THALES SA (HO.PA) Fundamental Analysis & Valuation

EPA:HO • FR0000121329

Current stock price

252.8 EUR
+3.9 (+1.57%)
Last:

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

6

1. HO.PA Profitability Analysis

1.1 Basic Checks

  • In the past year HO was profitable.
  • In the past year HO had a positive cash flow from operations.
  • Each year in the past 5 years HO has been profitable.
  • Each year in the past 5 years HO had a positive operating cash flow.
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

  • HO's Return On Assets of 4.28% is in line compared to the rest of the industry. HO outperforms 55.36% of its industry peers.
  • Looking at the Return On Equity, with a value of 21.01%, HO is in the better half of the industry, outperforming 71.43% of the companies in the same industry.
  • HO has a Return On Invested Capital of 12.72%. This is amongst the best in the industry. HO outperforms 80.36% 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

  • Looking at the Profit Margin, with a value of 7.56%, HO is in the better half of the industry, outperforming 60.71% of the companies in the same industry.
  • In the last couple of years the Profit Margin of HO has grown nicely.
  • With a Operating Margin value of 10.02%, HO perfoms like the industry average, outperforming 57.14% of the companies in the same industry.
  • In the last couple of years the Operating Margin of HO has grown nicely.
  • With a Gross Margin value of 26.44%, HO perfoms like the industry average, outperforming 51.79% of the companies in the same industry.
  • 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

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), HO is 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

  • HO has an Altman-Z score of 1.93. This is not the best score and indicates that HO is in the grey zone with still only limited risk for bankruptcy at the moment.
  • With a Altman-Z score value of 1.93, HO is not doing good in the industry: 67.86% of the companies in the same industry are doing better.
  • HO has a debt to FCF ratio of 2.39. This is a good value and a sign of high solvency as HO would need 2.39 years to pay back of all of its debts.
  • The Debt to FCF ratio of HO (2.39) is better than 76.79% of its industry peers.
  • HO has a Debt/Equity ratio of 0.50. This is a neutral value indicating HO is somewhat dependend on debt financing.
  • The Debt to Equity ratio of HO (0.50) is comparable to the rest of the industry.
  • 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 1.93
ROIC/WACC1.51
WACC8.43%
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

  • A Current Ratio of 0.84 indicates that HO may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.84, HO is doing worse than 89.29% of the companies in the same industry.
  • 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.
  • Measured over the past years, HO shows a quite strong growth in Earnings Per Share. The EPS has been growing by 17.27% on average per year.
  • HO shows a small growth in Revenue. In the last year, the Revenue has grown by 7.58%.
  • Measured over the past years, HO shows a small growth in Revenue. The Revenue has been growing by 7.57% on average per year.
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

  • Based on estimates for the next years, HO will show a quite strong growth in Earnings Per Share. The EPS will grow by 13.38% on average per year.
  • 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.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
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

  • Based on the Price/Earnings ratio of 25.90, the valuation of HO can be described as expensive.
  • HO's Price/Earnings ratio is rather cheap when compared to the industry. HO is cheaper than 80.36% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 26.11. HO is around the same levels.
  • Based on the Price/Forward Earnings ratio of 22.50, the valuation of HO can be described as rather expensive.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of HO indicates a rather cheap valuation: HO is cheaper than 82.14% of the companies listed in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 24.12. HO is around the same levels.
Industry RankSector Rank
PE 25.9
Fwd PE 22.5
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

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of HO indicates a somewhat cheap valuation: HO is cheaper than 73.21% of the companies listed in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of HO indicates a rather cheap valuation: HO is cheaper than 91.07% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 20.3
EV/EBITDA 15.97
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.
  • HO's earnings are expected to grow with 13.62% in the coming years. This may justify a more expensive valuation.
PEG (NY)1.71
PEG (5Y)1.5
EPS Next 2Y13.94%
EPS Next 3Y13.62%

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6

5. HO.PA Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 1.53%, HO has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 0.78, HO pays a better dividend. On top of this HO pays more dividend than 85.71% of the companies listed in the same industry.
  • HO's Dividend Yield is comparable with the S&P500 average which is at 1.91.
Industry RankSector Rank
Dividend Yield 1.53%

5.2 History

  • The dividend of HO is nicely growing with an annual growth rate of 9.56%!
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

  • 46.62% of the earnings are spent on dividend by HO. 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 (3/18/2026, 4:38:13 PM)

252.8

+3.9 (+1.57%)

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 Cap52.06B
Revenue(TTM)22.14B
Net Income(TTM)1.67B
Analysts77.86
Price Target290.94 (15.09%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.53%
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 25.9
Fwd PE 22.5
P/S 2.35
P/FCF 20.3
P/OCF 15.67
P/B 6.53
P/tB N/A
EV/EBITDA 15.97
EPS(TTM)9.76
EY3.86%
EPS(NY)11.24
Fwd EY4.45%
FCF(TTM)12.46
FCFY4.93%
OCF(TTM)16.13
OCFY6.38%
SpS107.49
BVpS38.69
TBVpS-12.42
PEG (NY)1.71
PEG (5Y)1.5
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 1.93
F-Score9
WACC8.43%
ROIC/WACC1.51
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 6 / 10.


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

The Price/Earnings (PE) ratio for THALES SA (HO.PA) is 25.9 and the Price/Book (PB) ratio is 6.53.


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%.