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Thales

ENXTPA:HO
Snowflake Description

Solid track record with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HO
ENXTPA
€23B
Market Cap
  1. Home
  2. FR
  3. Capital Goods
Company description

Thales S.A. provides various solutions for customers in the aeronautics, space, defense, security, and ground transportation markets worldwide. The last earnings update was 15 days ago. More info.


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HO Share Price and Events
7 Day Returns
3.9%
ENXTPA:HO
3%
FR Aerospace & Defense
1%
FR Market
1 Year Returns
7.9%
ENXTPA:HO
21.1%
FR Aerospace & Defense
3.5%
FR Market
HO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Thales (HO) 3.9% 4.7% 14.8% 7.9% 43% 140.5%
FR Aerospace & Defense 3% 5.7% 20.6% 21.1% 86.2% 131.2%
FR Market 1% 6% 15% 3.5% 30% 32.9%
1 Year Return vs Industry and Market
  • HO underperformed the Aerospace & Defense industry which returned 21.1% over the past year.
  • HO outperformed the Market in France which returned 3.5% over the past year.
Price Volatility
HO
Industry
5yr Volatility vs Market
Related Companies

HO Value

 Is Thales undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Thales to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Thales.

ENXTPA:HO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.3%
Perpetual Growth Rate 10-Year FR Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:HO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
Aerospace & Defense Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.916 (1 + (1- 33%) (11.71%))
0.992
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.99
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (0.992 * 6.65%)
7.33%

Discounted Cash Flow Calculation for ENXTPA:HO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Thales is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTPA:HO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.33%)
2019 1,001.16 Analyst x8 932.81
2020 1,409.74 Analyst x8 1,223.82
2021 1,695.20 Analyst x6 1,371.16
2022 1,761.33 Analyst x3 1,327.39
2023 1,644.00 Analyst x1 1,154.37
2024 1,568.26 Est @ -4.61% 1,026.01
2025 1,521.13 Est @ -3.01% 927.23
2026 1,492.48 Est @ -1.88% 847.66
2027 1,476.08 Est @ -1.1% 781.11
2028 1,467.98 Est @ -0.55% 723.78
Present value of next 10 years cash flows €10,315.33
ENXTPA:HO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €1,467.98 × (1 + 0.73%) ÷ (7.33% – 0.73%)
€22,423.67
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €22,423.67 ÷ (1 + 7.33%)10
€11,055.93
ENXTPA:HO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €10,315.33 + €11,055.93
€21,371.26
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €21,371.26 / 212.50
€100.57
ENXTPA:HO Discount to Share Price
Calculation Result
Value per share (EUR) From above. €100.57
Current discount Discount to share price of €110.25
= -1 x (€110.25 - €100.57) / €100.57
-9.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Thales is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Thales's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Thales's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:HO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €4.62
ENXTPA:HO Share Price ** ENXTPA (2019-04-24) in EUR €110.25
France Aerospace & Defense Industry PE Ratio Median Figure of 9 Publicly-Listed Aerospace & Defense Companies 16.9x
France Market PE Ratio Median Figure of 416 Publicly-Listed Companies 16.24x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Thales.

ENXTPA:HO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:HO Share Price ÷ EPS (both in EUR)

= 110.25 ÷ 4.62

23.86x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Thales is overvalued based on earnings compared to the FR Aerospace & Defense industry average.
  • Thales is overvalued based on earnings compared to the France market.
Price based on expected Growth
Does Thales's expected growth come at a high price?
Raw Data
ENXTPA:HO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 23.86x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
12%per year
France Aerospace & Defense Industry PEG Ratio Median Figure of 7 Publicly-Listed Aerospace & Defense Companies 1.73x
France Market PEG Ratio Median Figure of 273 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

ENXTPA:HO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 23.86x ÷ 12%

1.99x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Thales is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Thales's assets?
Raw Data
ENXTPA:HO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €26.83
ENXTPA:HO Share Price * ENXTPA (2019-04-24) in EUR €110.25
France Aerospace & Defense Industry PB Ratio Median Figure of 12 Publicly-Listed Aerospace & Defense Companies 2.08x
France Market PB Ratio Median Figure of 617 Publicly-Listed Companies 1.49x
ENXTPA:HO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:HO Share Price ÷ Book Value per Share (both in EUR)

= 110.25 ÷ 26.83

4.11x

* Primary Listing of Thales.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Thales is overvalued based on assets compared to the FR Aerospace & Defense industry average.
X
Value checks
We assess Thales's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Aerospace & Defense industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Aerospace & Defense industry average (and greater than 0)? (1 check)
  5. Thales has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

HO Future Performance

 How is Thales expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Thales expected to grow at an attractive rate?
  • Thales's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Thales's earnings growth is positive but not above the France market average.
  • Thales's revenue growth is expected to exceed the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:HO Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:HO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 12%
ENXTPA:HO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 6.8%
France Aerospace & Defense Industry Earnings Growth Rate Market Cap Weighted Average 17.3%
France Aerospace & Defense Industry Revenue Growth Rate Market Cap Weighted Average 5.5%
France Market Earnings Growth Rate Market Cap Weighted Average 13.4%
France Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTPA:HO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:HO Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 21,733 2,096 1,484 1
2022-12-31 21,388 2,208 1,735 4
2021-12-31 21,096 2,262 1,655 9
2020-12-31 20,306 1,973 1,479 12
2019-12-31 18,856 1,521 1,271 12
ENXTPA:HO Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 15,855 1,093 982
2018-09-30 15,708 1,137 910
2018-06-30 16,129 1,182 980
2018-03-31 15,962 1,448 901
2017-12-31 15,228 1,713 680
2017-09-30 15,415 1,596 824
2017-06-30 15,158 1,478 862
2017-03-31 15,021 1,408 904
2016-12-31 14,885 1,338 946
2016-09-30 14,724 1,592 915
2016-06-30 14,562 1,845 883
2016-03-31 14,313 1,656 824

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Thales's earnings are expected to grow by 12% yearly, however this is not considered high growth (20% yearly).
  • Thales's revenue is expected to grow by 6.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:HO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Thales Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:HO Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 6.72 6.72 6.72 1.00
2022-12-31 8.07 9.58 6.50 3.00
2021-12-31 7.67 8.85 6.33 6.00
2020-12-31 6.93 7.61 6.17 9.00
2019-12-31 5.91 6.27 5.48 8.00
ENXTPA:HO Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 4.62
2018-09-30 4.29
2018-06-30 4.62
2018-03-31 4.25
2017-12-31 3.21
2017-09-30 3.89
2017-06-30 4.08
2017-03-31 4.28
2016-12-31 4.49
2016-09-30 4.35
2016-06-30 4.21
2016-03-31 3.94

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Thales is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Thales's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Thales has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

HO Past Performance

  How has Thales performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Thales's growth in the last year to its industry (Aerospace & Defense).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Thales's year on year earnings growth rate has been positive over the past 5 years.
  • Thales's 1-year earnings growth exceeds its 5-year average (44.4% vs 7.5%)
  • Thales's earnings growth has exceeded the FR Aerospace & Defense industry average in the past year (44.4% vs 2.8%).
Earnings and Revenue History
Thales's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Thales Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:HO Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 15,854.70 981.80 1,694.10 879.40
2018-09-30 15,708.00 909.70 1,685.10 860.45
2018-06-30 16,129.20 979.50 1,647.20 841.50
2018-03-31 15,962.30 900.60 1,645.40 819.35
2017-12-31 15,227.50 679.80 1,672.50 797.20
2017-09-30 15,415.05 823.60 1,643.15 781.65
2017-06-30 15,157.60 862.00 1,633.40 766.10
2017-03-31 15,021.20 904.20 1,632.35 748.10
2016-12-31 14,884.80 946.40 1,631.30 730.10
2016-09-30 14,723.50 914.65 1,630.55 719.20
2016-06-30 14,562.20 882.90 1,629.80 708.30
2016-03-31 14,312.70 824.00 1,601.30 700.15
2015-12-31 14,063.20 765.10 1,572.80 692.00
2015-09-30 13,844.35 656.35 1,560.20 678.95
2015-06-30 13,625.50 547.60 1,547.60 665.90
2015-03-31 13,299.55 630.90 1,535.70 653.65
2014-12-31 12,973.60 714.20 1,523.80 641.40
2014-09-30 12,817.20 765.35 1,501.25 634.00
2014-06-30 12,660.80 816.50 1,478.70 626.60
2014-03-31 12,679.20 694.95 1,474.20 619.40
2013-12-31 12,697.60 573.40 1,469.70 612.20
2013-09-30 14,206.40 556.20 1,677.75 681.40
2013-06-30 13,476.90 562.80 1,625.30 654.70
2013-03-31 13,817.50 549.25 1,662.70 671.05
2012-12-31 14,158.10 535.70 1,700.10 687.40
2012-09-30 13,815.55 543.85 1,621.75 659.60
2012-06-30 13,473.00 528.20 1,568.60 631.80

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Thales has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Thales used its assets more efficiently than the FR Aerospace & Defense industry average last year based on Return on Assets.
  • Thales has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Thales's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Aerospace & Defense industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Thales has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

HO Health

 How is Thales's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Thales's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Thales is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Thales's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Thales's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 6.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Thales Company Filings, last reported 3 months ago.

ENXTPA:HO Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 5,924.50 2,743.00 5,888.90
2018-09-30 5,924.50 2,743.00 5,888.90
2018-06-30 5,383.50 2,702.20 4,999.30
2018-03-31 5,383.50 2,702.20 4,999.30
2017-12-31 5,138.50 1,664.40 4,612.40
2017-09-30 5,555.50 1,664.40 4,612.40
2017-06-30 5,003.00 1,550.00 3,827.30
2017-03-31 5,003.00 1,550.00 3,827.30
2016-12-31 4,866.00 1,546.60 3,868.20
2016-09-30 4,866.00 1,546.60 3,868.20
2016-06-30 4,649.10 2,142.20 3,547.50
2016-03-31 4,649.10 2,142.20 3,547.50
2015-12-31 4,941.80 1,539.60 3,456.50
2015-09-30 4,941.80 1,539.60 3,456.50
2015-06-30 4,416.80 1,523.90 2,100.60
2015-03-31 4,416.80 1,523.90 2,100.60
2014-12-31 4,080.80 1,580.00 2,485.10
2014-09-30 4,080.80 1,580.00 2,485.10
2014-06-30 4,245.90 1,606.80 1,623.80
2014-03-31 4,245.90 1,606.80 1,623.80
2013-12-31 4,085.10 1,704.90 2,564.30
2013-09-30 3,940.90 2,007.10 3,167.40
2013-06-30 3,666.00 1,965.10 2,395.70
2013-03-31 3,666.00 1,965.10 2,395.70
2012-12-31 4,586.40 1,847.90 2,905.30
2012-09-30 4,586.40 1,847.90 2,905.30
2012-06-30 4,186.00 1,836.60 1,983.10
  • Thales's level of debt (46.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (41.7% vs 46.3% today).
  • Debt is well covered by operating cash flow (39.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 204.6x coverage).
X
Financial health checks
We assess Thales's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Thales has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

HO Dividends

 What is Thales's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.89%
Current annual income from Thales dividends. Estimated to be 2.59% next year.
If you bought €2,000 of Thales shares you are expected to receive €38 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Thales's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.55%).
  • Thales's dividend is below the markets top 25% of dividend payers in France (4.31%).
Upcoming dividend payment

Purchase Thales before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTPA:HO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
France Aerospace & Defense Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 1.5%
France Market Average Dividend Yield Market Cap Weighted Average of 324 Stocks 2.9%
France Minimum Threshold Dividend Yield 10th Percentile 0.9%
France Bottom 25% Dividend Yield 25th Percentile 1.6%
France Top 25% Dividend Yield 75th Percentile 4.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:HO Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.79 1.00
2022-12-31 3.26 4.00
2021-12-31 3.20 10.00
2020-12-31 2.87 13.00
2019-12-31 2.46 13.00
ENXTPA:HO Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-09 2.080 1.946
2019-02-26 2.080 1.933
2018-09-27 1.800 1.685
2018-04-03 1.750 1.572
2018-03-06 1.750 1.803
2017-09-28 1.650 1.833
2017-04-06 1.600 1.678
2017-02-28 1.600 1.775
2016-09-22 1.410 1.604
2016-05-18 1.360 1.744
2015-09-17 1.130 1.633
2015-02-26 1.120 1.992
2014-09-16 1.190 2.733
2014-05-14 1.120 2.568
2013-09-17 0.900 1.973
2013-02-28 0.880 2.456
2012-11-29 0.780 2.895
2012-03-06 0.780 2.958
2011-07-29 0.500 2.005
2011-07-27 0.500 1.709
2011-05-18 0.500 1.741
2010-02-18 0.500 1.806

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Thales has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Thales only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Thales's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.6x coverage).
X
Income/ dividend checks
We assess Thales's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Thales afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Thales has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

HO Management

 What is the CEO of Thales's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Patrice Caine
COMPENSATION €1,544,000
AGE 48
TENURE AS CEO 4.3 years
CEO Bio

Mr. Patrice Caine has been the Chairman and Chief Executive Officer of Thales SA since December 23, 2014. In 2002, Mr. Caine joined the Thales Group's Strategy department before being appointed to manage the following operating units - Air & Naval, Communication, Navigation & Identification, Air Systems, Radio-communication Products and Network & Infrastructure Systems and Protection Systems. He is a Independent Director of L'Oréal SA since April 17, 2018. In February 2013, he was appointed Senior Executive Vice-President, Chief Operating Officer and Chief Performance Officer of Thales. Mr. Caine began his career in 1992 with the pharmaceutical group Fournier before becoming an adviser on mergers, acquisitions and corporate strategy at Charterhouse Bank Limited in London. From 1995 to 1998, he was special adviser to the Prefect of the Franche-Comté region of France and head of the Industrial Development and Energy Division at DRIRE, the French agency responsible for industry, research and the environment. From 1998 to 2000, he worked at the Conseil Général des Mines and was in charge of human resources for the Corps des Mines. Mr. Caine was responsible for training engineering students at the École des Mines de Paris for the Technical Grand Corps of the French State. From 2000 to 2002, he served as the Technical Advisor on energy at the cabinet office of the French Minister for the economy, finance and industry. He serves as Chairman of Thales Group. He serves as Director of DCNS SA. He was awarded the Médaille de la Défense Nationale (National Defense Medal - Bronze) and in 2014, he was named Chevalier de l’Ordre National du Mérite (Knight of the National Order of Merit). Mr. Caine is a graduate of the École Polytechnique and the École des Mines de Paris and holds the rank of Ingénieur en Chef of the Corps des Mines.

CEO Compensation
  • Patrice's compensation has increased by more than 20% in the past year.
  • Patrice's remuneration is lower than average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the Thales management team in years:

4
Average Tenure
54
Average Age
  • The tenure for the Thales management team is about average.
Management Team

Patrice Caine

TITLE
Chairman & CEO
COMPENSATION
€2M
AGE
48
TENURE
4.3 yrs

Pascal Bouchiat

TITLE
CFO and Senior Executive Vice-President of Finance & Information Systems
AGE
58

Pierre-Eric Pommellet

TITLE
Senior Executive VP
AGE
54
TENURE
1.6 yrs

Jean-Claude Climeau

TITLE
Head of Group Treasury & Corporate Finance and Vice President
TENURE
3.2 yrs

Philippe Keryer

TITLE
Executive Vice President of Strategy
TENURE
3.3 yrs

Bertrand Delcaire

TITLE
Head of Investor Relations & VP
TENURE
3.2 yrs

Isabelle Simon

TITLE
Executive VP
AGE
48
TENURE
4 yrs

Pierre Schaeffer

TITLE
Chief Marketing Officer & Senior VP
AGE
55
TENURE
4.6 yrs

David Tournadre

TITLE
Senior Executive Vice President of Human Resources
AGE
50
TENURE
5.8 yrs

Pascale Sourisse

TITLE
Senior Executive Vice President of International Development
AGE
56
TENURE
6.2 yrs
Board of Directors Tenure

Average tenure and age of the Thales board of directors in years:

8.4
Average Tenure
66.5
Average Age
  • The tenure for the Thales board of directors is about average.
Board of Directors

Patrice Caine

TITLE
Chairman & CEO
COMPENSATION
€2M
AGE
48
TENURE
4.3 yrs

Yannick d'Escatha

TITLE
Independent Director
COMPENSATION
€26K
AGE
70
TENURE
9.9 yrs

Anne-Claire Taittinger

TITLE
Independent Director
COMPENSATION
€24K
AGE
69
TENURE
6.9 yrs

Philippe Lépinay

TITLE
Director
COMPENSATION
€22K
AGE
65
TENURE
12 yrs

Charles Edelstenne

TITLE
Director
COMPENSATION
€22K
AGE
80
TENURE
9.9 yrs

Loïk Segalen

TITLE
Director
COMPENSATION
€22K
AGE
58
TENURE
9.9 yrs

Éric Trappier

TITLE
Director
COMPENSATION
€24K
AGE
58
TENURE
9.9 yrs

Ann Taylor

TITLE
Independent Director
COMPENSATION
€20K
AGE
71
TENURE
6.9 yrs

Marie-Françoise Walbaum

TITLE
Director
COMPENSATION
€17K
AGE
68
TENURE
5.6 yrs

Laurence Broseta

TITLE
Non-Executive Director
COMPENSATION
€17K
AGE
50
TENURE
4.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Thales's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Thales has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

HO News

Simply Wall St News

What Do Analysts Think About Thales S.A.'s (EPA:HO) Future?

Thales S.A.'s (EPA:HO) most recent earnings update in December 2018a … showed … business

Simply Wall St -

Is Thales S.A.'s (EPA:HO) ROE Of 19% Impressive?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Another way to think of that is that for every €1 worth of equity in the company, it was able to earn €0.19. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Should You Know About Thales SA's (EPA:HO) Return On Capital?

Your equity share is granted in return for the capital provided to the business to operate, and in order for an investment to be successful the business has to create earnings from the funds that make up this capital. … You need to pay attention to this because your return on investment is linked to dividends and internal investments to improve the business, which can only occur if the company is expected to produce adequate earnings with the capital that has been provided. … Therefore, looking at how efficiently Thales is able to use capital to create earnings will help us understand your potential return.

Simply Wall St -

Thales SA (EPA:HO): Is It A Smart Long Term Opportunity?

Since Thales SA (EPA:HO) released its earnings in June 2018,. … as a 16.36% increase in profits is expected in the upcoming year, … the past 5-year average growth rate of 11.12%

Simply Wall St -

Who Owns Most Of Thales SA (EPA:HO)?

Today, I will be analyzing Thales SA’s (EPA:HO) recent ownership structure, an important but not-so-popular subject among individual investors. … Ownership structure of a company has been found to affect share performance over time. … Therefore, it is beneficial for us to examine HO's ownership structure in more detail.

Simply Wall St -

Should You Be Tempted To Buy Thales SA (EPA:HO) Because Of Its PE Ratio?

The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … While this makes HO appear like a great stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio. … I will break down what the P/E ratio is, how to interpret it and what to watch out for

Simply Wall St -

Is Thales SA’s (EPA:HO) Cash Outlook Optimistic?

I will take you through Thales’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … Thales’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure. … There are two methods I will use to evaluate the quality of Thales’s FCF: firstly, I will measure its FCF yield relative to the market index yield; secondly, I will examine whether its operating cash flow will continue to grow into the future, which will give us a sense of sustainability.

Simply Wall St -

Should You Be Happy With Thales SA's (EPA:HO) Performance Lately?

It allows us to reflect on whether or not the company has met or exceed expectations, which is a great indicator for future performance. … Today I will assess HO's latest performance announced on 31 December 2017 and compare these figures to its longer term trend and industry movements. … HO's trailing twelve-month earnings (from 31 December 2017) of €821.70m has

Simply Wall St -

Is Thales SA (EPA:HO) A Financially Strong Company?

Investors looking for stocks with high market liquidity and little debt on the balance sheet should consider Thales SA (EPA:HO). … With a market valuation of €24.30b, HO is a safe haven in times of market uncertainty due to its strong balance sheet. … In times of low liquidity in the market, these firms won’t be left high and dry.

Simply Wall St -

Should You Be Tempted To Sell Thales SA (EPA:HO) At Its Current PE Ratio?

But should this larger multiple be the final verdict of HO’s overvaluation. … This is because multiples like PE tend to overlook key company-specific factors such as future growth and capital structure … In this article, I am going to take you through some key things to consider in order to identify which multiple is the most relevant for

Simply Wall St -

HO Company Info

Description

Thales S.A. provides various solutions for customers in the aeronautics, space, defense, security, and ground transportation markets worldwide. The company operates through Aerospace, Transport, and Defence and Security segments. It offers communications, command, and control systems; mission services and support; protection and mission/combat systems; surveillance, and intelligence systems; and training and simulation solutions for air, land, naval, and joint forces, as well as digital security solutions. The company also provides air traffic management solutions; flight decks and avionics equipment and functions; flight avionics; IFE and connectivity systems and services; electrical systems; aerospace training solutions; navigation solutions; and support and services for avionics equipment. In addition, it designs, operates, and delivers satellite-based systems for telecommunications, earth observation, science and space exploration, navigation, and orbital infrastructure and space transport; and signaling systems, supervision and communications systems, revenue collection systems, and related services for ground transportation. Further, the company provides solutions for various markets and applications, including radiology, radio frequency, microwave sources, training and simulation solutions, lasers, and microelectronics solutions for science, industry, space, defense, automotive, railways, and energy conversion platforms. The company was formerly known as Thomson-CSF and changed its name to Thales S.A. in 2000. Thales S.A. was founded in 1893 and is headquartered in Courbevoie, France.

Details
Name: Thales S.A.
HO
Exchange: ENXTPA
Founded: 1893
€23,427,646,404
212,495,659
Website: http://www.thalesgroup.com
Address: Thales S.A.
Tour Carpe Diem,
Place des Corolles,
Courbevoie,
Ile-de-France, 92400,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA HO Common Stock Euronext Paris FR EUR 02. Jan 1992
OTCPK THLE.F Common Stock Pink Sheets LLC US USD 02. Jan 1992
DB CSF Common Stock Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0IW5 Common Stock London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE HOP Common Stock BATS 'Chi-X Europe' GB EUR 02. Jan 1992
ENXTPA HONV EUR3 (RFD 01/01/2019) Euronext Paris FR EUR 02. Jan 2019
OTCPK THLL.Y UNSPONSORD ADR Pink Sheets LLC US USD 11. Jan 2018
Number of employees
Current staff
Staff numbers
64,063
Thales employees.
Industry
Aerospace and Defense
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 20:45
End of day share price update: 2019/04/24 00:00
Last estimates confirmation: 2019/04/19
Last earnings filing: 2019/04/09
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.