|Bid||21.750 x 250000|
|Ask||22.150 x 60000|
|Day's range||24.690 - 24.735|
|52-week range||19.785 - 28.850|
|PE ratio (TTM)||171.56|
|Earnings date||20 Nov 2017 - 24 Nov 2017|
|Forward dividend & yield||0.17 (0.60%)|
|1y target est||24.34|
Zodiac Aerospace, which is in the midst of being taken over by French aerospace group Safran (SAF.PA), predicted sharp growth in operating income this financial year after the tail end of an industrial crisis at its seat plants hit 2016/17 profit. The Paris-based maker of aircraft interiors and systems like emergency slides also predicted a slight drop in sales in the year to end-August 2018, led by seat revenues after a previously announced 1.6 percent sales decline in 2016/17. Operating profit in the year to end-August 2017 fell 19.3 percent to 217.6 million euros (191.76 million pounds), in line with latest forecasts from the group which has suffered a spate of profit warnings due to industrial difficulties.
UK hedge fund TCI said aero engine maker Safran's reduced offer for Zodiac Aerospace was still too high and it would vote against the deal. Zodiac accepted on Wednesday a 15 percent cut in an offer from ...
LONDON/PARIS, May 12 (Reuters) - Activist investor TCI Fund Management has called on the board of French aerospace firm Safran (LSE: 0IU8.L - news) to cancel a takeover of Zodiac Aerospace (LSE: 0NR6.L - news) immediately and instead focus on fixing design problems with a new engine. The move is the latest attempt by TCI to stop Safran's $9 billion deal with struggling Zodiac, which the British hedge fund considered too expensive even before the latest profit warning from the maker of aircraft seats. In a letter to the Safran board dated May 12, TCI said instead of pursuing the takeover, which would take up a lot of management time and focus, it should instead look to fix a problem with its new LEAP engine.
Activist hedge fund TCI Fund Management on Wednesday said Zodiac Aerospace shares were now worth 7-10 euros each , after the French firm last Friday posted a first-half loss. TCI is campaigning to pressure ...
Zodiac Aerospace (LSE: 0NR6.L - news) 's chief executive has offered his resignation after another profit warning from the French company, which is continuing talks with Safran to seal a merger and end a crisis in its aircraft seat factories. Zodiac said on Friday it had asked Olivier Zarrouati to stay on "for a while" to try to forge the world's third-largest aerospace supplier, but added it was working on an alternative standalone plan in case the Safran merger fell through. The firms announced a deal for Safran to take control in January, but it ran into criticism over its complex structure, crafted to preserve tax breaks for a group of family shareholders, and new problems at Zodiac's UK plants.
European shares fell from 20-month highs on Thursday as weaker banks weighed, with the broader market little moved by a widely expected European Central Bank decision to stand pat on policy. The pan-European ...
Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: **European shares set to snap 6-day winning streak **ECB keeps rates on hold, Mario Draghi comments ...
Activist hedge fund TCI Fund Management on Monday called on Safran to set up an ad-hoc independent directors' committee to review the company's valuation of Zodiac Aerospace, according to a letter seen ...
Pressure on France's Safran (Milan: SAF.MI - news) to rethink its proposed $9 billion takeover of Zodiac Aerospace intensified on Wednesday as a profit warning sent the target's shares tumbling and hedge fund TCI called for Safran's chairman to be ousted unless it abandons the deal. Zodiac shares were down 16 percent at 23.07 euros by 1259 GMT, well below Safran's offer price of 29.47 euros. Paris-based Zodiac disclosed new cost overruns and slashed its earnings guidance late on March 14, with the manufacturer of aircraft interiors saying it expects annual core operating income to fall by about 10 percent, against a previous forecast of a 10-20 percent increase.
Hedge fund TCI called on Wednesday for the chairman of Safran (LSE: 0IU8.L - news) to be removed from his position unless he cancelled Safran's planned takeover of struggling peer Zodiac Aerospace (LSE: 0NR6.L - news) . "If you do not cancel the deal it will be clear evidence that you are not competent to continue as chairman of Safran, so we will call on Safran shareholders to remove you from the board at the AGM in June," TCI wrote in a letter addressed to Safran (Milan: SAF.MI - news) chairman Ross McInnes. Officials at Safran were not immediately available to comment on TCI's letter, which was released to the media.
France's Safran (LSE: 0IU8.L - news) on Tuesday reaffirmed its interest in acquiring aircraft seats maker Zodiac Aerospace (LSE: 0NR6.L - news) despite the latest in a series of profit warnings, but pledged to take Zodiac's new forecasts into account in takeover discussions. Paris-based Zodiac earlier posted first-half revenues down 1.8 percent to 2.445 billion euros and reaffirmed revenue targets while slashing its forecast for full-year operating earnings. The French aircraft parts and systems supplier disclosed new cost overruns in its Zodiac Seats UK unit, which is developing seats for United Airlines, on top of cabin problems and weak markets for helicopters, business jets and regional aircraft.
France's Safran (LSE: 0IU8.L - news) on Tuesday reaffirmed its interest in acquiring aircraft seats maker Zodiac Aerospace (LSE: 0NR6.L - news) despite the latest in a series of profit warnings, but pledged to take Zodiac's new forecasts into account in takeover discussions. Paris-based Zodiac earlier posted first-half revenues down 1.8 percent to 2.445 billion euros and reaffirmed revenue targets while slashing its forecast for full-year operating earnings. The French aircraft parts and systems supplier said it had been hit by industrial problems in its Zodiac Seats UK and Cabins activities and weak markets for helicopters, business jets and regional aircraft.
France's Safran (LSE: 0IU8.L - news) on Thursday rejected criticism by a UK hedge fund over a proposed $9 billion offer for Zodiac Aerospace (LSE: 0NR6.L - news) and pledged to stand firm as a spat intensified over plans to create the world's third-largest aerospace supplier. Defending its agreed bid to buy family-controlled Zodiac despite recent industrial problems there, the French engine maker sent a six-page rebuttal to TCI Fund Management, accusing it of waging a public campaign to undermine the project. TCI has questioned the strategic benefits of the deal and accused Safran of paying a "hugely inflated price" for Zodiac, which has issued a series of profit warnings following a production crisis in its aircraft interiors business.
LONDON/PARIS, Feb 23 (Reuters) - Hedge fund TCI Fund Management, locked in a war of words with Safran SA (LSE: 0IU8.L - news) over the aerospace firm's proposed bid for Zodiac Aerospace SA , said on Thursday the company had no proof that its valuation of the deal made sense. Safran, responding earlier on Thursday to TCI's criticisms of the deal, said its board had valued the offer at 13 times operating earnings based on Zodiac's recent margin guidance for 2019-20 and considered this to be in line with similar deals. Commenting on the letter from Safran Chairman Ross McInnes, TCI said the valuation was based on fragile assumptions given a recent spate of Zodiac profit warnings and Safran's inability to carry out due diligence at Zodiac's aircraft seat factories.
Airbus warned supplier Zodiac that it must not let itself be distracted by its planned tie-up with aero engine maker Safran, adding that the seat maker still had work to do after delays in supplying cabin ...
Hedge fund operator TCI Fund Management said on Thursday it had the support of several other investment firms in its protest against aero engines maker Safran's agreed bid for seats manufacturer Zodiac Aerospace. There aren't that many who disagree with us," added Amouyal, who declined to name the other investment firms that backed TCI's position. TCI says that Safran is paying too much for Zodiac, and says minority shareholders should have more information on the deal and more room to express their views on it.
European stocks dipped on Thursday, though Zodiac Aerospace's shares surged after a takeover offer by France's Safran and Moneysupermarket.com also jumped after it reported strong results. Zodiac Aerospace ...