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 47,996 - -
Change - 58.57% 10.55% 1.97% 65.74% 1.7% - -
Enterprise Value (EV) 1 16,724 25,295 31,925 31,520 48,813 48,179 47,953 44,688
Change - 51.25% 26.21% -1.27% 54.86% -1.3% -0.47% -6.81%
P/E 14.6x 22.6x 27.3x 20.1x 28.2x 27.6x 20.8x 18.2x
PBR 2.46x 3.49x 4.05x 3.79x 5.93x 5.49x 4.79x 4.18x
PEG - 6.81x -3.8x 0.5x 1.5x 6.84x 0.6x 1.3x
Capitalization / Revenue 0.98x 1.44x 1.52x 1.38x 2.13x 2.01x 1.85x 1.71x
EV / Revenue 1.03x 1.44x 1.73x 1.53x 2.21x 2.02x 1.85x 1.59x
EV / EBITDA 7.12x 10.5x 12.4x 10.9x 12.8x 12.5x 11.2x 9.53x
EV / EBIT 10.1x 13.1x 15x 13x 17.8x 16x 14x 11.8x
EV / FCF 7.41x 10.2x 15.8x 15.6x 18.9x 20.3x 18.7x 15.4x
FCF Yield 13.5% 9.85% 6.35% 6.43% 5.28% 4.92% 5.36% 6.49%
Dividend per Share 2 2.56 2.94 3.4 3.7 3.9 4.265 4.939 5.576
Rate of return 3.42% 2.46% 2.54% 2.67% 1.7% 1.83% 2.11% 2.39%
EPS 2 5.12 5.29 4.91 6.89 8.15 8.479 11.25 12.84
Distribution rate 50% 55.6% 69.2% 53.7% 47.9% 50.3% 43.9% 43.4%
Net sales 1 16,192 17,569 18,428 20,577 22,136 23,831 25,919 28,120
EBITDA 1 2,348 2,405 2,582 2,898 3,827 3,857 4,282 4,690
EBIT 1 1,649 1,935 2,132 2,419 2,740 3,006 3,417 3,789
Net income 1 1,089 1,121 1,023 1,420 1,675 1,713 2,220 2,514
Net Debt 1 795 35.2 4,000 3,044 1,618 183.7 -42.78 -3,308
Reference price 2 74.80 119.30 133.95 138.65 229.80 233.60 233.60 233.60
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.($)
27.55x2.02x12.49x1.83% 55.78B
53.79x3.54x19.22x0.88% 10.7B
556.72x9.46x120.92x - 10.15B
-31.6x14.29x726.26x-.--% 6.59B
62.92x2.4x22.48x0.41% 4.45B
26.35x4.82x21.76x1.72% 3.37B
65.43x29.81x-166.03x-.--% 1.26B
51.09x - - - 595M
Average 101.53x 9.48x 108.16x 0.8% 11.61B
Weighted average by Cap. 86.50x 4.39x 74.57x 1.45%

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