Report
Olfa Taamallah ...
  • Yan Derocles

Thales : A new dimension in cyber security which will require an acceleration in growth to be factored in

>Acquisition of Imperva based on 4.3x 2027e revenue and 15.2x EBIT post synergies - Thales has announced the acquisition of Imperva, a group specialised in cyber security, specifically, the security of data and applications (respectively, 39% and 61% of revenues) with more than 1,400 employees, from Thoma Bravo for an enterprise value of $ 3.6bn. The valuation multiples may appear high in the short term at 6.1x 2024e revenue and 35x 2024e EBIT but become more access...
Underlying
Thales SA

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Olfa Taamallah

Yan Derocles

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