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Thales(A2/A-): FY23 Results

BASIC INDUSTRIES

Marginal beat. Neutral for spreads.


  • Revenue and adj. EBIT were both +1.5% better than expected.
  • FCF came in strong, +30% ahead of consensus. Though at €2.026bn, that was still -20% YoY.
  • Leverage at 1.8x up from 0x in 2022. Reflects M&A activity and transfer of pension obligations.
  • FY24 revenue forecast is in line with analysts’ expectations, EBIT margin and organic sales guidance are slightly behind.
  • Call 07.30 CET https://edge.media-server.com/mmc/p/m6yxr2vf/

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