Morningstar

Morningstar, Inc.

Equity Bottom-Up

Owing to leading positions in flight avionics and in-flight entertainment, Thales will benefit from the strong upcycle of aircraft delivery, particularly through increasing deliveries to Airbus. There is a complicated process for aerospace component suppliers to qualify, meant to ensure safety and reliability for the useful life of an aircraft. This limits competition, as few companies have the manufacturing capacity and relationships necessary to become one of two or three suppliers with the…

Thales first-quarter orders and revenue was a little shy of consensus, declining by 25% and 2% respectively, sending the shares trading down moderately. The big drop in the order intake was because of larger orders in first quarter 2018. Smaller and medium-sized orders (those up to EUR 10 million) increased by 3%. Excluding the EUR 855 million air traffic control system order booked in 2018, the order intake increased by 4%. We expect growth to improve in the second quarter with year-over-year…

France

Thales SA manufactures aerospace systems and industrial electronics products. The Company manufactures radar and countermeasure systems, optronics and electron tubes, communications, navigation, and identification systems, air traffic management systems, computer hardware and software, missile defense systems, and semiconductors.  Thales serves the civilian and military markets.

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