A star of the French market and the holder of unique, non-replicable and sovereign expertise, Safran has also benefited from Europe's defence boom - a segment that represents 40% of its revenue - and from order volumes that remain strong in civil aviation.
As usual, MarketScreener steps back to place the annual results - widely discussed in the business press - in a longer-term perspective, namely over the long cycle from 2010 to 2025.
It shows that Safran's revenue has almost tripled over the period, from €11bn to €31bn, and that operating profit has almost been multiplied by five.
Regarding profit before tax and exceptional items - subject to significant distortions, as evidenced by an FX loss of €5.2bn last year and an FX gain of €5.8bn this year - it has been multiplied by fifty. All of this, while the number of shares outstanding has remained stable.
Value creation was therefore spectacular in every respect, and all the more admirable because this expansion was entirely self-financed, while the group has always maintained an extremely robust capital structure, with negligible leverage ratios.
The group has not forgotten to reward its shareholders over the period either. Beyond a share price multiplied by 20 since 2010, dividend distributions have increased tenfold.
Safran's market valuation does full justice to this exceptional run. However, it too is at record highs, both in terms of multiples of its earnings and of its shareholders' equity.
These stratospheric levels inevitably raise questions. For sure, the slightest setback will now be snarled at by investors.
