(News Bulletin 247) – Thales will publish its figures for the 1st quarter of 2023 on May 5. Oddo expects a slow start in terms of order intake at 3,282 ME, i.e. a book-to-bill of 0.84x (compared to 0.81x in the 1st quarter of 2022).
‘Organic sales growth should be at the top of the annual range of 4 to 7% with an estimate of 6.2%’ indicates Oddo. ‘In the end, we model a turnover of 3,929 ME, up 5.3% of which 6.2% organic’.
Oddo reiterates its Neutral opinion on the stock and its price target of 137 E.
‘Thales is still perfectly positioned to take advantage of the visibility on military budgets and the recovery of civil aeronautics, but we believe that the valuation is fair today’ adds the analysis office.
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