Thales : H1 2018 performance suggests FY 2018 guidance could be beaten
>Marked operating leverage effect in H1 2018, buoyed by impressive organic growth of 6.9% - In H1 2018, Thales unveiled a high gross margin of 25.8% (+190bp) buoyed by i/ impressive organic sales growth of 6.9% (7.2% in Q1 and 6.7% in Q2), which facilitates a more comfortable absorption of fixed costs and ii/ an execution level in the defence and security division deemed excellent –but perhaps not reproducible. Still tight control of SG&A (+3% l-f-l) and the decline i...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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