Thales: Oddo raises target price

(CercleFinance.com) - Oddo BHF reiterates its "outperform" rating on Thales shares, having increased its target price for them from 97 euros to 102 euros, after increasing its 2021 estimates (EPS forecast up 4.
7%) after its H1 results were deemed solid.

The analyst says that the share still has a very attractive profile, with strong growth reflected in a 2021-24 EPS CAGR of 10.3%, solid cash generation with a FCF yield of 6.8% in 2022, coupled with an attractive valuation.

The broker points out that the share is trading at a rolling 12-month P/E of 13.7x, 24% below the valuation level of the period when the company was able to generate mid-single digit sales growth, a period that we are now re-entering.


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