reports
Thales: 1 director
A director at Thales bought 500 shares at 145.658EUR and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing ...
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Olfa Taamallah
- Yan Derocles
Thales : Solid FY 2023 print – FY 2024 guidance a bit light but fully ...
>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...
- Olfa Taamallah
- Yan Derocles
Thales : Solid FY 2023 print – FY 2024 guidance a bit light but fully ...
>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...
- Michael B. Schäfer
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/18/2024
2024 is set to be less impressive than 2023 (comparison bases, persistent inflation and tougher price hikes). We continue to play the green Capex theme and remain cautious on the construction segment. After the end-of-year rally, we see more limited re-rating potential. Based on our 2024 guidance scenarios, our Top Picks are Atlas Copco, Schneider Electric and Siemens (green Capex exposure, potential for earning upgrades over the course of the year). We have downgraded Rexel to Neutra...
- Michael B. Schäfer
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/01/2024
L’année 2024 sera moins flamboyante que 2023 (base de comparaison, inflation persistante et hausses de prix plus difficiles). Nous continuons de privilégier la thématique ‘Green Capex’ et restons prudents sur le segment de la construction. Après le rallye boursier de fin d’année, le potentiel de rerating nous semble plus limité. Sur la base de nos scénarios de guidances 2024, nos top picks sont Atlas Copco, Schneider Electric et Siemens (exposition Green Capex, potentiel de relèvement...
- Olfa Taamallah
- Yan Derocles
Thales : FY 2023 preview – Space and smart cards will continue to weig...
>Q4 2023 in line with Q3 - Thales is due to publish 2023 results on 5 March (before market open). We expect no major surprises as the trends observed in 9M appear to have continued in Q4, i.e. the absence of a rebound in space and the slowdown in smart cards offset by strong momentum in avionics, digital and defence. We forecast EBIT of € 2,116m for organic sales growth of c.6.5% to € 18,216m (VA consensus at € 2,110m and € 18,185m respectively), i.e. a margin of 11.6...
- Olfa Taamallah
- Yan Derocles
Thales : Preview FY 23 – Espace et smart cards pèseront encore forteme...
>Un T4 2023 dans la lignée du T3 - Thales publiera ses résultats 2023 le 5 mars (avant ouverture). Nous n’anticipons pas de surprise majeure puisque les tendances observées aux 9M semblent s’être poursuivies sur le T4 i.e. absence de rebond dans l’espace et ralentissement des smart cards compensés par une forte dynamique de l’avionique, du digital ainsi que de la défense. Nous tablons sur un EBIT de 2 116 M€ pour une croissance organique du CA de c6.5% à 18 21...
- Olfa Taamallah
- Yan Derocles
- Olfa Taamallah
- Yan Derocles
- Olfa Taamallah
- Yan Derocles
Thales : Imperva to improve growth profile – target price raised to € ...
>The finalisation of the acquisition of Imperva offers critical mass in cybersecurity - Thales has announced the finalisation of the acquisition of Imperva a little earlier than expected with consolidation beginning in January 2024. We have therefore factored Imperva into our estimates, which should see the new DIS segment (including the dilutive sovereign protection products business) trend towards an EBIT margin of 14% in FY24 (vs 14.8% in FY23 under the old format)...
- Olfa Taamallah
- Yan Derocles
Thales : Imperva améliore le profil de croissance - OC relevé à 146 €
>La finalisation de l’acquisition d’Imperva offre une taille critique dans la cyber - Thales a annoncé la finalisation de l’acquisition d’Imperva un peu plus tôt que prévu avec une intégration débutant en janvier 2024. Nous avons donc consolidé Imperva dans nos estimations, ce qui permet au nouveau segment DIS (y compris l’activité dilutive de produits de protection souverains) de tendre vers une marge d’EBIT de 14% en 2024 (vs 14.8% en 2023 ancien format) avant d’att...
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Oliver Metzger
GALP GALP ENERGIA SGPS SA CLASS B
HO THALES SA
RCO REMY COINTREAU SA
QIA QIAGEN NV
EN BOUYGUES SA
RAND RANDSTAD NV
ELE ENDESA S.A.
BAS BASF SE
SAN SANOFI
SIX2 SIXT SE
EDW EDP RENOVAVEIS SA
MAP MAPFRE SA
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
UN01 UNIPER SE
BP. BP P.L.C.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
STMN STRAUMANN HOLDING AG
DSFIR KONINKLIJKE DSM N.V.
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Oliver Metzger
GALP GALP ENERGIA SGPS SA CLASS B
HO THALES SA
RCO REMY COINTREAU SA
QIA QIAGEN NV
EN BOUYGUES SA
RAND RANDSTAD NV
ELE ENDESA S.A.
BAS BASF SE
SAN SANOFI
SIX2 SIXT SE
EDW EDP RENOVAVEIS SA
MAP MAPFRE SA
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
UN01 UNIPER SE
BP. BP P.L.C.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
STMN STRAUMANN HOLDING AG
DSFIR KONINKLIJKE DSM N.V.
- Olfa Taamallah
- Yan Derocles
Thales : Q3 sales broadly in line with expectations but order intake l...
>Q3 2023 sales in line - order intake is 15.7% below consensus estimates - Thales has just released a mixed set of Q3 sales, with sales pretty much in line with expectations but order intake missing the street forecast. Sales of € 4,138m were 1% above consensus expectations (ODDO BHF: € 4,108m, company-compiled consensus: € 4,099m) with organic growth of 7.2% in Q3 vs 6.3% in Q2 and +9.4% in Q1. This was mainly driven by i/ organic growth of 12.7% in Aerospace at € 1...
- Olfa Taamallah
- Yan Derocles
Thales : Q3 sales broadly in line with expectations but order intake l...
>Q3 2023 sales in line - order intake is 15.7% below consensus estimates - Thales has just released a mixed set of Q3 sales, with sales pretty much in line with expectations but order intake missing the street forecast. Sales of € 4,138m were 1% above consensus expectations (ODDO BHF: € 4,108m, company-compiled consensus: € 4,099m) with organic growth of 7.2% in Q3 vs 6.3% in Q2 and +9.4% in Q1. This was mainly driven by i/ organic growth of 12.7% in Aerospace at € 1...
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Olfa Taamallah
- Usama Tariq
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 10/10/2023
Last week we held our third ODDO BHF Iberian Forum, the third since the announcement of our partnership with BBVA. The event was fully virtual and took place on 4 and 5 October. With 62 Iberian issuers, close to 180 institutional investors and more than 700 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 47 feedback documents, with 6 target price revisions (o/w 4 downgrades). The main subjects of debate were, on the one han...
MTX MTU AERO ENGINES AG
HO THALES SA
EURN EURONAV NV
TFI TELEVISION FRANCAISE 1 SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
VIRP VIRBAC SA
FII LISI SA
BOLS LUCAS BOLS NV
SAF SAFRAN S.A.
AIR AIRBUS SE
LAT LATECOERE SA
SHA SCHAEFFLER AG
BA. BAE SYSTEMS PLC
AIXA AIXTRON SE
ARCAD ARCADIS NV
OHB OHB AG
LDO LEONARDO SPA
MDM MAISONS DU MONDE SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
AM DASSAULT AVIATION
VTSC VITESCO TECHNOLOGIES GRP AG
EAPI EUROAPI
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/10/2023
Malgré une période de profits exceptionnels depuis 2 ans, RWE a connu une performance boursière atone (hors dividendes). Pourtant la période qui s’ouvre et les besoins d’investissements massifs sont typiquement le cocktail idéal pour la création de valeur de long terme. Le titre est passé d’une prime de 30% vs indice à une décote de 17% avec une accélération depuis septembre et les déboires de l’éolien offshore aux US. Nous estimons que les niveaux actuels sont propices à un retour su...
RR. ROLLS-ROYCE HOLDINGS PLC
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
VIV VIVENDI SE
FII LISI SA
SAF SAFRAN S.A.
AIR AIRBUS SE
SY1 SYMRISE AG
LAT LATECOERE SA
BA. BAE SYSTEMS PLC
OHB OHB AG
LDO LEONARDO SPA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/10/2023
Despite a period of exceptional profits over the past two years, RWE’s share price performance has been flat (excluding dividends). But massive investment needs over the coming years are typically the ideal cocktail for long-term value creation. The stock’s 30% premium to the index has morphed into a 17% discount, with the downward trend accelerating since September following setbacks to US offshore wind. We think this is a good time to return to the stock at current valuation levels....
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
VIV VIVENDI SE
FII LISI SA
SAF SAFRAN S.A.
AIR AIRBUS SE
SY1 SYMRISE AG
LAT LATECOERE SA
BA. BAE SYSTEMS PLC
OHB OHB AG
LDO LEONARDO SPA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
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