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
Alfred Glaser ...
  • Delphine Brault
  • Harald Eggeling
  • Jean-Baptiste Rouphael
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/02/2020

Iberdrola is a strategic benchmark in the universe of integrated utilities. Since 2001, the group has pursued a resilient strategy of profitable growth (renewables and networks), geographic expansion and attractive shareholder returns (TSR of 99%). Amongst the pioneers in renewable energies, the group boasts a leadership position and is set to continue its development in offshore wind power. Cf report published last evening. - ...

Alfred Glaser ...
  • Delphine Brault
  • Harald Eggeling
  • Jean-Baptiste Rouphael
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/07/2020

Iberdrola est la référence stratégique dans l'univers des utilities intégrées. Depuis 2001, le groupe poursuit une stratégie résiliente de croissance rentable (renouvelable et réseaux), d’expansion géographique et de rémunération attractive de ses actionnaires (TSR de 99%). Parmi les pionniers dans les énergies renouvelables, le groupe affiche une position de leader et va poursuivre ses développements dans l’éolien maritime. - Cf. étude publiée hier soir. - ...

Olfa Taamallah ...
  • Yan Derocles

Thales : Reassuring upturn in productivity – H1 2020 preview

>Deterioration of productivity less marked-than-expected in H1 - Whilst lacklustre demand continues to weigh on activities exposed to the civil aviation segment (avionics, IFE and electrical generation) in addition to ID documents and IoT for the automotive sector, the deterioration of productivity in Q2 ultimately looks less marked than our initial forecast with a gradual improvement visible throughout the quarter. This trajectory clearly lends weight to the target o...

Olfa Taamallah ...
  • Yan Derocles

Thales : Redressement rassurant de la productivité – Preview S1 2020

>Une productivité finalement moins dégradée que prévue au S1 - Si la faiblesse de la demande pénalise toujours les activités exposées à l’aéronautique civile (avionique, IFE et génération électrique) ainsi que les documents d’identité et l’IoT pour l’automobile, la détérioration de la productivité sur le T2 apparait finalement moins forte que notre prévision initiale avec une amélioration graduelle visible tout au long du trimestre. Cette trajectoire crédibilise clair...

Thales: 1 director bought

A director at Thales bought 500 shares at 68.560EUR and the significance rating of the trade was 54/100. 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 ...

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

Analyse court terme - THALES : Les cours progressent encore.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 125,40 €. La rupture du support à 111,70 € invaliderait cette tendance.

Thales: 1 director bought

A director at Thales bought 500 shares at 68.560EUR and the significance rating of the trade was 54/100. 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 ...

Olfa Taamallah ...
  • Yan Derocles

Thales : Reassuring upturn in productivity – H1 2020 preview

>Deterioration of productivity less marked-than-expected in H1 - Whilst lacklustre demand continues to weigh on activities exposed to the civil aviation segment (avionics, IFE and electrical generation) in addition to ID documents and IoT for the automotive sector, the deterioration of productivity in Q2 ultimately looks less marked than our initial forecast with a gradual improvement visible throughout the quarter. This trajectory clearly lends weight to the target o...

Olfa Taamallah ...
  • Yan Derocles

Thales : Redressement rassurant de la productivité – Preview S1 2020

>Une productivité finalement moins dégradée que prévue au S1 - Si la faiblesse de la demande pénalise toujours les activités exposées à l’aéronautique civile (avionique, IFE et génération électrique) ainsi que les documents d’identité et l’IoT pour l’automobile, la détérioration de la productivité sur le T2 apparait finalement moins forte que notre prévision initiale avec une amélioration graduelle visible tout au long du trimestre. Cette trajectoire crédibilise clair...

Olfa Taamallah ...
  • Yan Derocles

Thales : Conference call feedback: productivity close to normal levels as of Q3 and focus on 2021

>Return to normal in Q3 in terms of productivity - At a conference call that we organised, Pascal Bouchiat (CFO) indicated that the upturn in Thales’ production capacity is improving week-on-week whilst at the same time stressing that the consequences of the disruption are likely to be significant in Q2 (we forecasts a 30% l-f-l decline in sales). All of the group’s sites are now open and even though efficiency losses are still evident (social distancing of 2m betwee...

Olfa Taamallah ...
  • Yan Derocles

Thales : Conférence call feedback : productivité proche de la normale dès le T3 et cap vers 2021

>Retour à la normale au T3 en termes de productivité - Lors d’une conférence téléphonique que nous avons organisée, Pascal Bouchiat (CFO) a indiqué que le redressement de la capacité productive de Thales s’améliorait semaine après semaine tout en rappelant que les conséquences des perturbations seraient significatives au T2 (nous tablons sur un recul lfl du CA de 30%). Tous les sites sont désormais ouverts et si des pertes d’efficacité sont toujours perceptibles (dis...

Olfa Taamallah ...
  • Yan Derocles

Thales : Course set for 2021 with a return to a normative financial year

>FY 2020 will be heavily impacted by the disruption of operations and the high level of fixed costs - Although the organic contraction in Q1 2020 sales was more limited than expected in the end at -4.7% (impact of € 200m for COVID), the company has clearly indicated that it expects a significant decline in Q2 due to low productivity levels (currently between 50% and 80% depending on the site) which will continue as long as the health measures are maintained. We are no...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 18/10/2019 - Teleperformance - EN

Morning CreditUpdate 18/10/2019 - Teleperformance - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 18/10/2019 - Teleperformance - FR

Teleperformance (Achat) : Relève ses objectifs pour 2022 Morgan Stanley (Conserver) - 9M-19 : RN de $6,4 mds (-6%) Lufthansa pourrait reprendre une participation dans Alitalia Teva (Conserver) : Accord en vue dans le cadre du litige sur les opioïdes Netflix (Achat) - 9M-19 : Résultat opérationnel de $2,1 mds (+54,4%) Renault (Achat) : Abaisse ses objectifs de croissance pour l’année 2019 Thalès - T3-19 : Ventes de €4,2 mds (+23,4%, +0,9% en organique) Volvo (Achat) - 9M-19 : Résultat opérationnel de SEK40,1mds (€3,7mds, +30,0%)

TP ICAP - Europe - Morning CreditUpdate 03/10/2019 - AIB Group - EN

AIB Group (O/P): New Issue Of An AT1 Security Hema (U/P) - H1-19: Only €10m Available On Its Credit Line CK Hutchison Group Telecom: New Issues (Correction) Brexit: British Prime Minister's New Plan Mediobanca (O/P): Delfin, Which Recently Acquired 6.9% Of Mediobanca, Could Increase Its Stake To More Than 10% Apicil Prevoyance: Issued A Tier 2 10Y Denominated In Euros Ado Properties (U/P): S&P Affirms Its BBB- Rating But Lowers Its Outlook To Negative

TP ICAP - Europe - Morning CreditUpdate 03/10/2019 - AIB Group - FR

  AIB Group (Achat) : Nouvelle émission d’un titre AT1 Hema (Vente) - S1-19 : Ne dispose plus que de €10m disponibles sur sa ligne de crédit CK Hutchison Group Telecom: Nouvelles émissions (correctif) Brexit : Nouveau plan du premier ministre britannique Mediobanca (Achat) : Delfin, qui a récemment acquis 6,9% de Mediobanca pourrait monter jusqu’à plus de 10% du capital Apicil Prévoyance : Emission d'un Tier 2 10A libellé en euros Ado Properties (Vente) : S&P confirme la note BBB- mais abaisse sa perspective à négative  

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...

Alfred Glaser ...
  • Delphine Brault
  • Harald Eggeling
  • Jean-Baptiste Rouphael
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/02/2020

Iberdrola is a strategic benchmark in the universe of integrated utilities. Since 2001, the group has pursued a resilient strategy of profitable growth (renewables and networks), geographic expansion and attractive shareholder returns (TSR of 99%). Amongst the pioneers in renewable energies, the group boasts a leadership position and is set to continue its development in offshore wind power. Cf report published last evening. - ...

Alfred Glaser ...
  • Delphine Brault
  • Harald Eggeling
  • Jean-Baptiste Rouphael
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/07/2020

Iberdrola est la référence stratégique dans l'univers des utilities intégrées. Depuis 2001, le groupe poursuit une stratégie résiliente de croissance rentable (renouvelable et réseaux), d’expansion géographique et de rémunération attractive de ses actionnaires (TSR de 99%). Parmi les pionniers dans les énergies renouvelables, le groupe affiche une position de leader et va poursuivre ses développements dans l’éolien maritime. - Cf. étude publiée hier soir. - ...

Fatma Agnès Hamdani ...
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/29/2020

...

Fatma Agnès Hamdani ...
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/05/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2020

With the support of our economists, we have drawn up growth profiles for four types of recovery: v, V, U and L/W. We note that: 1/ the market has eliminated the weakest scenarios (U and L) to focus on the most dynamic ones (v, V). Only the v profile results in 2021e earnings that are higher than in 2019 (Stoxx 600 at 406 points in December 2020). Without going as far as a v scenario, the market is easily playing a V-recovery. This is consistent with a drop of 3% in global growth in 2...

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

The general evaluation of THALES SA (FR), a company active in the Aerospace & Defense industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 5, 2020, the closing price was EUR 78.02 and its potential was estimated at EUR 81.92.

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...

Expert Corporate Governance Service (ECGS)

Thales – AGM 6 May 2020

ITEM 7: Concerning the Chairman and Chief Executive Officer's compensation policy for 2020, the company proposes one main change: the replacement of the progressive and conditional deferred compensation by a defined contribution pension plan. Although we regret that the company does not disclose the contribution rate or the contribution scale, the overall package remains reasonable with a total pension including all plans of €264,000 below our limit of €450,000 per year and a saving for the company. A favourable vote seems therefore justified.

Jehanne Leroy

Thalès - Assemblée Générale des actionnaires du 6 mai 2020

RémunérationsConcernant la politique de rémunération du Président Directeur Général pour 2020, la société propose un changement principal : le remplacement de la Rémunération différée progressive et conditionnelle par un régime de retraite à cotisations définies. Bien que l’on regrette que la société ne communique pas le taux de cotisations ou la grille de cotisations, l’ensemble reste raisonnable avec une rente totale tous régimes inclus de 264 000 € inférieure à notre limite de 450 000 € par an et une économie pour l’entreprise. Un vote favorable semble donc justifié.

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...

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