Thales : An intact investment case – P/E 12m fwd back to its 10-year average!
>An adjustment to FY 24 due mainly to accelerated restructuring in the space division - The downward revision to our FY 24 EPS forecasts by 2.8% can be explained at over 85% by the space business, penalised by an acceleration in restructuring (now weighted more heavily in FY 24 with c.€ 30m, than in FY 25), an increase in R&D and lower amortisation of fixed costs related to the delay in growth. We now forecast EBIT of -€ 50m for this business, of which c.-€ 70m for T...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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