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

Institutional Comment: Daily comment

Institutional Comment: Daily comment

Institutional Comment: Daily comment

Institutional Comment: Daily comment

Institutional Comment: £1.5bn UK Project Marshall win

Our view: Not as “jumbo” as it looks. Thales and its partner NATS (the UK’s National Air Traffic Systems) have won the £1.5bn Project Marshall, to upgrade and support the UK military air traffic control system for the next 22 years. The order looks huge, and is, we believe, one of those large upcoming orders about which Thales spoke with such confidence on the Q3 results call, forecasting a strong Q414 book to bill.

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

Institutional Comment: Daily comment

Institutional Comment: Daily comment

Institutional Comment: Daily comment

Institutional Comment: Daily comment

Institutional Comment: £1.5bn UK Project Marshall win

Our view: Not as “jumbo” as it looks. Thales and its partner NATS (the UK’s National Air Traffic Systems) have won the £1.5bn Project Marshall, to upgrade and support the UK military air traffic control system for the next 22 years. The order looks huge, and is, we believe, one of those large upcoming orders about which Thales spoke with such confidence on the Q3 results call, forecasting a strong Q414 book to bill.

1 director sold

A director at Thales sold 1,000 shares at 107.248EUR and the significance rating of the trade was 58/100. 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...

Ahmed Ben Salem ...
  • Fatma Agnès Hamdani
  • Olfa Taamallah
  • Vincent Baron
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/06/2018

La scission de Costa, longtemps espérée, donnera naissance à deux leaders du secteur au Royaume-Uni. Quelques interrogations subsistent néanmoins, essentiellement sur la capacité de l’hôtellerie à financer seule sa croissance coûteuse et la possibilité/obligation de recourir à l’asset management. Malgré tout, le risk reward du titre nous parait attractif au vu des catalyseurs et de la valorisation relativement faible par rapport aux pairs. Achat et OC de 4900p maintenus. - - ...

Ahmed Ben Salem ...
  • Fatma Agnès Hamdani
  • Olfa Taamallah
  • Vincent Baron
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/07/2018

The long awaited spin-off of Costa will create two sector leaders in the UK. However, a number of questions persist, essentially on the hotel activity’s capacity to finance its costly growth alone and the possibility of, or need to, resort to asset management. In spite of this, the stock’s risk/reward profile looks attractive given the catalysts and a valuation that is relatively low compared with peers. Buy recommendation and target price of 4,900p maintained. Cf report published tod...

Christophe-Raphaël Ganet ...
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/06/2018

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Christophe-Raphaël Ganet ...
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/26/2018

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Ahmed Ben Salem ...
  • Bruno Hareng
  • François Maury
  • Jerôme Bodin
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Pierre Corby
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/07/2018

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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...

With a more favourable environment, THALES SA improves to Slightly Positive

THALES SA (FR), a company active in the Aerospace industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 21, 2019, the closing price was EUR 106.70 and its potential was estimated at EUR 114.66.

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,...

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...

Strategic Defence Intelligence Department

Latecoere S.A. : Aerospace and Defense - Company Profile, SWOT & Financial Analysis

Synopsis Strategic Defence Intelligence's "Latecoere S.A. : Aerospace and Defense - Company Profile, SWOT & Financial Analysis" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, major products and services, SWOT analysis, business description, company history, financial analysis, recent developments, key employees, company locations and subsidiaries as well as competitive benchmarking data. Summary This report is a crucial resource for industry executives and anyone looking to access key information about "Lateco...

Strategic Defence Intelligence Department

Thales : Aerospace and Defense - Company Profile, SWOT & Financial Analysis

Synopsis Strategic Defence Intelligence's "Thales : Aerospace and Defense - Company Profile, SWOT & Financial Analysis" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, major products and services, SWOT analysis, business description, company history, financial analysis, mergers & acquisitions, recent developments, key employees, company locations and subsidiaries as well as competitive benchmarking data. Summary This report is a crucial resource for industry executives and anyone looking to access key informati...

MarketLine Department

Rockwell Collins Inc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Rockwell Collins Inc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Marketline's Rockwell Collins Inc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Rockwell Collins Inc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorg...

MarketLine Department

Safran SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Safran SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Safran SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights Thi...

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Esterline Technologies Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

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Jehanne Leroy

Etude de l'AG du 17/05/2017

Pour 2017, la société propose d’augmenter la rémunération fixe de M. Caine à 700 000 €. En contrepartie, elle propose d’abaisser les bonus cible et maximum à 100% et 135% du fixe (contre 109% et 163% en 2016). Il aurait été préférable que cette augmentation du fixe soit plus progressive et lissée dans le temps de façon à ce qu’elle soit moins brutale et plus linéaire.En sus, il est proposé la mise en place d'une composante long-terme à la politique de rémunération du premier dirigeant.Ainsi, la rémunération 2017 présente une structure plus proche des recommandations de Proxinvest que celle qui...

Jehanne Leroy

Etude de l'AG du 17/05/2017

ITEM 7: The company proposes to increase its Chairman and CEO's fixed remuneration up to €700,000. In return, it proposes to decrease target and maximum bonuses to 100% and 135% respectively (vs 109% and 163% in 2016). We would have preferred a smaller increase repeated on several years. Moreover, the company proposes to implement a LTIP. Hence, the 2017 Chairman and CEO's remuneration structure is more in line with our Guidelines than the previous structure.Furthermore, amounts at stake remain moderate (the theoretical maximum total remuneration of €2,122,500 represents 80% of the SBF 120 med...

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...

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...

Laurent ALBIE

Analyse court terme - THALES : La moyenne mobile sert de support.

Lors de notre dernière analyse court terme (14/09/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 87,2 € et un niveau d'invalidation à 83,24 €. La tendance haussière se poursuit. Arguments : - La résistance est dépassée. - La moyenne...

Laurent ALBIE

Short term view - THALES : The moving average is supporting prices.

In our previous short term analysis (14/09/2016), we were positive. We remain positive with a target at 87,2 € and an invalidation level at 83,24 €. The bullish trend unfolds. Arguments : - The resistance has been passed. - The moving average is supporting prices.

Laurent ALBIE

Analyse court terme - THALES : Plus haut historique

Lors de notre dernière analyse court terme (14/09/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 94,33 € et un niveau d'invalidation à 86 €. La tendance haussière est interrompue par un pull-back. Arguments : - Les cours font un nouveau...

Laurent ALBIE

Short term view - THALES : All-time-high

In our previous short term analysis (14/09/2016), we were positive. We remain positive with a target at 94,33 € and an invalidation level at 86 €. The bullish trend is interrupted by a pull-back. Arguments : - Prices made a new all-time-high, this confirms the strength of the...

Laurent ALBIE

Analyse moyen terme - THALES : La moyenne mobile sert de support.

La tendance est toujours haussière, son niveau d'invalidation est sous 76,50 €. L'objectif est à 98,09 €.Arguments :- Les cours font un nouveau plus haut historique, ce qui témoigne de la force de la tendance.- La moyenne mobile sert de support.

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