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

Thales: 1 director bought

A director at Thales bought 4,700 shares at 64.080EUR and the significance rating of the trade was 68/100. 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 member...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Olfa Taamallah ...
  • Yan Derocles

Thales : Favourable momentum in the order intake and attractive valuation

>The operating margin of 10.6% in 2022 is just an indication - The H1 2020 publication had initially reassured us. On one hand because the figures – though in line with the average for the widely dispersed consensus– showed that the cost savings (€ 320m) had offset part of the fall in productivity (€ 740m fall in the gross margin). And on the other hand because the mere fact of providing detailed guidance for 2020 denoted a certain assurance and newfound visibility. ...

Olfa Taamallah ...
  • Yan Derocles

Thales : Momentum de prises de commandes favorable et valorisation attrayante

>La marge opérationnelle de 10.6% en 2022 n’est qu’une indication - La publication du S1 2020 nous a, dans un premier temps, rassuré. D’une part, car les chiffres –bien que en ligne avec la moyenne d’un consensus très dispersé- montraient que les économies de coûts (320 M€) avaient pu compenser une partie de la baisse de productivité (740 M€ de recul de la marge brute). Et d’autre part, car le fait de fournir une guidance détaillée sur l’exercice 2020 démontrait une c...

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 4,700 shares at 64.080EUR and the significance rating of the trade was 68/100. 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 member...

Olfa Taamallah ...
  • Yan Derocles

Thales : Favourable momentum in the order intake and attractive valuation

>The operating margin of 10.6% in 2022 is just an indication - The H1 2020 publication had initially reassured us. On one hand because the figures – though in line with the average for the widely dispersed consensus– showed that the cost savings (€ 320m) had offset part of the fall in productivity (€ 740m fall in the gross margin). And on the other hand because the mere fact of providing detailed guidance for 2020 denoted a certain assurance and newfound visibility. ...

Olfa Taamallah ...
  • Yan Derocles

Thales : Momentum de prises de commandes favorable et valorisation attrayante

>La marge opérationnelle de 10.6% en 2022 n’est qu’une indication - La publication du S1 2020 nous a, dans un premier temps, rassuré. D’une part, car les chiffres –bien que en ligne avec la moyenne d’un consensus très dispersé- montraient que les économies de coûts (320 M€) avaient pu compenser une partie de la baisse de productivité (740 M€ de recul de la marge brute). Et d’autre part, car le fait de fournir une guidance détaillée sur l’exercice 2020 démontrait une c...

Olfa Taamallah ...
  • Yan Derocles

Thales : H1 2020 in line with consensus average – FY20 guidance reassuring

>H1 2020 results bang in line with consensus estimates - Thales has just reported H1 2020 results bang in line with the average of the consensus (may not be that representative due to the very large standard deviation) but above our estimates. The order intake came in at € 6,078m in H1 2020 (B/B of 0.79x of which 0.89x in Q2), down 23% l-f-l, reflecting i/ the booking of 3 large orders in Q2, ii/ good momentum of small orders that were down by just 5% excluding c...

Olfa Taamallah ...
  • Yan Derocles

Thales : H1 2020 in line with consensus average – FY20 guidance reassuring

>H1 2020 results bang in line with consensus estimates - Thales has just reported H1 2020 results bang in line with the average of the consensus (may not be that representative due to the very large standard deviation) but above our estimates. The order intake came in at € 6,078m in H1 2020 (B/B of 0.79x of which 0.89x in Q2), down 23% l-f-l, reflecting i/ the booking of 3 large orders in Q2, ii/ good momentum of small orders that were down by just 5% excluding c...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Qu’il est loin le temps du surbooking…

Si la trajectoire de retour des capacités en Chine a pu alimenter l’espoir, nous anticipons une reprise une nouvelle fois décalée dans le temps avec une chute du trafic de 60% en 2020 et un rebond limité à 40% en 2021. Les multiples relativement élevés rendent les titres vulnérables à d’éventuelles déceptions ce qui nous pousse à être sélectif. Nous privilégions les valeurs défense comme Thales et Leonardo. Airbus est notre seule recommandation positive sur le civil. Dans l’aérie...

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...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2020

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Applus to...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/07/2020

Le choc du COVID-19 dépasse largement les précédents impacts négatifs rencontrés depuis l’introduction en Bourse de Bureau Veritas (octobre 2007), que ce soit la crise financière (2008-2009), la chute brutale du cours du pétrole (2014-2015) ou la guerre commerciale (2019). Ces T2 2020 auront un caractère historique par l’ampleur de leur régression organique (à deux chiffres parfois) malgré des profils théoriquement résilients et diversifiés. Eurofins et Bureau Veritas sont nos valeurs...

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. - ...

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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