Thales Earnings: Strong Q1 Results Aligned With Our Expectations, We Retain Our Fair Value Estimate
Wide-moat Thales reported strong first-quarter results, ahead of management guidance. Our fair value estimate is unchanged.
Wide-moat Thales reported strong first-quarter results, ahead of management guidance. Our fair value estimate is unchanged.
Expectations for higher defense budgets in Europe over the medium term will benefit Thales' core defense-related sales.
Global supply chain bottlenecks and rising inflation could affect the group's delivery schedules and weigh on margins in the short term.
Metric
|
HO
|
BA.
|
ALO
|
---|---|---|---|
Price/Earnings (Normalized) | 21.40 | 20.56 | 157.26 |
Price/Book Value | 5.02 | 3.88 | 0.80 |
Price/Sales | 1.88 | 1.80 | 0.39 |
Price/Cash Flow | 25.90 | 18.18 | 9.12 |
Metric
|
HO
|
BA.
|
ALO
|
---|---|---|---|
Quick Ratio | 0.56 | 0.86 | 0.53 |
Current Ratio | 0.89 | 1.08 | 0.85 |
Interest Coverage | 5.42 | 7.35 | −0.17 |
Metric
|
HO
|
BA.
|
ALO
|
---|---|---|---|
Return on Assets (Normalized) | 4.57% | 6.08% | 0.36% |
Return on Equity (Normalized) | 23.45% | 17.75% | 1.32% |
Return on Invested Capital (Normalized) | 12.39% | 11.67% | 1.90% |
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Name
|
Morningstar Rating for Stocks
|
Capital Allocation
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Economic Moat
|
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|
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