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 ....
