Thales : FY 2023 preview – Space and smart cards will continue to weigh heavily at the beginning of FY 2024
>Q4 2023 in line with Q3 - Thales is due to publish 2023 results on 5 March (before market open). We expect no major surprises as the trends observed in 9M appear to have continued in Q4, i.e. the absence of a rebound in space and the slowdown in smart cards offset by strong momentum in avionics, digital and defence. We forecast EBIT of € 2,116m for organic sales growth of c.6.5% to € 18,216m (VA consensus at € 2,110m and € 18,185m respectively), i.e. a margin of 11.6...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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