Thales : Sharp impact of lockdown on operations in the short term but the fundamentals remain solid
>Q1 2020 sales already reflect the disorganisation of operations - Given the booking of sales on a percentage-of-completion basis for a substantial share of the company’s contracts (D&S, space, transport, etc.), the modelling of Q1 sales is made particularly complicated. Our estimates assume two "normal" months in terms of activity and on a significant impact of operations as of March with a collapse in productivity. All told, we expect sales to come in at € 3,677m, u...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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