Thales : Momentum de prises de commandes favorable et valorisation attrayante
>La marge opérationnelle de 10.6% en 2022 n’est qu’une indication - La publication du S1 2020 nous a, dans un premier temps, rassuré. D’une part, car les chiffres –bien que en ligne avec la moyenne d’un consensus très dispersé- montraient que les économies de coûts (320 M€) avaient pu compenser une partie de la baisse de productivité (740 M€ de recul de la marge brute). Et d’autre part, car le fait de fournir une guidance détaillée sur l’exercice 2020 démontrait une c...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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