Thales Reports Strong Sales and Order Growth in Q3; Shares Fairly Undervalued
Thales reported strong third-quarter sales, supporting our thesis of future performance improvements in the transportation division. Group sales of EUR 3.2 billion increased 15% year over year on an organic and reported basis, driven by improvements in the transportation division, as well as the start of invoicing on 2015 major project wins. We maintain our fair value estimate of EUR 83 per share and our narrow moat rating. Given recent strong share price gains, we believe Thales shares are fair...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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