Thales : Worst-case scenario on cash conversion from the consensus
>R&D and transport weighing on 2019-2023 targets - Whilst the presentations at the CMD shed some light on the technological contribution from Gemalto and opportunities in terms of revenue synergies, the group’s financial targets for 2019-2023 appeared cautious, penalised by: i/ a sharper-than-anticipated increase in self-financed R&D to 6.3%-6.5% of sales vs 6% last year (and our estimate of 6%), i.e. equivalent to 30bp to 50bp of the EBIT margin between 2018 and 2023...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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.