Thales : Restructuring of the transport division masks improvement in underlying activity
>A solid 2018 - As expected, FY 2018 proved to be a good year with EBIT up 23.4% to € 1,685m (Oddo : € 1,668m, consensus: € 1,662m) for sales posting robust organic growth of 5.3% (+0.1% in Q4), i.e. a margin of 10.6% (+166bp). This good performance is mainly due to the defence & security (D&S) division which generated a margin of 12.6% buoyed by i/ organic sales growth of 5.6%, ii/ good execution of the programmes and a low level of restructuring but also by iii/ the...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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