Thales : Set for a quiet summer
>EBIT margin for DIS expected to weaken in H2 (too cautious?) - After achieving an EBIT margin of 15.9% in H1 (+354bp with 30%e in organic terms and 70%e related to disposal of IoT) lifted by expansion in the gross margin and operating leverage in smart cards and cybersecurity, Thales now sees a 2023 margin at least in the upper range of the 13.5-14.5% target range, which implies a margin of close to 13.6% in H2 (vs c16%e in H2 2022 excluding IoT). While we understan...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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