(News Bulletin 247) – Oddo BHF maintains its ‘neutral’ rating on the Thales share with an unchanged price target of 137 euros.
After achieving an EBIT margin of 15.9% in the 1st half (+354 bp), Thales expects a 2023 margin at least in the upper range of the target of 13.5%/14.5%, which implies a margin close to 13.6% in the 2nd half, reports the analyst.
For its part, Oddo BHF considers that it is adopting a cautious position by anticipating a margin of 14.7% for the 2023 financial year.
‘The supply chain issues continue to penalize sales in the Space segment and make the objective of a turnover of 2.5 billion euros in 2024 difficult to achieve even if the company anticipates a reduction in the tensions of the chain in the 2nd half of the year’, justifies the broker.
Oddo BHF finally revises its forecasts marginally, with a drop in its 2023 EPS of 1.3%.
In addition, ‘we anticipate an adjusted FCF of 1584 ME (including Indonesian advances) rising to 1788 ME in 2024’, concludes the analyst.
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