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 48,941 - -
Change - 58.57% 10.55% 1.97% 65.74% 3.7% - -
Enterprise Value (EV) 1 16,724 25,295 31,925 31,520 48,813 49,124 48,898 45,633
Change - 51.25% 26.21% -1.27% 54.86% 0.64% -0.46% -6.68%
P/E 14.6x 22.6x 27.3x 20.1x 28.2x 28.1x 21.3x 18.7x
PBR 2.46x 3.49x 4.05x 3.79x 5.93x 5.6x 4.89x 4.26x
PEG - 6.81x -3.8x 0.5x 1.5x 6.96x 0.7x 1.3x
Capitalization / Revenue 0.98x 1.44x 1.52x 1.38x 2.13x 2.05x 1.89x 1.74x
EV / Revenue 1.03x 1.44x 1.73x 1.53x 2.21x 2.06x 1.89x 1.62x
EV / EBITDA 7.12x 10.5x 12.4x 10.9x 12.8x 12.7x 11.4x 9.73x
EV / EBIT 10.1x 13.1x 15x 13x 17.8x 16.3x 14.3x 12x
EV / FCF 7.41x 10.2x 15.8x 15.6x 18.9x 20.7x 19x 15.7x
FCF Yield 13.5% 9.85% 6.35% 6.43% 5.28% 4.83% 5.25% 6.36%
Dividend per Share 2 2.56 2.94 3.4 3.7 3.9 4.265 4.926 5.56
Rate of return 3.42% 2.46% 2.54% 2.67% 1.7% 1.79% 2.07% 2.33%
EPS 2 5.12 5.29 4.91 6.89 8.15 8.479 11.2 12.76
Distribution rate 50% 55.6% 69.2% 53.7% 47.9% 50.3% 44% 43.6%
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 74.80 119.30 133.95 138.65 229.80 238.20 238.20 238.20
Nbr of stocks (in thousands) 212,957 211,730 208,476 205,380 205,373 205,461 - -
Announcement Date 3/3/22 8/3/23 5/3/24 4/3/25 3/3/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.09x2.06x12.74x1.79% 56.12B
52.18x3.48x18.87x0.89% 10.35B
575.85x9.78x124.97x - 10.52B
-28.68x12.72x588.7x-.--% 5.97B
59.78x2.27x21.22x0.43% 4.17B
24.41x4.45x20.08x1.86% 3.13B
70.33x31.84x-177.38x-.--% 1.34B
66.39x3.37x27.26x0.19% 620M
Average 106.04x 8.75x 79.56x 0.74% 11.53B
Weighted average by Cap. 91.76x 4.32x 61.52x 1.44%

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

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