Thales: Oddo confirms rating ahead of CMD
(CercleFinance.com) - Thales will hold a CMD in Paris on 3 October, which Oddo sees as a catalyst for the share.
Ahead of this meeting, Oddo confirms its Buy rating on the share, along with its target price of 129.5 euros.
The first theme should focus on the integration of Gemalto. Oddo says that, in terms of cost synergies, it believes that the consensus already incorporates the amount provided by the company in mid-June, i.e. 120 million euros over 3 years, after considering the disposal of GP HSM. However, the majority of investors are sceptical about the generation of synergies in revenues. The consensus compiled by the company does not include any visible synergies until 2022, Oddo adds.
It believes that a convincing presentation at the CMD could lead to the consensus to integrate some synergies into estimates.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Ahead of this meeting, Oddo confirms its Buy rating on the share, along with its target price of 129.5 euros.
The first theme should focus on the integration of Gemalto. Oddo says that, in terms of cost synergies, it believes that the consensus already incorporates the amount provided by the company in mid-June, i.e. 120 million euros over 3 years, after considering the disposal of GP HSM. However, the majority of investors are sceptical about the generation of synergies in revenues. The consensus compiled by the company does not include any visible synergies until 2022, Oddo adds.
It believes that a convincing presentation at the CMD could lead to the consensus to integrate some synergies into estimates.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.