Financials Thales

Equities

HO

FR0000121329

Aerospace & Defense

Market Closed - Euronext Paris 11:35:23 2024-02-23 am EST 5-day change 1st Jan Change
135.6 EUR +1.01% Intraday chart for Thales -3.59% +1.23%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 21,680 19,675 15,930 15,929 25,259 28,269 28,269 -
Enterprise Value (EV) 1 18,499 22,986 18,492 16,724 25,295 30,742 30,150 29,156
P/E ratio 22.1 x 17.5 x 33 x 14.6 x 22.6 x 22.8 x 19.4 x 17.9 x
Yield 2.04% 2.86% 2.35% 3.42% 2.46% 2.3% 2.56% 2.84%
Capitalization / Revenue 1.37 x 1.07 x 0.94 x 0.98 x 1.44 x 1.56 x 1.43 x 1.34 x
EV / Revenue 1.17 x 1.25 x 1.09 x 1.03 x 1.44 x 1.69 x 1.52 x 1.38 x
EV / EBITDA 8.95 x 8.43 x 7.31 x 7.12 x 10.5 x 11.1 x 9.59 x 8.58 x
EV / FCF 26.4 x 16.8 x 19.3 x 7.41 x 10.2 x 19.5 x 17.8 x 16.8 x
FCF Yield 3.78% 5.97% 5.18% 13.5% 9.85% 5.14% 5.62% 5.94%
Price to Book 3.74 x 3.61 x 3.12 x 2.46 x 3.49 x 3.82 x 3.41 x 3.22 x
Nbr of stocks (in thousands) 212,549 212,662 212,680 212,957 211,730 208,476 208,476 -
Reference price 2 102.0 92.52 74.90 74.80 119.3 135.6 135.6 135.6
Announcement Date 2/26/19 2/26/20 3/4/21 3/3/22 3/8/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 15,855 18,401 16,989 16,192 17,569 18,140 19,805 21,135
EBITDA 1 2,067 2,727 2,530 2,348 2,405 2,779 3,145 3,400
EBIT 1 1,685 2,008 1,352 1,649 1,935 2,111 2,397 2,664
Operating Margin 10.63% 10.91% 7.96% 10.18% 11.01% 11.64% 12.1% 12.61%
Earnings before Tax (EBT) 1 1,342 1,447 582 1,282 1,346 1,782 2,089 -
Net income 1 982 1,122 483 1,089 1,121 1,249 1,415 1,560
Net margin 6.19% 6.1% 2.84% 6.73% 6.38% 6.89% 7.15% 7.38%
EPS 2 4.620 5.280 2.270 5.120 5.290 5.943 7.003 7.596
Free Cash Flow 1 699.5 1,372 958.7 2,256 2,491 1,581 1,694 1,733
FCF margin 4.41% 7.46% 5.64% 13.93% 14.18% 8.71% 8.55% 8.2%
FCF Conversion (EBITDA) 33.84% 50.31% 37.89% 96.08% 103.55% 56.88% 53.87% 50.96%
FCF Conversion (Net income) 71.23% 122.28% 198.49% 207.15% 222.19% 126.54% 119.69% 111.09%
Dividend per Share 2 2.080 2.650 1.760 2.560 2.940 3.116 3.465 3.850
Announcement Date 2/26/19 2/26/20 3/4/21 3/3/22 3/8/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2019 S2 2020 S1 2020 S2 2021 Q1 2021 Q2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 S2
Net sales 1 8,190 10,211 7,751 9,238 3,416 5,007 8,423 3,555 4,970 7,769 3,730 4,526 8,256 4,042 9,313 4,026 4,690 8,716 4,138 9,465
EBITDA - - - - - - - - - - - - - - - - - - - -
EBIT 820 1,188 348 1,004 - - 768 - - 881 - - 891 - 1,044 - - 993 - 1,127
Operating Margin 10.01% 11.63% 4.49% 10.87% - - 9.12% - - 11.34% - - 10.79% - 11.21% - - 11.39% - 11.91%
Earnings before Tax (EBT) 686 760 - - - - 499.2 - - 782.8 - - 654 - - - - - - -
Net income 557 565 - - - - 433 - - 656.4 - - 566 - - - - - - -
Net margin 6.8% 5.53% - - - - 5.14% - - 8.45% - - 6.86% - - - - - - -
EPS - - - - - - - - - - - - - - - - - - - -
Dividend per Share - 2.050 - - - - - - - - - - - - - - - - - -
Announcement Date 9/4/19 2/26/20 7/24/20 3/4/21 5/6/21 7/23/21 7/23/21 12/3/21 3/3/22 3/3/22 4/21/22 7/21/22 7/21/22 10/26/22 3/8/23 5/16/23 7/21/23 7/21/23 10/31/23 -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - 3,311 2,562 795 35.2 2,473 1,881 886
Net Cash position 1 3,181 - - - - - - -
Leverage (Debt/EBITDA) - 1.214 x 1.013 x 0.3386 x 0.0146 x 0.8899 x 0.5982 x 0.2607 x
Free Cash Flow 1 700 1,372 959 2,256 2,491 1,581 1,694 1,733
ROE (net income / shareholders' equity) 22.2% 25.2% 17.7% 18.7% 16.4% 21.3% 21.9% 22.7%
ROA (Net income/ Total Assets) 4.81% 4.95% 2.97% 3.37% 3.33% 4.42% 4.76% 5.3%
Assets 1 20,416 22,651 16,246 32,320 33,627 28,270 29,707 29,421
Book Value Per Share 2 27.30 25.60 24.00 30.40 34.10 35.50 39.80 42.20
Cash Flow per Share 2 5.130 8.310 6.320 12.70 14.20 9.110 11.80 12.40
Capex 1 393 503 387 451 535 648 696 708
Capex / Sales 2.48% 2.74% 2.28% 2.78% 3.04% 3.57% 3.51% 3.35%
Announcement Date 2/26/19 2/26/20 3/4/21 3/3/22 3/8/23 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
135.6 EUR
Average target price
154.5 EUR
Spread / Average Target
+13.92%
Consensus

Quarterly revenue - Rate of surprise

+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019
Replicate our performance
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