividend over a lengthy period of time, we think this company has a lot going for it. … Dividend Growth Potential While dividend payments have been relatively reliable, it would also be nice if earnings per share (EPS) were growing, as this is essential to maintaining the dividend's purchasing power over the long term. In the last five years, Safran's earnings per share have shrunk at approximately 2.2% per annum. If earnings continue to decline, the dividend may come under pressure. Every investor should make an assessment of whether the company is taking steps to stabilise the situation. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Safran SA (EPA:SAF) Is Employing Capital Very Effectively

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Safran: 0.11 = €2.1b ÷ (€41b - €21b) (Based on the trailing twelve months to December 2018.) So, Safran has an ROCE of 11%. … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise. … Our Take On Safran's ROCE The ROCE would not look as appealing if the company had fewer current liabilities.

Simply Wall St -

Should You Be Tempted To Sell Safran SA (EPA:SAF) Because Of Its P/E Ratio?

The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Safran: P/E of 40.86 = €121.65 ÷ €2.98 (Based on the trailing twelve months to December 2018.) Is A High Price-to-Earnings Ratio Good? … A higher P/E ratio means that investors are paying a higher price for each €1 of company earnings. … How Growth Rates Impact P/E Ratios P/E ratios primarily reflect market expectations around earnings growth rates.

Simply Wall St -

Safran SA (EPA:SAF): Are Analysts Bullish?

Below, I've laid out key growth figures on how market analysts view Safran's earnings growth outlook over the next couple of years and whether the future looks brighter. … See our latest analysis for Safran Market analysts' prospects for this coming year seems positive, with earnings growing by a significant 80%. … ENXTPA:SAF Past and Future Earnings, July 30th 2019 Even though it’s informative knowing the rate of growth each year relative to today’s level, it may be more valuable to analyze the rate at which the company is moving on average every year.

Simply Wall St -

Does Safran SA's (EPA:SAF) CEO Pay Matter?

We think total compensation is more important but we note that the CEO salary is lower, at €800k. … We looked at a group of companies with market capitalizations over €7.1b and the median CEO total compensation was €3.4m. … If you think CEO compensation levels are interesting you will probably really like this free visualization of insider trading at Safran.

Simply Wall St -

Safran (EPA:SAF) Seems To Use Debt Quite Sensibly

ENXTPA:SAF Historical Debt, July 4th 2019 How Strong Is Safran's Balance Sheet? … Because it carries more debt than cash, we think it's worth watching Safran's balance sheet over time. … When analysing debt levels, the balance sheet is the obvious place to start.

Simply Wall St -

Safran SA (EPA:SAF) Has Attractive Fundamentals

In the case of Safran SA (EPA:SAF), there's is a financially-robust company with a a great history of dividend payments and a buoyant growth outlook. … ENXTPA:SAF Past and Future Earnings, June 26th 2019 SAF is also a dividend company, with ample net income to cover its dividend payout, which has been consistently growing over the past decade, keeping income investors happy. … ENXTPA:SAF Historical Dividend Yield, June 26th 2019 Next Steps: For Safran, I've put together three key aspects you should look at: Historical Performance: What has SAF's returns been like over the past?

Simply Wall St -

What Kind Of Shareholders Own Safran SA (EPA:SAF)?

View our latest analysis for Safran ENXTPA:SAF Ownership Summary, June 17th 2019 What Does The Institutional Ownership Tell Us About Safran? … We can see that Safran does have institutional investors; and they hold 40% of the stock. … Next Steps: It's always worth thinking about the different groups who own shares in a company.

Simply Wall St -

Why Investors Should Run Towards Safran SA (EPA:SAF)

Safran SA is a financially healthy and robust stock with a proven track record of outperformance. … So, large-cap stocks are a safe bet to buy more of when the stock market is selling off. … This consistent market outperformance illustrates a robust track record of delivering strong returns over a number of years, increasing my conviction in Safran as an investment over the long run.

Simply Wall St -

SAF Company Info

Description

Safran SA, together with its subsidiaries, engages in the aerospace and defense businesses worldwide. The company operates through three segments: Aerospace Propulsion, Aircraft Equipment, and Defense. The Aerospace Propulsion segment designs, develops, produces, and markets propulsion systems for commercial aircraft, military transport, training and combat aircraft, rocket engines, civil and military helicopters, and tactical missiles and drones. This segment also offers maintenance, repair, and overhaul services, as well as sells spare parts. The Aircraft Equipment segment provides landing gear and brakes; engine systems and associated equipment, such as thrust reversers and nacelles; and mechanical power transmission systems. This segment also offers electrical power generation cycle and associated engineering services; ventilation systems; and maintenance, repair, and related services, as well as sells spare parts. Its products and services are used in civil and military aircraft, and helicopters. The Defense segment designs, develops, manufactures, and markets optronic, avionic, and electronic solutions and services, as well as offers software for civil and defense applications. This segment also develops inertial navigation systems for aviation, naval, and land applications; flight commands for helicopters, and tactical optronic systems and drones; and defense equipment and systems. It serves naval, land, and aviation defense industries. Safran SA was incorporated in 1924 and is based in Paris, France.

Details
Name: Safran SA
SAF
Exchange: ENXTPA
Founded: 1924
€26,755,096,599
424,684,073
Website: http://www.safran-group.com
Address: Safran SA
2, Boulevard du Général Martial Valin,
Cedex 15,
Paris,
Ile-de-France, 75724,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA SAF Ordinary Shares Euronext Paris FR EUR 27. Jul 1999
OTCPK SAFR.F Ordinary Shares Pink Sheets LLC US USD 27. Jul 1999
DB SEJ1 Ordinary Shares Deutsche Boerse AG DE EUR 27. Jul 1999
LSE 0IU8 Ordinary Shares London Stock Exchange GB EUR 27. Jul 1999
SWX SAF Ordinary Shares SIX Swiss Exchange CH CHF 27. Jul 1999
BIT SAF Ordinary Shares Borsa Italiana IT EUR 27. Jul 1999
WBAG SAF Ordinary Shares Wiener Boerse AG AT EUR 27. Jul 1999
BATS-CHIXE SAFP Ordinary Shares BATS 'Chi-X Europe' GB EUR 27. Jul 1999
OTCPK SAFR.Y UNSPON ADR EACH REP 0.25 ORD SH EUR0.20 Pink Sheets LLC US USD 21. Aug 2007
BST SEJU UNSPON ADR EACH REP 0.25 ORD SH EUR0.20 Boerse-Stuttgart DE EUR 21. Aug 2007
Number of employees
Current staff
Staff numbers
91,610
Safran employees.
Industry
Aerospace and Defense
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 21:48
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/02/27
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.