Thales S.A.

Thales is an electronics and systems group, serving defense, aeronautics, transport, space and security markets. Co.'s operations can be divided into four operating segments: Aerospace (Avionics, Space), Transportation (Ground Transport Systems), Defence & Security (Secure Communications & Information Systems Land and Air Systems, Defence Mission Systems), and DCNS. Co. designs and delivers systems for all four environments: air, land, sea and space. These systems detect and assess threats, manage information, support command decisions and control engagements through to threat neutralization. Co. is active in ground transportation; air transport; navigation systems.
  • TickerHO
  • ISINFR0000121329
  • ExchangeEuronext Paris
  • SectorAerospace & Defense
  • CountryFrance

Analysts

1 director sold

A director at Thales sold 1,400 shares at 109.900EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members...

Thalès - Assemblée générale des actionnaires du 15 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Thalès – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/27/2019

This is the thirteenth update of our report on Corporate Governance large caps Europe. We have analysed 125 of the European companies covered by ODDO BHF analysts. In the Strong opportunities (1), we favour five stocks: Unibail Rodamco (Buy, target price € 190.0), AXA (Buy, target price € 28.0), Veolia (Buy, target price € 30.0), Danone (Buy, target price € 81.0) and Michelin (Buy, target price € 130.0). - Cf. report published today. - ...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/02/2019

13ème mise à jour de notre étude Corporate Governance Large caps Europe. Nous avons étudié 125 valeurs, toutes suivies par les analystes d’Oddo BHF. Nous privilégions 5 valeurs dans les opportunités fortes : Unibail Rodamco (Achat, OC 190.0 €), AXA (Achat, OC 28.0 €), Veolia (Achat, 30.0 €), Danone (Achat, 81.0 €) et Michelin (Achat, 130.0 €). Cf. étude publiée ce matin. - ...

Thales - December 2016 (LTM): Peer Snapshot

Peer Snapshot: Thales - December 2016 (LTM) 22 March 2017 (in US millions) FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Sep-16 FYE Sep-15 FYE Sep-16 LTM Dec-16

Antoine Boivin-Champeaux ...
  • Yan Derocles

Thales : Restructuring of the transport division masks improvement in underlying activity

>A solid 2018 - As expected, FY 2018 proved to be a good year with EBIT up 23.4% to € 1,685m (Oddo : € 1,668m, consensus: € 1,662m) for sales posting robust organic growth of 5.3% (+0.1% in Q4), i.e. a margin of 10.6% (+166bp). This good performance is mainly due to the defence & security (D&S) division which generated a margin of 12.6% buoyed by i/ organic sales growth of 5.6%, ii/ good execution of the programmes and a low level of restructuring but also by iii/ the...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Thales : La restructuration du Transport masque l’amélioration de l’activité sous-jacente

>Un exercice 2018 solide - Comme attendu, le millésime 2018 fut un bon cru avec une progression de l’EBIT de 23.4% à 1 685 M€ (Oddo : 1 668 M€, Cons : 1 662 M€) pour des ventes affichant une croissance organique vigoureuse de 5.3% (+0.1% au T4), soit une marge de 10.6% (+166bp). Cette belle performance s’explique essentiellement par la division Defence & Security qui atteint une marge de 12.6% portée par i/ une croissance organique des ventes de 5.6%, ii/ une bonne ex...

Denise Molina

Morningstar | Thales' Full-Year Results in Line; Shares Fairly Valued

Thales reported full-year results in line with expectations after adjusting for the IFRS 15 restatement. Revenue grew 5% organically with a 170-basis-point margin expansion, leading to a 25% pickup in EBIT. Margin expansion came from improved cost of goods sold, which included some one-off reversals as well as enduring savings. Divisional margin improvement came mainly from defence and security with improved project pricing. Emerging markets still led developed markets in sales growth but by a lower spread than 2017, growing organically at 4.7% and 6.5%, respectively, in 2018. While operating ...

Denise Molina

Thales' Full-Year Results in Line; Shares Fairly Valued

Thales reported full-year results in line with expectations after adjusting for the IFRS 15 restatement. Revenue grew 5% organically with a 170-basis-point margin expansion, leading to a 25% pickup in EBIT. Margin expansion came from improved cost of goods sold, which included some one-off reversals as well as enduring savings. Divisional margin improvement came mainly from defence and security with improved project pricing. Emerging markets still led developed markets in sales growth but by a l...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Thales : 2018 an excellent vintage… pending the integration of Gemalto

>2018: an excellent vintage - 2018 is an excellent vintage! Thales is set to report 2018 earnings on 26 February and we expect guidance to be exceeded on most metrics. We are forecasting an order intake in the region of € 15.7bn (vs a target of € 15.5bn), i.e. a book-to-bill of 0.99x, thanks to a very good Q4 (especially in the aerospace and defence activities), albeit penalised by demanding comparative bases. Whilst satcom activity remained sluggish (just one contrac...

1 director sold

A director at Thales sold 1,400 shares at 109.900EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/27/2019

This is the thirteenth update of our report on Corporate Governance large caps Europe. We have analysed 125 of the European companies covered by ODDO BHF analysts. In the Strong opportunities (1), we favour five stocks: Unibail Rodamco (Buy, target price € 190.0), AXA (Buy, target price € 28.0), Veolia (Buy, target price € 30.0), Danone (Buy, target price € 81.0) and Michelin (Buy, target price € 130.0). - Cf. report published today. - ...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/02/2019

13ème mise à jour de notre étude Corporate Governance Large caps Europe. Nous avons étudié 125 valeurs, toutes suivies par les analystes d’Oddo BHF. Nous privilégions 5 valeurs dans les opportunités fortes : Unibail Rodamco (Achat, OC 190.0 €), AXA (Achat, OC 28.0 €), Veolia (Achat, 30.0 €), Danone (Achat, 81.0 €) et Michelin (Achat, 130.0 €). Cf. étude publiée ce matin. - ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Laurence Hofmann
  • Olivier Lebrun
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/18/2019

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Laurence Hofmann
  • Olivier Lebrun
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/01/2019

...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/12/2018

Based on the action taken by Carrefour in H1 2018, we are more confident in its capacity to deliver on the € 2bn cost-reduction target. In a more pragmatic approach, taking account of the share’s current valuation (19% discount to European peers for 2020e) and our perception of a reduced level of risk around the recovery, we are upgrading our recommendation to Buy vs Neutral and our target price from € 15 to € 20 (DCF). - Cf. Equity report published today. - ...

THALES SA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of THALES SA (FR), a company active in the Aerospace industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date February 15, 2019, the closing price was EUR 106.85 and its potential was estimated at EUR 112.19.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

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Thalès - Assemblée générale des actionnaires du 15 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Thalès – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 23/05/2018

The company's governance is still highly impacted byy the Shareholders' agreement concluded between the French Government and Dassault Aviation. These shareholders, which hold together 50.5% of the capital, represent more than 56% of the Board (69% excluding employees representatives). Proxinvest recommend that a major part of the Board should be independent (even when the company is controlled). This is the main reason we do not support most of the elections and re-elections proposed.  Regarding 2017 remunerations and 2018 remuneration policy of the Chairman and CEO, we appreciate the improv...

Jehanne Leroy

Proxy Report - 23/05/2018

La gouvernance de la société est toujours fortement impactée par le pacte d'actionnaires conclu entre l'Etat et Dassault Aviation. Ainsi, alors que ces actionnaires représentent 50,5% du capital, ils occupent plus de 56% des sièges (69% hors représentants des salariés). Rappelons que selon Proxinvest, le conseil doit être composé d'une majorité d'administrateurs indépendants, même lors que le capital est contrôlé. C'est principalement en raison de la composition générale du conseil que nous ne soutenons pas la plupart des renouvellements et nominations proposés. Concernant les autorisations f...

Jehanne Leroy

Proxy Report - 23/05/2018

The company's governance is still highly impacted byy the Shareholders' agreement concluded between the French Government and Dassault Aviation. These shareholders, which hold together 50.5% of the capital, represent more than 56% of the Board (69% excluding employees representatives). Proxinvest recommend that a major part of the Board should be independent (even when the company is controlled). This is the main reason we do not support most of the elections and re-elections proposed.  Regarding 2017 remunerations and 2018 remuneration policy of the Chairman and CEO, we appreciate the improv...

Valérie GASTALDY

Analyse court terme - THALES : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 106,40 €.

Valérie GASTALDY

Short term view - THALES : The trend is uncertain.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €106.40.

Valérie GASTALDY

Analyse court terme - THALES : Les cours baissent.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 106,40 €.

Valérie GASTALDY

Short term view - THALES : Falling prices.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €106.40.

Matthieu DRIOL

Short term view - THALES : Prices are still making progress

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at €125.40. Breaking below the support at €111.70 would invalidate the trend.

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