We Raise Thales’ FVE Due to Robust Defence and Transport Sales Growth in First-Half 2018
We raise our fair value estimate for narrow-moat Thales to EUR 107 from EUR 100 as we adjust for the time value of money, and we increase our 2018 and 2019 EBIT margin and revenue assumptions on higher-than-expected sales growth and strong order growth in the first six months of 2018 for the transport and defence & security segments. Thales reported first-half sales of EUR 7.45 billion, up 5% on a reported basis and 8% organically year on year. Sales growth in defence, up 8.5% on an organic ...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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