Oddo BHF maintains its 'outperform' rating on Thales shares, with an unchanged target price of 193 euros, as the European Commission yesterday officially signed the 12-year concession contract launching the IRIS² secure communications satellite constellation program with the SpaceRISE consortium (comprising operators SES, Eutelsat and Hispasat).

The budget for the period 2024-36 is currently estimated at 10.6 billion euros, of which 6 billion euros will be provided by the EU.

The aim is to commission the satellite at the end of 2030-beginning of 2031, which means that the first satellites will have to be launched around 2 years earlier," reports the analyst.

Oddo BHF considers IRIS² to be excellent news for satellite manufacturers and in particular for Thales Alenia Space (TAS), and believes that the newsflow should be driven by dynamic order intake, transparency in Cyber and space (contract and potential consolidation).

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