Stock HO THALES
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Financials Thales

Equities

HO

FR0000121329

Aerospace & Defense

Market Closed - Euronext Paris
Other stock markets
 11:35:14 2024-04-26 am EDT 		5-day change 1st Jan Change
158.7 EUR +1.31% Intraday chart for Thales +2.22% +18.48%
Apr. 26 France, Germany push on with 2040 joint tank project RE
Apr. 23 CAC40: up sharply, back over 8100 pts CF

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,675 15,930 15,929 25,259 27,925 32,798 - -
Enterprise Value (EV) 1 22,986 18,492 16,724 25,295 31,925 35,792 34,665 33,668
P/E ratio 17.5 x 33 x 14.6 x 22.6 x 27.3 x 21.1 x 19.5 x 17.2 x
Yield 2.86% 2.35% 3.42% 2.46% 2.54% 2.21% 2.48% 2.75%
Capitalization / Revenue 1.07 x 0.94 x 0.98 x 1.44 x 1.52 x 1.63 x 1.53 x 1.44 x
EV / Revenue 1.25 x 1.09 x 1.03 x 1.44 x 1.73 x 1.78 x 1.62 x 1.48 x
EV / EBITDA 8.43 x 7.31 x 7.12 x 10.5 x 12.4 x 11.2 x 10 x 9.06 x
EV / FCF 16.8 x 19.3 x 7.41 x 10.2 x 15.8 x 20.6 x 18.9 x 17.6 x
FCF Yield 5.97% 5.18% 13.5% 9.85% 6.35% 4.85% 5.29% 5.7%
Price to Book 3.61 x 3.12 x 2.46 x 3.49 x 4.05 x 4.22 x 3.91 x 3.52 x
Nbr of stocks (in thousands) 212,662 212,680 212,957 211,730 208,476 206,668 - -
Reference price 2 92.52 74.90 74.80 119.3 134.0 158.7 158.7 158.7
Announcement Date 2/26/20 3/4/21 3/3/22 3/8/23 3/5/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 18,401 16,989 16,192 17,569 18,428 20,074 21,401 22,710
EBITDA 1 2,727 2,530 2,348 2,405 2,582 3,193 3,462 3,714
EBIT 1 2,008 1,352 1,649 1,935 2,132 2,403 2,686 2,935
Operating Margin 10.91% 7.96% 10.18% 11.01% 11.57% 11.97% 12.55% 12.93%
Earnings before Tax (EBT) 1 1,447 582 1,282 1,346 1,255 2,006 2,419 2,642
Net income 1 1,122 483 1,089 1,121 1,023 1,543 1,618 1,847
Net margin 6.1% 2.84% 6.73% 6.38% 5.55% 7.68% 7.56% 8.13%
EPS 2 5.280 2.270 5.120 5.290 4.910 7.506 8.140 9.240
Free Cash Flow 1 1,372 958.7 2,256 2,491 2,026 1,737 1,835 1,918
FCF margin 7.46% 5.64% 13.93% 14.18% 10.99% 8.65% 8.58% 8.45%
FCF Conversion (EBITDA) 50.31% 37.89% 96.08% 103.55% 78.45% 54.4% 53.01% 51.64%
FCF Conversion (Net income) 122.28% 198.49% 207.15% 222.19% 198.04% 112.61% 113.43% 103.86%
Dividend per Share 2 2.650 1.760 2.560 2.940 3.400 3.500 3.936 4.368
Announcement Date 2/26/20 3/4/21 3/3/22 3/8/23 3/5/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 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 2024 Q1 2024 S1 2024 S2
Net sales 1 10,211 7,751 9,238 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 9,712 4,370 9,468 10,505
EBITDA - - - - - - - - - - - - - - - - - - - -
EBIT 1,188 348 1,004 768 - - 881 - - 891 - 1,044 - - 993 - 1,139 - 1,152 1,316
Operating Margin 11.63% 4.49% 10.87% 9.12% - - 11.34% - - 10.79% - 11.21% - - 11.39% - 11.73% - 12.17% 12.52%
Earnings before Tax (EBT) 760 - - 499.2 - - 782.8 - - 654 - - - - - - - - - -
Net income 565 - - 433 - - 656.4 - - 566 - - - - - - - - - -
Net margin 5.53% - - 5.14% - - 8.45% - - 6.86% - - - - - - - - - -
EPS - - - - - - - - - - - - - - - - - - - -
Dividend per Share 2.050 - - - - - - - - - - - - - - - - - - -
Announcement Date 2/26/20 7/24/20 3/4/21 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 3/5/24 - - -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,311 2,562 795 35.2 4,000 2,993 1,867 870
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.214 x 1.013 x 0.3386 x 0.0146 x 1.549 x 0.9375 x 0.5392 x 0.2342 x
Free Cash Flow 1 1,372 959 2,256 2,491 2,026 1,737 1,835 1,918
ROE (net income / shareholders' equity) 25.2% 17.7% 18.7% 16.4% 25.2% 23.7% 22.9% 22.7%
ROA (Net income/ Total Assets) 4.95% 2.97% 3.37% 3.33% 2.79% 4.51% 5.03% 5.45%
Assets 1 22,651 16,246 32,320 33,627 36,604 34,215 32,168 33,864
Book Value Per Share 2 25.60 24.00 30.40 34.10 33.00 37.60 40.60 45.10
Cash Flow per Share 2 8.310 6.320 12.70 14.20 7.250 12.40 13.00 13.50
Capex 1 503 387 451 535 626 711 745 780
Capex / Sales 2.74% 2.28% 2.78% 3.04% 3.39% 3.54% 3.48% 3.43%
Announcement Date 2/26/20 3/4/21 3/3/22 3/8/23 3/5/24 - - -
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

Ratings for Thales

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
158.7 EUR
Average target price
163.7 EUR
Spread / Average Target
+3.14%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Satellite Design & Manufacture

1st Jan change Capi.
THALES Stock Thales
+18.48% 35.01B
HENSOLDT AG Stock Hensoldt AG
+56.89% 4.72B
CHINA SPACESAT CO.,LTD. Stock China Spacesat Co.,Ltd.
-4.73% 4.01B
SHANGHAI HUACE NAVIGATION TECHNOLOGY LTD Stock Shanghai Huace Navigation Technology Ltd
-4.61% 2.23B
NARUIDA TECHNOLOGY CO., LTD. Stock Naruida Technology Co., Ltd.
+17.32% 1.39B
OHB SE Stock OHB SE
+2.12% 883M
INSTITUTE FOR Q-SHU PIONEERS OF SPACE, INC. Stock Institute for Q-shu Pioneers of Space, Inc.
+176.03% 808M
CHENGDU M&S ELECTRONICS TECHNOLOGY CO.,LTD. Stock Chengdu M&S Electronics Technology Co.,Ltd.
-50.40% 557M
PLANET LABS PBC Stock Planet Labs PBC
-28.34% 514M
DCX SYSTEMS LIMITED Stock DCX Systems Limited
-4.91% 433M
Satellite Design & Manufacture
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