Thales : An ideal positioning despite the conservative approach in the short term - target price raised to € 134
>Phasing effects limit the revisions in 2022 - Several elements have prompted the group to temper the scale of revisions for 2022 and to maintain an EBIT margin target of 10.8% to 11.1% (vs 11.1%e). On the one hand, the visible control of indirect costs in H1 (a 3.9% l-f-l increase in H1 for sales up +5.4%) is essentially linked to a phasing effect which is set to reverse in H2. R&D spend was slowed by recruitment difficulties and marketing costs were limited as a pre...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.
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.
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