Thales : Solid FY 2023 print – FY 2024 guidance a bit light but fully priced in
>FY 2023 EBIT 1.3% above css and 25% beat on FCF - Thales has just reported a solid set of FY 2023 results, slightly ahead of consensus estimates at the P&L level and with a strong beat on FCF. EBIT came in at € 2,132m (ODDO BHF: € 2,116m, Cons: € 2,107m) for sales of € 18,428m up 7.9% l-f-l (8.8% in Q4) i.e. an improvement of 56bp in the margin to 11.6%, in the middle of the guidance range. The gap with our forecasts is mainly explained by DIS reaching a margin of 15...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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