Company Valuation: Thales

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 15,929 25,259 27,925 28,476 47,195 47,708 - -
Change - 58.57% 10.55% 1.97% 65.74% 1.09% - -
Enterprise Value (EV) 1 16,724 25,295 31,925 31,520 48,813 47,906 48,037 44,210
Change - 51.25% 26.21% -1.27% 54.86% -1.86% 0.27% -7.97%
P/E 14.6x 22.6x 27.3x 20.1x 28.2x 27.4x 20.5x 17.9x
PBR 2.46x 3.49x 4.05x 3.79x 5.93x 5.47x 4.8x 4.19x
PEG - 6.81x -3.8x 0.5x 1.5x 6.79x 0.6x 1.2x
Capitalization / Revenue 0.98x 1.44x 1.52x 1.38x 2.13x 2x 1.84x 1.69x
EV / Revenue 1.03x 1.44x 1.73x 1.53x 2.21x 2.01x 1.85x 1.57x
EV / EBITDA 7.12x 10.5x 12.4x 10.9x 12.8x 12.4x 11.2x 9.35x
EV / EBIT 10.1x 13.1x 15x 13x 17.8x 15.9x 14.1x 11.6x
EV / FCF 7.41x 10.2x 15.8x 15.6x 18.9x 19.9x 18.7x 15x
FCF Yield 13.5% 9.85% 6.35% 6.43% 5.28% 5.02% 5.34% 6.67%
Dividend per Share 2 2.56 2.94 3.4 3.7 3.9 4.274 4.917 5.562
Rate of return 3.42% 2.46% 2.54% 2.67% 1.7% 1.84% 2.12% 2.4%
EPS 2 5.12 5.29 4.91 6.89 8.15 8.479 11.34 12.98
Distribution rate 50% 55.6% 69.2% 53.7% 47.9% 50.4% 43.4% 42.8%
Net sales 1 16,192 17,569 18,428 20,577 22,136 23,830 25,936 28,223
EBITDA 1 2,348 2,405 2,582 2,898 3,827 3,875 4,303 4,729
EBIT 1 1,649 1,935 2,132 2,419 2,740 3,005 3,418 3,803
Net income 1 1,089 1,121 1,023 1,420 1,675 1,673 2,231 2,531
Net Debt 1 795 35.2 4,000 3,044 1,618 197.6 328.9 -3,498
Reference price 2 74.80 119.30 133.95 138.65 229.80 232.20 232.20 232.20
Nbr of stocks (in thousands) 212,957 211,730 208,476 205,380 205,373 205,461 - -
Announcement Date 03/03/22 08/03/23 05/03/24 04/03/25 03/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
28.15x2.07x12.71x1.79% 55.88B
557.68x9.48x121.13x - 10.17B
52.96x3.53x19.14x0.88% 10.44B
-28.61x12.69x587.16x-.--% 5.96B
60.26x2.29x21.41x0.43% 4.17B
24.65x4.35x19.15x1.84% 3.16B
70.33x31.84x-177.38x-.--% 1.32B
55.6x - - - 653M
65.79x3.34x27x0.19% 625M
Average 98.54x 8.70x 78.79x 0.73% 10.26B
Weighted average by Cap. 87.98x 4.27x 60.76x 1.43%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield