(CercleFinance.com) – Oddo BHF maintains its ‘neutral’ rating on Thales shares, with an unchanged price target of 146 euros.
The arms specialist published an EBIT of 2,132 ME for 2023, with a turnover of 18,428 ME, up 7.9% in comparison (+8.8% in Q4).
‘The FCF impresses once again at 2,026 ME, or a cash conversion rate of 115%’, notes the analyst.
Furthermore, Thales ends the year 2023 with order intake of 23,132 ME driven mainly by mature countries, with notably 12 contracts of more than 100 ME signed in Q4 alone.
‘Visibility is therefore particularly good with an order book of 45.3 MdE, equivalent to approximately 29.5 months of turnover’, underlines Oddo BHF
The forecasts for the 2024 financial year are generally in line with expectations with a turnover of between €19.7 billion and €20.1 billion (Css: €19,958 million) and an EBIT margin of between 11.7% and 12% (Cons: €12). %).
Finally, Thales has indicated that it is launching an adaptation plan at TAS (its space activity) concerning 1,300 positions, including 1,000 in France, which will be redeployed within the Group, without forced departure.
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