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Safran: Oddo BHF still a buyer, despite B737 Max 8

( - This morning broker Oddo BHF confirms its buy rating on the share of aeronautical equipment supplier Safran, even though about a third of the Boeing 737 Max 8 fleet have been grounded.
Analysts maintain their target price of 136 euros for the share.

Following the Ethiopian Airlines B737 Max 8 crash on 10 March, over a third of fleet of Max 8s have now been grounded, says a research note after decisions taken by civil aviation authorities in several Asian countries, including China and South Korea, along with decisions taken by a number of airlines. To date, Oddo BHF says that on the basis of Flightglobal data, a total of 358 B737 Max 8 have been delivered since its commissioning, 27% of which are operated by Chinese companies. In addition, the FAA, the US Civil Aviation Administration, has demanded that rectifications be made - particularly regarding flight software on the aircraft.

What are the consequences for the Boeing supplier Safran? Given the latest information, Oddo believes that the impact will not be significant for the group, irrespective of the scenario considered - and even in the event of a halt to deliveries of the B737 Max 8, which may be equipped with the new Safran Leap reactor.

According to Oddo BHF, the Safran shares enjoys high level of visibility thanks to its CFM56 installed base, which is flourishing, the group's proven expertise of the Leap program and the integration of Zodiac, analysts conclude.

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