Safran: Oddo says 'liquidity remains comfortable'
(CercleFinance.com) - On Friday morning Safran announced a series of measures to adapt to the current crisis, including a withdrawal of its 2020 targets, the cancellation of its proposed 2019 dividend payment, which totals one billion euros and a new credit line of three billion euros.
Oddo considers that the group's liquidity position remains comfortable to face this crisis. Safran ended FY 2019 with cash and cash equivalent of 2,632 million euros, a fair value of derivative instruments of 33 million euros and generated cash of 900 million euros between 01/01 and 24/03 this year. Even so, Oddo confirms its neutral rating on the share, altlhough has nudged up its corresponding target price to 87 euros (vs. 85 euros).
The Safran share is down almost 2% at around 90 euros in early afternoon trading on Friday.
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