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Thales published a solid set of Q3 results. The strong momentum in order intake continued in Q3 and sales increased strongly thanks to outperformance from the DIS activity. The company increased its FY22 sales guidance and reiterated its EBIT margin outlook. Thales seems well positioned to show resilience, even in a recessionary environment.
Companies: Thales (HO:EPA)Thales SA (HO:PAR)
Thales has published robust H1 results. The massive Rafales contract has been recorded and pushed the order intake to a new record, boosting FCF with the downpayments associated with it. The improved guidance is mainly due to FX, and the organic sales midpoint has only improved by 50bp, which is in line with our view. Thales is still committed to bolt-on acquisitions of less than €500m, but does not totally exclude Atos.
Companies: Thales SA (HO:PAR)Thales SA (0IW5:LON)
Thales Q1 figures came as no surprise to the market. Despite the contract wins in space, the commercial traction for the other business divisions has been slow. As it will take time for governments to organize and place orders for Thales solutions, the FY22 guidance remains unchanged, which is a slight disappointment. Although the mid-term fundamentals of Thales remain exceptionally strong, we believe most of the positive dynamic has been already been factored into the stock price.
Thales has reported strong Q4 results, with the order intake at its highest level and strong cash generation. It has resulted in the first share buy-back programme in Thales’ history. The given guidance was a disappointment but does not encompass the major momentum that Defence companies have been witnessing in the current days due to the intensifying Ukraine/Russia war. Though the short-term consequences will be shy on financial figures, the long-term growth of the stock is unquestionable.
Thales has provided solid numbers which were globally in line with consensus. It has confirmed its new guidance (without the Transport division), where it seems well on track to achieve it. Overall, we are still impatiently waiting for an M&A opportunity to see which sector Thales will reinforce.
In 2016, the French group DCNS (currently known as the Naval Group) had won the largest contract in the history of Australia with a value of AUD90bn worth of conventional submarines. After five years of escalating tensions between the Australian government and the Naval Group due to technical issues, the Australian government announced today that it would drop the Naval Group in favour of a new alliance with the US and the UK.
After months of rumours, Thales finally found an acquirer of its Ground Transportation System business: the Japanese company Hitachi. This transaction will be paid in cash and the business will be considered as a discontinued operation for FY21. Therefore, guidance has been re-adjusted.
Thales published a solid set of results for its H1 this morning. All key figures are above consensus: order intake, sales, EBIT and FCF. Its guidance has been improved and the range is now more precise.
The return to growth of Thales is warmly welcomed by investors. The order intake was higher than expectations and proves that a recovery is in place. FY21 is expected to be a great year for Thales, with all sectors improving with time.
Results came in line with expectations, with still good commercial momentum and a major positive surprise concerning cash generation. Guidance points towards a return to growth in 2021, matching expectations. Buy recommendation reiterated.
Thales’ 9M order book and sales figures were in line with the company’s compiled consensus. These results showed a decent qoq improvement in demand, especially in Defence and Space. Going forward, all the 2020 financial objectives confirmed.
Companies: Thales SA
A resilient set of results (in line with consensus), thanks to the diversification of its activity as well as cost-containment measures. A return to normal productivity is expected by this summer, which should help the company to recover in most activities except for civil aero, where visibility on traffic remains low. Still, this should lead to a sharp rebound in both sales and EBIT in the second half of the year.
Thales released its Q1 order book and sales figures, suffering from the early COVID-19 effects, but still within consensus expectations. Most of the impacts are expected in Q2 with various implications depending on the activities and regions. In the longer run, and despite expected disruption for 2020, we expect a certain form of resilience in demand for Thales’ products, which are mainly exposed to Defence and long-term government contracts.
Thales published solid FY19, with positive surprises on both the profitability and cash generation level. Medium-term guidance remains unchanged with an acceleration of growth expected from 2021 onwards. 2020’s guidance is roughly in line with expectations. We maintain a positive view on Thales which we believe has recently discounted several negatives, while the outlook is improving.
Thales has unveiled its order intake for the third quarter after having already done this for its sales. Overall, there were no major surprises despite order intake falling 3% below the consensus average. The company has maintained its FY19 order intake guidance, implying a strong catch-up in Q4, but the company is used to this exercise.
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Incremental progress in California is reassuring in terms of timing and opens the way to further projects in the state. A technical share reorganisation makes no material impact but tidies up the capital structure.
Companies: Invinity Energy Systems PLC
Companies: Mpac Group PLC
Companies: Ilika plc
Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production. Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI). Gemini #11 was put into production on 24 November while Gemini#12 will be brought
Companies: PEN TCFF ALV CE1 HHR ALV RHC RHC SOU EOG ENQ ZPHR IOG PMG NOG SDX CHAR PEN
Companies: SThree plc
EQTEC is making good progress on the Italia MDC and remains on target for commercial operations by the end of the year. The project is being enhanced to include biochar production for which there is a growing market, and which will also enhance the low carbon potential of the project. Increased feedstock flexibility will further enhance the project. The project has the potential to be a flagship exemplar of what EQTEC can do both in Italy and further afield.
Companies: EQTEC PLC
Companies: Kier Group plc
Companies: Yu Group PLC
Positive interims, with LFL revenue growth of 9.3%, adjusted EBITDA growth of 45.7%, a 5% increase in the dividend and an in-line outlook statement. There is clearly added uncertainty going into 2023, the diversity of both its product base and customers means it remains in a good position. The share price has behaved more like a housebuilder and in our view, this fails to reflect the diversity of its model and the fact that the group's earnings continue to rise. On revised forecasts the shares t
Companies: Brickability Group PLC
Changes in planning policy in Scotland create risk and a potential delay to Powerhouse’s second UK project but could result in a more stable planning environment in the longer run if it creates a positive test case for the company’s low carbon waste-to-hydrogen technology.
Companies: Powerhouse Energy Group PLC
Invinity has announced a further sale of its vanadium flow batteries (VFB), this one comprising 2.2MWh of its VS3 model. The purchaser is Bei Ying International Corporation, a Taiwanese industrial equipment wholesaler which is acting as a reseller for Invinity. This brings total sales announced since the interims to 14.3MWh and to 22.7MWh for the year to date. Given the run rate, we believe there is a high likelihood of further sales before year end, confirming solid demand for Invinity's VS3 pr
ITM’s new CEO shows a wealth of experience in the market for green hydrogen and decarbonisation building on 14 years with Linde Engineering. He is taking up his role on 1st December allowing him to make an early start on running the company.
Companies: ITM Power PLC
Dish of the day
BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio
Companies: RNO BEM BOIL DOTD NTQ KMK PMG EYE EVG ENET
Dish of the day
No joiners today.
Leavers: No leavers today.
What’s cooking in the IPO kitchen?**
Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022.
AT85 Global Mid-Market Infrastr
Companies: SEE JSE MKA EAH ABDP MRL TENG KIBO
Italia MDC update