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 46,434 - -
Change - 58.57% 10.55% 1.97% 65.74% -1.61% - -
Enterprise Value (EV) 1 16,724 25,295 31,925 31,520 48,813 46,680 46,775 42,936
Change - 51.25% 26.21% -1.27% 54.86% -4.37% 0.2% -8.21%
P/E 14.6x 22.6x 27.3x 20.1x 28.2x 26.9x 19.9x 17.3x
PBR 2.46x 3.49x 4.05x 3.79x 5.93x 5.32x 4.68x 4.07x
PEG - 6.81x -3.8x 0.5x 1.5x 8.9x 0.6x 1.2x
Capitalization / Revenue 0.98x 1.44x 1.52x 1.38x 2.13x 1.95x 1.79x 1.64x
EV / Revenue 1.03x 1.44x 1.73x 1.53x 2.21x 1.96x 1.8x 1.52x
EV / EBITDA 7.12x 10.5x 12.4x 10.9x 12.8x 12.2x 10.9x 9.09x
EV / EBIT 10.1x 13.1x 15x 13x 17.8x 15.5x 13.7x 11.3x
EV / FCF 7.41x 10.2x 15.8x 15.6x 18.9x 19.3x 18x 14.3x
FCF Yield 13.5% 9.85% 6.35% 6.43% 5.28% 5.18% 5.54% 7%
Dividend per Share 2 2.56 2.94 3.4 3.7 3.9 4.272 4.912 5.57
Rate of return 3.42% 2.46% 2.54% 2.67% 1.7% 1.89% 2.17% 2.46%
EPS 2 5.12 5.29 4.91 6.89 8.15 8.396 11.37 13.03
Distribution rate 50% 55.6% 69.2% 53.7% 47.9% 50.9% 43.2% 42.8%
Net sales 1 16,192 17,569 18,428 20,577 22,136 23,832 25,963 28,243
EBITDA 1 2,348 2,405 2,582 2,898 3,827 3,835 4,294 4,722
EBIT 1 1,649 1,935 2,132 2,419 2,740 3,003 3,420 3,811
Net income 1 1,089 1,121 1,023 1,420 1,675 1,673 2,231 2,568
Net Debt 1 795 35.2 4,000 3,044 1,618 245.5 340.4 -3,498
Reference price 2 74.80 119.30 133.95 138.65 229.80 226.00 226.00 226.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.65x1.96x12.05x1.89% 52.8B
542.13x9.22x117.83x - 9.88B
50.44x3.37x18.29x0.92% 9.92B
-29.29x13.01x602.17x-.--% 6.1B
64.08x2.47x23.18x0.4% 4.43B
24.71x4.24x18.65x1.88% 3.08B
64.79x29.31x-163.28x-.--% 1.23B
52.33x - - - 614M
Average 99.48x 9.08x 89.84x 0.85% 11.01B
Weighted average by Cap. 85.84x 4.20x 64.23x 1.5%

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