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

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.

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/19/2018

Lowering breakeven is imperative given the industrialisation of the sector. A cost-income ratio below 65% (74% in H1 2018) assumes radical decisions on costs, the US, and structural weaknesses. Target price of € 23.9 based on forecasts below the consensus. Neutral recommendation pending rapid inflections. - Cf. Equity report published last evening. - ...

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

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/19/2018

Lowering breakeven is imperative given the industrialisation of the sector. A cost-income ratio below 65% (74% in H1 2018) assumes radical decisions on costs, the US, and structural weaknesses. Target price of € 23.9 based on forecasts below the consensus. Neutral recommendation pending rapid inflections. - Cf. Equity report published last evening. - ...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/10/2018

La baisse du point mort est impérative face à l’industrialisation du secteur. Un Cost/Income inférieur à 65% (S1 2018 = 74%) suppose des décisions radicales sur les coûts, les Etats-Unis et les faiblesses structurelles. OC de 23.9 € sur la base de prévisions inférieures au consensus. Recommandation Neutre dans l’attente d’inflexions rapides. Cf. étude publiée hier soir. - ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Thales : Organic growth and operating leverage

>Growth still robust in Q3… - Thales posted a solid set of Q3 2018 figures yesterday, with sales growing by 9.9% organically to € 3.421bn (Oddo BHF: € 3.359bn, consensus: € 3.339bn) driven by i/ 19.2% l-f-l growth in the transport division with an acceleration in the mainline segment (which we believe is slightly more profitable than the urban segment) which should continue over the coming quarters thanks to contracts that have recently been won in Poland, Romania and...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Thales : Croissance organique et effet de levier opérationnel

>Une croissance toujours soutenue au T3… - Thales a publié hier un solide T3 2018 affichant une croissance organique des ventes de 9.9% à 3 421 M€ (Oddo : 3 359 M€, Cons : 3 339 M€) portée par i/ une progression de 19.2% lfl dans le Transport grâce à une accélération de l’activité grandes lignes (que nous estimons légèrement plus rentable que le segment urban) qui devrait se poursuivre dans les prochains trimestres avec les contrats récemment engrangés en Pologne, Rou...

Jeffrey Vonk

Morningstar | Thales Reports Stellar Sales and Order Intake in 3Q

Thales reported excellent third-quarter sales of EUR 3.4 billion, up almost 10% year over year organically, due to strong project execution at the transport segment (sales up 19%) and strong demand for aerospace products (sales up 8.8%, partly due to phasing effects). Additionally, the firm recorded an eye-popping level of orders in the quarter of EUR 3.1 billion, up 11% from a year earlier. These were driven by four large orders, including an amendment to the ESA and EUMETSAT satellite contract, an extension of a radio network contract in London, a new tranche of the largest European military...

1 director sold

A director at Thales sold 2,445 shares at 118.500EUR and the significance rating of the trade was 73/100. 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...

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. - ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/09/2018

Les actions entreprises par le groupe au S1 2018 nous conduisent à accorder plus de crédit à l’objectif de baisse de coûts de 2 Md€. Dans une approche pragmatique, prenant en compte la valorisant actuelle du titre (décote de 19% face aux pairs européens sur 2020e) et notre perception d’une diminution du risque lié à la recovery, nous relevons notre opinion Achat (vs Neutre) et notre OC de 15 € à 20 € (DCF). Cf étude publiée ce jour. - ...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas Kieffer
  • Nicolas David
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Corby
  • Rémi Adam, CFA
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
  • Veysel Taze
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/23/2018

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas Kieffer
  • Nicolas David
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Corby
  • Rémi Adam, CFA
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
  • Veysel Taze
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/07/2018

...

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

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/13/2018

...

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...

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...

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...

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...

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

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...

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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