Thales : FY2020 Consensus

THALES CONSENSUS Order Intake, Sales and EBIT by operating segments Growth rates Order intake FY 2019 FY 2020 min max FY 2021 min max FY 2022 FY 2023 FY 2024 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
Aerospace Transport Defence & Security 4 829 1 751 9 906 Digital identity and security (DIS) Other 2 573 83	3 780 2 977 3 922 1 529 1 150 1 650 9 410 8 495 10 271 3 000 2 808 3 223 62 20 83	4 407 3 817 4 739 4 968 5 000 5 382 1 681 1 396 1 750 1 760 1 800 1 840 8 920 8 585 9 410 9 093 9 524 9 920 3 216 3 100 3 385 3 333 3 559 3 776 73 0 83 73 83 75	-22% -13% -5% nm nm 17% 13% 1% 8% 10% 5% 2% 2% -5% 2% 5% 4% 7% nm 4% nm 7% 6%nm nm
Total order intake 19 142	17 589 16 265 18 600	18 362 16 983 18 789 19 559 20 432 21 313 -8% 4% 7% 4% 4% 7 7 7 5 FY 2021 min max FY 2022 FY 2023 FY 2024 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
#participants Sales FY 2019	11 FY 2020 min max
Aerospace Transport Defence & Security 5 595 1 910 8 265 Digital identity and security Other 2 552 79	4 215 4 122 4 308 1 637 1 595 1 719 8 047 7 881 8 210 3 029 2 975 3 120 70 55 81	4 307 3 844 4 742 4 633 4 862 5 105 1 752 1 680 1 786 1 786 1 816 1 856 8 585 8 094 8 866 9 015 9 465 9 891 3 129 3 053 3 213 3 283 3 437 3 612 75 60 83 77 77 75	-25% -14% -3% nm nm 2% 8% 5% 5% 7% 2% 2% 2% 7% 5% 5% 5% 3% nm 5% nm 5% 5%nm nm
Total sales 18 401	16 969 16 870 17 246	17 861 16 806 18 394 18 18 872 17 19 885 17 20 632 15 -8% 5% 6% 5% 4% FY 2021 min max FY 2022 FY 2023 FY 2024 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
#participants EBIT (*) FY 2019	18 FY 2020 min max
Aerospace 521 Transport 56 Defence & Security 1 153 Digital identity and security 264 Other 15	-21 -43 60 86 67 116 1 004 918 1 092 307 289 327 -35 -84 72	171 84 234 315 396 458 117 80 140 136 145 149 1 104 1 003 1 232 1 170 1 230 1 278 341 296 388 386 426 461 5 -42 91 19 24 25	nm 54% -13% nm nmnm 35% 10% 11% nm 84% 26% 16% 17% 7% 3% 6% 5% 4% 13% nm 11% 8%nm nm
Total EBIT #participants 2 008 1 355 18 1 302 1 400 1 740 18 1 491 1 843 2 040 17 2 242 17 2 408 15 -32% 28% 17% 10% 7% EBIT margin evolution (points) EBIT margin FY 2019 FY 2020 min max FY 2021 min max FY 2022 FY 2023 FY 2024 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Aerospace 9,3% -0,5% -1,0% 1,4% 4,0% 2,2% 4,9% 6,8% 8,1% 9,0% Transport 2,9% 5,3% 4,2% 6,8% 6,6% 4,8% 7,9% 7,6% 8,0% 8,0% Defence & Security 13,9% 12,5% 11,7% 13,3% 12,9% 12,4% 13,9% 13,0% 13,0% 12,9% Digital identity and security 10,3%Other Total EBIT marginnm 10,9% 10,1% nm 8,0% 9,7% 10,5% nm 7,7%nm 8,1% 10,9% nm 9,7% 9,7% nm 8,9% 12,1% nm 10,0% 11,7% nm 10,8% 12,4% nm 11,3% 12,8% nm 11,7% -9,8 2,3 -1,5 -0,2 nm -2,9 4,5 1,4 0,4 0,8 nm 1,8 2,8 1,0 0,1 0,8 nm 1,1 1,3 0,8 0,4 0,0 0,0 -0,1 0,7 0,4 nm 0,5 nm 0,4 Other Group KPIs FY 2019 FY 2020 min max FY 2021 min max FY 2022 FY 2023 FY 2024 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
Adjusted Net Income, group share (*) 1 405	912 836 989	1 234 1 028 1 379 1 456 1 611 1 745	-35% nm 35% nm 18% nm 11% nm 8% nm
Average number of shares outstanding 213	213 213 213	213 213 214 213 213 213
Adjusted EPS 6,6	4,29 3,93 4,64	5,80 4,84 6,45 6,84 7,56 8,19 -35% 35% 18% 11% 8%
Free Operating Cash Flow (*) 1 372	599 398 960	1 074 741 1 276 1 316 1 445 1 604	-56% nm 79% nm 23% nm 10% nm 11% nm
Net cash (debt) at end of period -3 311	-2 913 -3 207 -2 606	-2 539 -2 905 -1 629 -1 852 -1 277 -869
(*) Non-GAAP measures, see definitions on page 33 of the 2019 registration document

The consensus is composed of the forecasts of analysts who follow Thales results on a regular basis. The following broking firms contributed to the consensus at 25th February 2021 shown above: Agency Partner, Bank of America, Barclays, Berenberg, Bernstein, Credit Suisse, Citi, Deutsche Bank, Exane BNP Paribas, Goldman Sachs, JP Morgan, Morgan Stanley, Morning Star, Oddo BHF Securities, Redburn, Société Générale, Stifel and UBS. This information was collected between 11th and 16th February 2021 directly from the sell-side analysts. It is provided by Thales solely for information purposes and may not be necessarily complete. Its publication by Thales shall under no circumstances be regarded as a validation or approval by Thales of all or part of these forecasts. It does not represent the opinions, forecasts or forward-looking statements of Thales, or of its management. In consequence, Thales cannot be held responsible for any of the information, statement or data contained in or omitted from this table.