Gemalto reported FY results broadly in line with expectations, with revenues decreasing by 5% to €2.97bn. At the same time, profit from operations decreased by 32% to a 10.4% margin. FCF also strongly fell due to the much lower operating cash flow and higher restructuring costs. For FY18, the group expects sales and operating profit growth in every segment. As a reminder, Thales is going to acquire Gemalto in H2 of this year for a price of €51/share.
