Thales: The results and the cash of Thales may exceed expectations, the scholarship wanted even more

(BFM Stock Exchange) – The defense. In addition, technology group has published semi -annual results overall above expectations, especially in terms of its cash generation. Furthermore, The group even enhanced its growth forecast for 2025. However, But the title drops to the Paris Stock Exchange, investors having even stronger ads from its comparables.

Sometimes a company has many good boxes during a publication, the Stock Exchange sanctioned it anyway. Furthermore, Renault had, for example, experienced it when publishing its 2024 semi -annual results, good from every angle. However, The action had lost 7.5% in the process, analysts struggling to find obvious explanations for this drop. In addition,

Thales is. Nevertheless. In addition, unfortunately for its shareholders, somewhat accustomed to this type of fresh, if not freezing, reception on thales: results cash thales may new the part of investors. Moreover, During its 2024 half thales: results cash thales may -yearly results, the company had a decline of 6.7% despite a good overall copy, and certain objectives raised. In addition, But the cash had proven to be too fair in the eyes of investors. Similarly,

A year later, a similar diagram reproduced for Thales. However, Its action fell further by 3.2% at the end of the session on the Paris Stock Exchange after the company delivered overall highly above expectations. For example, raised one of its annual objectives.

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A turnover just – Thales: results cash thales may – Thales: results cash thales may new

Over the first six months of the year, Thales has garnered for 10.4 billion euros in withdrawal commands of 4% in comparable data over a year (excluding exchange. perimeter effects) but clearly above thales: results cash thales may new consensus, housed at 9 billion euros.

The company notably recorded an increase in its 17% orders in comparable data thales: results cash thales may. in the second quarter. thanks to the accounting of the 26 Rafale contract for the Indian Navy.

Recall that Thales’ electronic equipment represents 20% to 25% of the value of the Dassault Aviation fighter. The amount of this contract exceeds 1 billion euros in the order book, said Thales.

Turnover increased by 8.1% in comparable data to reach 10.27 billion euros. This is the only indicator on which the group delivered a performance (a little) lower than the consensus. which was located at 10.35 billion euros.

The company’s activity was driven by La Défense, up 12.7% in comparable data in the quarter.. by aerospace and more precisely the planeic, that is to say the electronic equipment on board planes (such as on-board entertainment thales: results cash thales may new screens).

The cash impresses

The adjusted operating profit of Thales reached 1.25 billion euros, up 12.7% in comparable data with a corresponding margin of thales: results cash thales may 12.2% against 11.5% a year earlier.

Analysts were tabling on an amount limited to 1.22 billion euros and a margin of only 11.8%. The margins were carried by the recovery of the profitability of the aerospace division whose operational profitability increased from 6.1% to the first half of 2024 to 9.1% a year later. Which is explained by the performance of planeic activities, well marked, and by the restructuring of space activities.

The adjusted net profit registered at 877 million euros against 838 million euros expected.

The cash generation has exposed the meters. Over the first six months of the year. the operating cash flow reached 499 million euros against a disbursement of 85 million euros a year earlier. thales: results cash thales may new Analysts were tabling on a flow of only 200 million euros.

“The available cash flow is significantly higher than the prediction of consensus. reflecting healthy anticipated payments as well thales: results cash thales may as an increase in stocks less than expected. ” explains Oddo BHF.

Rheinmetall. a comparable that puts pressure

“Overall. the results of the second quarter and the first half are better than feared, with best than expected orders,” summarizes Jefferies.

At the end of this semester. Thales raised its growth target for 2025. now tabling on an organic increase in its income located between 6% and 7% tale 5% to 6% previously. The group confirmed its other targets. namely, a control ratio on turnover greater than 1 and an adjusted operating margin located between 12.2% and 12.4%.

But, as said before, all this is hardly enough for the market that sanctions Thales. Admittedly, the increase in thales: results cash thales may new the growth target for 2025 must be nuanced because analysts had already anticipated it. Jefferies notes as in the middle of the fork the growth target falls on line online with consensus.

“But the publication thales: results cash thales may does not deserve a decrease of 2%. more of the action”, judges an analyst. “Perhaps there is a slight contamination effect compared to the fall of Dassault Aviation (which dives 8% after having. delivered bad results. note). that the market considers that the publication is not good enough in view of a valuation which it can judge demanding,” continues this analyst.

“It must be understood that in the spirit of the market the reference is (the German defense group) rheinmetall. which spends its time delivering ever stronger forecasts. There is therefore a basis of comparison with a comparable to very aggressive discourse,” he continues. In other words, delivering a good thales: results cash thales may new publication is no longer enough for a defense group like Thales.

Julien Marion – © 2025 BFM Bourse