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Thales published 9M results in line with market expectations, having benefitted from the strong momentum in avionics, accompanied by a robust performance in D&S. DIS saw mixed figures, with a collapse in the payment and sim card businesses offset by a solid performance from the biometric and cybersecurity activities. Given the good performance in 9M, Thales has re-iterated its FY23 guidance.
Companies: Thales (HO:EPA)Thales SA (HO:PAR)
AlphaValue
Thales has published H1 23 figures above our expectations. Order intake stood at €8.6bn (+5.2% vs AV) and sales at €8.7bn (+1.4% vs AV) while the underlying EBITA stood at €993m (+1.3% vs AV). However, after 5 exceptionally strong quarters, the DIS segment experienced a pricing headwind, which we believe will continue in H2. The company has marginally upgraded its guidance to +5-7% yoy organically (prev:4-7%) but, considering the latest FX rate, the absolute figures lie slightly below our curre
Thales has entered into exclusive negotiations to acquire Cobham Aerospace Communications, a supplier of advanced safety cockpit communication systems, for $1.1bn (financed in cash). At 17x EV/EBIT multiple, the deal is expensive but, with the company’s unique offering, better margins and vertical integration, we believe that Thales has struck a great deal.
Thales published good Q1 sales figures of €4.03bn (+7.9% yoy and +2.5% vs consensus). Sales were largely driven by the civil side, in particular, civil aeronautics (ongoing traffic recovery) and biometrics. The orderbook grew by 14%, driven by the defense business. The company remains confident that it can achieve its full year target and hence has left its guidance unchanged at 4-7% organic growth with a 11.5-11.8% EBIT margin.
Thales published good FY22 figures with sales and EBITA both in line with the consensus and FCF beating the market expectations. However, the company has given dull guidance for FY23, with FCF even below the market consensus. This comes as a negative surprise given that the sector has entered a new super-cycle with the onset of the war and a sharp recovery in civil traffic.
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.
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.
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.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Thales SA. We currently have 12 research reports from 4 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Shore Capital
Companies: MPE TRI VNET BVXP HVO
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Companies: James Latham Plc
SP Angel
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Companies: Norcros plc
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Companies: Ilika plc
Liberum
Companies: Gattaca plc
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