THALES SA (HO.PA) Fundamental Analysis & Valuation

EPA:HO • FR0000121329

Current stock price

241.6 EUR
-4.4 (-1.79%)
Last:

This HO.PA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

7

1. HO.PA Profitability Analysis

1.1 Basic Checks

  • HO had positive earnings in the past year.
  • In the past year HO had a positive cash flow from operations.
  • Each year in the past 5 years HO has been profitable.
  • HO had a positive operating cash flow in each of the past 5 years.
HO.PA Yearly Net Income VS EBIT VS OCF VS FCFHO.PA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 4.28%, HO is in the better half of the industry, outperforming 60.71% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 21.01%, HO is in the better half of the industry, outperforming 73.21% of the companies in the same industry.
  • HO has a better Return On Invested Capital (12.72%) than 82.14% of its industry peers.
Industry RankSector Rank
ROA 4.28%
ROE 21.01%
ROIC 12.72%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
HO.PA Yearly ROA, ROE, ROICHO.PA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15 20

1.3 Margins

  • HO has a Profit Margin of 7.56%. This is in the better half of the industry: HO outperforms 67.86% of its industry peers.
  • HO's Profit Margin has improved in the last couple of years.
  • HO has a better Operating Margin (10.02%) than 62.50% of its industry peers.
  • HO's Operating Margin has improved in the last couple of years.
  • HO's Gross Margin of 26.44% is in line compared to the rest of the industry. HO outperforms 53.57% of its industry peers.
  • In the last couple of years the Gross Margin of HO has grown nicely.
Industry RankSector Rank
OM 10.02%
PM (TTM) 7.56%
GM 26.44%
OM growth 3Y6.86%
OM growth 5Y11.37%
PM growth 3Y5.85%
PM growth 5Y19.19%
GM growth 3Y1.4%
GM growth 5Y2.57%
HO.PA Yearly Profit, Operating, Gross MarginsHO.PA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15 20 25

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3

2. HO.PA Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so HO is still creating some value.
  • There is no outstanding debt for HO. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
HO.PA Yearly Shares OutstandingHO.PA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
HO.PA Yearly Total Debt VS Total AssetsHO.PA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.2 Solvency

  • An Altman-Z score of 1.92 indicates that HO is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • HO has a Altman-Z score of 1.92. This is in the lower half of the industry: HO underperforms 67.86% of its industry peers.
  • The Debt to FCF ratio of HO is 2.39, which is a good value as it means it would take HO, 2.39 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 2.39, HO is in the better half of the industry, outperforming 76.79% of the companies in the same industry.
  • HO has a Debt/Equity ratio of 0.50. This is a neutral value indicating HO is somewhat dependend on debt financing.
  • HO has a Debt to Equity ratio of 0.50. This is comparable to the rest of the industry: HO outperforms 50.00% of its industry peers.
  • Although HO's pure debt/equity ratio does not look good, it has limited outstanding debt compared to the Free Cash Flow. We will not put too much weight on the debt/equity number as it may be because of low equity, which could be a consequence of a share buyback program for instance. This needs to be investigated.
Industry RankSector Rank
Debt/Equity 0.5
Debt/FCF 2.39
Altman-Z 1.92
ROIC/WACC1.53
WACC8.29%
HO.PA Yearly LT Debt VS Equity VS FCFHO.PA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B

2.3 Liquidity

  • HO has a Current Ratio of 0.84. This is a bad value and indicates that HO is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Current ratio value of 0.84, HO is not doing good in the industry: 85.71% of the companies in the same industry are doing better.
  • HO has a Quick Ratio of 0.84. This is a bad value and indicates that HO is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Quick ratio, with a value of 0.65, HO is doing worse than 69.64% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.84
Quick Ratio 0.65
HO.PA Yearly Current Assets VS Current LiabilitesHO.PA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B 25B

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5

3. HO.PA Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 18.38% over the past year.
  • The Earnings Per Share has been growing by 17.27% on average over the past years. This is quite good.
  • HO shows a small growth in Revenue. In the last year, the Revenue has grown by 7.58%.
  • The Revenue has been growing slightly by 7.57% on average over the past years.
EPS 1Y (TTM)18.38%
EPS 3Y9.91%
EPS 5Y17.27%
EPS Q2Q%151.79%
Revenue 1Y (TTM)7.58%
Revenue growth 3Y8.01%
Revenue growth 5Y7.57%
Sales Q2Q%7.1%

3.2 Future

  • The Earnings Per Share is expected to grow by 13.38% on average over the next years. This is quite good.
  • The Revenue is expected to grow by 7.68% on average over the next years.
EPS Next Y15.13%
EPS Next 2Y13.94%
EPS Next 3Y13.62%
EPS Next 5Y13.38%
Revenue Next Year7.44%
Revenue Next 2Y7.69%
Revenue Next 3Y7.84%
Revenue Next 5Y7.68%

3.3 Evolution

  • Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
  • The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
HO.PA Yearly Revenue VS EstimatesHO.PA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10B 20B 30B
HO.PA Yearly EPS VS EstimatesHO.PA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5 10 15

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5

4. HO.PA Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 24.75, which indicates a rather expensive current valuation of HO.
  • Based on the Price/Earnings ratio, HO is valued cheaper than 82.14% of the companies in the same industry.
  • When comparing the Price/Earnings ratio of HO to the average of the S&P500 Index (25.23), we can say HO is valued inline with the index average.
  • With a Price/Forward Earnings ratio of 21.50, HO is valued on the expensive side.
  • Based on the Price/Forward Earnings ratio, HO is valued cheaply inside the industry as 83.93% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 22.51, HO is valued at the same level.
Industry RankSector Rank
PE 24.75
Fwd PE 21.5
HO.PA Price Earnings VS Forward Price EarningsHO.PA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, HO is valued a bit cheaper than the industry average as 76.79% of the companies are valued more expensively.
  • 91.07% of the companies in the same industry are more expensive than HO, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 19.4
EV/EBITDA 15.79
HO.PA Per share dataHO.PA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60 80 100

4.3 Compensation for Growth

  • The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
  • The decent profitability rating of HO may justify a higher PE ratio.
  • A more expensive valuation may be justified as HO's earnings are expected to grow with 13.62% in the coming years.
PEG (NY)1.64
PEG (5Y)1.43
EPS Next 2Y13.94%
EPS Next 3Y13.62%

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6

5. HO.PA Dividend Analysis

5.1 Amount

  • HO has a Yearly Dividend Yield of 1.57%. Purely for dividend investing, there may be better candidates out there.
  • HO's Dividend Yield is rather good when compared to the industry average which is at 0.73. HO pays more dividend than 85.71% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.90, HO has a dividend comparable with the average S&P500 company.
Industry RankSector Rank
Dividend Yield 1.57%

5.2 History

  • On average, the dividend of HO grows each year by 9.56%, which is quite nice.
Dividend Growth(5Y)9.56%
Div Incr Years3
Div Non Decr Years3
HO.PA Yearly Dividends per shareHO.PA Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3

5.3 Sustainability

  • HO pays out 46.62% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • The dividend of HO is growing, but earnings are growing more, so the dividend growth is sustainable.
DP46.62%
EPS Next 2Y13.94%
EPS Next 3Y13.62%
HO.PA Yearly Income VS Free CF VS DividendHO.PA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B 2.5B
HO.PA Dividend Payout.HO.PA Dividend Payout, showing the Payout Ratio.HO.PA Dividend Payout.PayoutRetained Earnings

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HO.PA Fundamentals: All Metrics, Ratios and Statistics

THALES SA

EPA:HO (3/26/2026, 7:00:00 PM)

241.6

-4.4 (-1.79%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryAerospace & Defense
Earnings (Last)03-03
Earnings (Next)04-22
Inst Owners22.9%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap49.76B
Revenue(TTM)22.14B
Net Income(TTM)1.67B
Analysts77.86
Price Target290.94 (20.42%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.57%
Yearly Dividend3.44
Dividend Growth(5Y)9.56%
DP46.62%
Div Incr Years3
Div Non Decr Years3
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)3.13%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-0.89%
EPS NY rev (3m)-0.69%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.14%
Revenue NY rev (3m)0.12%
Valuation
Industry RankSector Rank
PE 24.75
Fwd PE 21.5
P/S 2.25
P/FCF 19.4
P/OCF 14.98
P/B 6.24
P/tB N/A
EV/EBITDA 15.79
EPS(TTM)9.76
EY4.04%
EPS(NY)11.24
Fwd EY4.65%
FCF(TTM)12.46
FCFY5.16%
OCF(TTM)16.13
OCFY6.68%
SpS107.49
BVpS38.69
TBVpS-12.42
PEG (NY)1.64
PEG (5Y)1.43
Graham Number92.18
Profitability
Industry RankSector Rank
ROA 4.28%
ROE 21.01%
ROCE 15.94%
ROIC 12.72%
ROICexc 18.82%
ROICexgc N/A
OM 10.02%
PM (TTM) 7.56%
GM 26.44%
FCFM 11.59%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3Y6.86%
OM growth 5Y11.37%
PM growth 3Y5.85%
PM growth 5Y19.19%
GM growth 3Y1.4%
GM growth 5Y2.57%
F-Score9
Asset Turnover0.57
Health
Industry RankSector Rank
Debt/Equity 0.5
Debt/FCF 2.39
Debt/EBITDA 1.21
Cap/Depr 69.59%
Cap/Sales 3.42%
Interest Coverage 9.83
Cash Conversion 100.48%
Profit Quality 153.19%
Current Ratio 0.84
Quick Ratio 0.65
Altman-Z 1.92
F-Score9
WACC8.29%
ROIC/WACC1.53
Cap/Depr(3y)61.13%
Cap/Depr(5y)55.26%
Cap/Sales(3y)3.28%
Cap/Sales(5y)3.13%
Profit Quality(3y)125.43%
Profit Quality(5y)160.54%
High Growth Momentum
Growth
EPS 1Y (TTM)18.38%
EPS 3Y9.91%
EPS 5Y17.27%
EPS Q2Q%151.79%
EPS Next Y15.13%
EPS Next 2Y13.94%
EPS Next 3Y13.62%
EPS Next 5Y13.38%
Revenue 1Y (TTM)7.58%
Revenue growth 3Y8.01%
Revenue growth 5Y7.57%
Sales Q2Q%7.1%
Revenue Next Year7.44%
Revenue Next 2Y7.69%
Revenue Next 3Y7.84%
Revenue Next 5Y7.68%
EBIT growth 1Y22.11%
EBIT growth 3Y15.42%
EBIT growth 5Y19.8%
EBIT Next Year48.45%
EBIT Next 3Y20.67%
EBIT Next 5Y15.25%
FCF growth 1Y35.3%
FCF growth 3Y3.31%
FCF growth 5Y14.95%
OCF growth 1Y31.87%
OCF growth 3Y5.11%
OCF growth 5Y14.92%

THALES SA / HO.PA Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for THALES SA?

ChartMill assigns a fundamental rating of 5 / 10 to HO.PA.


Can you provide the valuation status for THALES SA?

ChartMill assigns a valuation rating of 5 / 10 to THALES SA (HO.PA). This can be considered as Fairly Valued.


Can you provide the profitability details for THALES SA?

THALES SA (HO.PA) has a profitability rating of 7 / 10.


Can you provide the PE and PB ratios for HO stock?

The Price/Earnings (PE) ratio for THALES SA (HO.PA) is 24.75 and the Price/Book (PB) ratio is 6.24.


Can you provide the dividend sustainability for HO stock?

The dividend rating of THALES SA (HO.PA) is 6 / 10 and the dividend payout ratio is 46.62%.