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

Sylvain Goyon

Capgemini : ODDO BHF Convictions List. In: AstraZeneca, Capgemini, Eiffage and Thales. Out: Dassault Systèmes, Orange, Talanx

Our ODDO BHF Convictions List has returned a net performance of 14.6% (+17.4% total return) and 0.7% vs Stoxx 600. We are not fundamentally altering our investment philosophy (quality/visibility) but we aim to capitalise on: 1/ the interest-rate environment by strengthening exposure to proxy bonds (Eiffage); 2/ the valuation differential between pharma and agri-food (AstraZeneca); 3/ the technology’s capacity to generate profitable growth at a reasonable valuation (Capgemini) and...

Sylvain Goyon

Capgemini : Liste ODDO BHF Convictions. In: AstraZeneca, Capgemini, Eiffage, Thales. Out: Dassault Systèmes, Orange, Talanx

Notre liste ODDO BHF Convictions affiche depuis son lancement une performance nette de 14.6% (+17.4% total return) et 0.7% vs Stoxx 600. Nous ne modifions pas fondamentalement notre philosophie d’investissement (qualité/visibilité) mais souhaitons exploiter : 1/ l’environnement de taux en renforçant l’exposition aux bond proxy (Eiffage) ; 2/ le différentiel de valorisation entre Pharmacie et Agroalimentaire (AstraZeneca) ; 3/ la capacité de croissance rentable de la Technologie à...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

Thales : Growth in full (cyber) security

The de-rating visible since end-September 2018 largely integrates the areas of uncertainty hanging over the stock. It is now time to focus on Thales’ strengths and the levers that the integration of Gemalto will offer. Buy, target price of € 130 vs € 126. - - >Buy – The underperformance phase set to come to a close - We upgraded our recommendation from Neutral to Buy on 13 June following the publication of reassuring prospects for Gemalto as for the rest of the group. W...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

Thales : Une croissance en toute (cyber) sécurité

Le de-rating visible depuis fin septembre 2018 intègre désormais largement les incertitudes qui entourent le titre. Il est temps de se tourner vers les atouts de Thales et les leviers que va offrir l’intégration de Gemalto. Achat – OC de 130 € vs. 126 €. - - >Achat – La phase de sous-performance doit prendre fin - Nous avons relevé notre recommandation de Neutre en Achat le 13/06 à la suite de la publication de perspectives rassurantes pour Gemalto comme pour le reste d...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

ODDO : 2019 Paris Air Show: fails to hit the heights!

While the 2019 Paris Air Show ended on a lacklustre note in terms of orders, it was marked by the launch of the A321XLR (which complicates the equation for the NMA) and the shelving of a rapid increase in production rates to 70 aircraft per month (a relief for the supply chain). Our hierarchy of recommendations is unchanged and we continue to prefer engine makers with MTU our Top Pick (Buy - € 220). - >A disappointing show - The 2019 Paris Air Show ended on an even low...

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

Sylvain Goyon

Capgemini : ODDO BHF Convictions List. In: AstraZeneca, Capgemini, Eiffage and Thales. Out: Dassault Systèmes, Orange, Talanx

Our ODDO BHF Convictions List has returned a net performance of 14.6% (+17.4% total return) and 0.7% vs Stoxx 600. We are not fundamentally altering our investment philosophy (quality/visibility) but we aim to capitalise on: 1/ the interest-rate environment by strengthening exposure to proxy bonds (Eiffage); 2/ the valuation differential between pharma and agri-food (AstraZeneca); 3/ the technology’s capacity to generate profitable growth at a reasonable valuation (Capgemini) and...

Sylvain Goyon

Capgemini : Liste ODDO BHF Convictions. In: AstraZeneca, Capgemini, Eiffage, Thales. Out: Dassault Systèmes, Orange, Talanx

Notre liste ODDO BHF Convictions affiche depuis son lancement une performance nette de 14.6% (+17.4% total return) et 0.7% vs Stoxx 600. Nous ne modifions pas fondamentalement notre philosophie d’investissement (qualité/visibilité) mais souhaitons exploiter : 1/ l’environnement de taux en renforçant l’exposition aux bond proxy (Eiffage) ; 2/ le différentiel de valorisation entre Pharmacie et Agroalimentaire (AstraZeneca) ; 3/ la capacité de croissance rentable de la Technologie à...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

Thales : Growth in full (cyber) security

The de-rating visible since end-September 2018 largely integrates the areas of uncertainty hanging over the stock. It is now time to focus on Thales’ strengths and the levers that the integration of Gemalto will offer. Buy, target price of € 130 vs € 126. - - >Buy – The underperformance phase set to come to a close - We upgraded our recommendation from Neutral to Buy on 13 June following the publication of reassuring prospects for Gemalto as for the rest of the group. W...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

Thales : Une croissance en toute (cyber) sécurité

Le de-rating visible depuis fin septembre 2018 intègre désormais largement les incertitudes qui entourent le titre. Il est temps de se tourner vers les atouts de Thales et les leviers que va offrir l’intégration de Gemalto. Achat – OC de 130 € vs. 126 €. - - >Achat – La phase de sous-performance doit prendre fin - Nous avons relevé notre recommandation de Neutre en Achat le 13/06 à la suite de la publication de perspectives rassurantes pour Gemalto comme pour le reste d...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

ODDO : 2019 Paris Air Show: fails to hit the heights!

While the 2019 Paris Air Show ended on a lacklustre note in terms of orders, it was marked by the launch of the A321XLR (which complicates the equation for the NMA) and the shelving of a rapid increase in production rates to 70 aircraft per month (a relief for the supply chain). Our hierarchy of recommendations is unchanged and we continue to prefer engine makers with MTU our Top Pick (Buy - € 220). - >A disappointing show - The 2019 Paris Air Show ended on an even low...

1 director sold

A director at Thales sold 1,400 shares at 111.000EUR 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...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/13/2019

Zurich Insurance is Europe’s fourth-largest composite insurer by premiums. Its balanced business mix offers good visibility on its capital generation. Furthermore, its structural profitability in P&C insurance is improving and it is on track to achieve its 2019 financial targets. However, the consensus seems to have already factored in the good operating momentum and upside for the share is limited. We therefore initiate coverage of the stock at Neutral. Cf. equity report published la...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/06/2019

Zurich Insurance est le 4ème assureur composite européen en termes de primes. Son mix d'activités équilibré offre une bonne visibilité sur sa génération de capital. De plus, sa rentabilité structurelle en assurance dommages est en amélioration et le groupe est en bonne voie pour atteindre ses objectifs financiers 2019. Pour autant les bonnes dynamiques opérationnelles nous semblent déjà intégrées par le consensus et le potentiel de hausse du titre est limité. Nous initions ainsi la co...

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/11/2019

Following our ODDO BHF Nextcap Forum, 44 French and German companies met close to 100 investors in Paris. In the complex small caps market (outflows, limited liquidity, persistently high valuations) and in a more uncertain macroeconomic environment, selectivity is paramount and a number of opportunities are taking shape. We compile 35 feedback articles in the present document, which give rise to six target price revisions: i/ three upward (Esker, ECA, Groupe Gorge), and ii/ three down...

Antoine Boivin-Champeaux ...
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/11/2019

...

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2019

A l’issue de notre conférence ODDO BHF Nextcap, 44 sociétés françaises et allemandes ont rencontré près de 100 investisseurs à Paris. Dans un marché des Small caps complexe (décollecte, liquidité limitée, valorisations encore élevées) et dans un environnement macroéconomique plus incertain, la sélectivité est primordiale et quelques opportunités se dessinent. Nous compilons dans ce document 35 feedbacks, qui donnent lieu à 6 révisions d’objectifs de cours : i/ 3 à la hausse (Esker, EC...

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.

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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Summary Marketline's Indra Sistemas, S.A. 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 Indra Sistemas, S.A. 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...

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Airbus Group SE - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Airbus Group SE 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 Airbus Group SE 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 Hig...

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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...

Expert Corporate Governance Service (ECGS)

Thales - AGM 15 May 2019

ITEM 5: For the first time, the company discloses individual achievement rates of annual bonus financial criteria. This good disclosure allows for a very good understanding of alignment between performances and amounts granted in 2018. Moreover, amounts at stake are acceptable. Thus, we support item 5. ITEM 6: The Chairman and CEO’s 2019 remuneration policy propose to increase the fixed remuneration (+14.3%), the maximum bonus (+24.7%) and the number of performance units (+60%). The fixed remuneration increases by 14.3% is 8 times higher than the inflation increase in France in 2018 (1.8%). Mo...

Jehanne Leroy

Thales - Assemblée générale des actionnaires du 15 mai 2019

RémunérationsLa société améliore sa communication sur les rémunérations attribuées à son Président Directeur Général au titre de l’exercice 2018 puisqu’elle communique désormais le taux de réalisation de chacun des critères financiers du bonus annuel. En raison de cette très bonne communication, permettant de conclure à un bon alignement entre performances et montants attribués, mais aussi de montants en jeu acceptables, Proxinvest soutient la résolution 5. Concernant la politique de rémunération 2019 du Président Directeur Général, la société propose d’augmenter à la fois le montant du fixe ...

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...

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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