Institutional Comment: Daily comment
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 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.
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