Thales : Favourable momentum in the order intake and attractive valuation
>The operating margin of 10.6% in 2022 is just an indication - The H1 2020 publication had initially reassured us. On one hand because the figures – though in line with the average for the widely dispersed consensus– showed that the cost savings (€ 320m) had offset part of the fall in productivity (€ 740m fall in the gross margin). And on the other hand because the mere fact of providing detailed guidance for 2020 denoted a certain assurance and newfound visibility. ...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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