Thales : Un investment case intact - La valorisation retombe sur sa moyenne 10 ans
>Un ajustement sur FY 24 qui provient essentiellement d’une accélération de la restructuration dans le spatial - Notre abaissement de BPA FY 24 de 2.8% s’explique à plus de 85% par l’activité spatiale, pénalisée par une accélération de la restructuration (désormais plutôt pondérée sur FY 24, avec c30 M€e, que sur FY25), une augmentation de la R&D et un moindre amortissement des coûts fixes lié au décalage de la croissance. Nous tablons désormais sur un EBIT de -50 M€...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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