(AOF) – The aeronautical sector is struggling on the Paris Stock Exchange. Dassault Aviation closes the march of the SBF 120 index and Thales (-3.92% to 134.70 euros) that of the CAC 40 index. The equipment manufacturer for aerospace, defense and security is however slightly more optimistic about its 2023 growth objectives. It is now targeting internal growth in turnover of between 5% and 7% against 4% and 7% previously. This new projection corresponds to a turnover of between 17.9 and 18.2 billion euros.
Problem: the consensus is already 1% above the top of the target range, notes Berenberg. The analyst also recalls that the Thales share recorded a strong performance before this publication.
In the first part of the year, organic revenue growth is ahead of the annual objective, “driven by the continued recovery of activities in civil aeronautics and the good performance of the Identity & Digital Security sector”, commented the company.
For its part, Jefferies points out that the exchange rate movements, which are more negative than those initially forecast, lead to a 1% reduction in sales forecasts in absolute figures and in Ebit because the margin objectives have been reaffirmed. The EBIT margin is still expected between 11.5% and 11.8%, improving by 50 to 80 basis points.
Still on its outlook, but for the second half of the year, Thales stresses that the global environment remains marked by continued tensions affecting supply chains.
The results for the first half of the year slightly exceeded expectations. Over this period, consolidated net income, group share amounted to 649 million euros, up 15%. EBIT was €993 million (11.4% of revenue), compared to €891 million (10.8% of revenue) in the first half of 2022.
Turnover amounted to 8.716 billion, up 5.6%, and up 7.7% at constant scope and exchange rates.
New orders for the first half of 2023 amounted to 8.563 billion, down 24%.
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