THALES SA (HO.PA) Fundamental Analysis & Valuation

EPA:HO • FR0000121329

Current stock price

253.8 EUR
-1.1 (-0.43%)
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.
  • HO had a positive operating cash flow in the past year.
  • In the past 5 years HO has always 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

  • HO has a Return On Assets (4.28%) which is comparable to the rest of the industry.
  • HO has a better Return On Equity (21.01%) than 71.93% of its industry peers.
  • HO has a Return On Invested Capital of 12.72%. This is amongst the best in the industry. HO outperforms 80.70% 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's Profit Margin of 7.56% is in line compared to the rest of the industry. HO outperforms 59.65% of its industry peers.
  • In the last couple of years the Profit Margin of HO has grown nicely.
  • With a decent Operating Margin value of 10.02%, HO is doing good in the industry, outperforming 61.40% of the companies in the same industry.
  • HO's Operating Margin has improved in the last couple of years.
  • HO has a Gross Margin (26.44%) which is in line with 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.
  • HO has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the 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 1.96. 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.
  • HO's Altman-Z score of 1.96 is on the low side compared to the rest of the industry. HO is outperformed by 68.42% 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.
  • HO has a better Debt to FCF ratio (2.39) than 77.19% 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.
  • With a Debt to Equity ratio value of 0.50, HO perfoms like the industry average, outperforming 49.12% of the companies in the same 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 1.96
ROIC/WACC1.41
WACC9.02%
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.
  • HO's Current ratio of 0.84 is on the low side compared to the rest of the industry. HO is outperformed by 89.47% of its industry peers.
  • A Quick Ratio of 0.65 indicates that HO may have some problems paying its short term obligations.
  • The Quick ratio of HO (0.65) is worse than 70.18% of its industry peers.
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 29.08% on average over the past years. This is a very strong growth
  • The Revenue has been growing slightly by 7.58% in the past year.
  • HO shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 7.57% yearly.
EPS 1Y (TTM)18.38%
EPS 3Y15.56%
EPS 5Y29.08%
EPS Q2Q%151.79%
Revenue 1Y (TTM)7.58%
Revenue growth 3Y8.01%
Revenue growth 5Y7.57%
Sales Q2Q%7.1%

3.2 Future

  • HO is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 13.54% yearly.
  • HO is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 7.68% yearly.
EPS Next Y15.93%
EPS Next 2Y14.33%
EPS Next 3Y13.88%
EPS Next 5Y13.54%
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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4

4. HO.PA Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 31.22, the valuation of HO can be described as expensive.
  • Based on the Price/Earnings ratio, HO is valued a bit cheaper than 77.19% of the companies in the same industry.
  • HO's Price/Earnings ratio indicates a valuation a bit more expensive than the S&P500 average which is at 25.70.
  • With a Price/Forward Earnings ratio of 22.59, HO is valued on the expensive side.
  • 77.19% of the companies in the same industry are more expensive than HO, based on the Price/Forward Earnings ratio.
  • The average S&P500 Price/Forward Earnings ratio is at 23.84. HO is around the same levels.
Industry RankSector Rank
PE 31.22
Fwd PE 22.59
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

  • 71.93% of the companies in the same industry are more expensive than HO, based on the Enterprise Value to EBITDA ratio.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of HO indicates a rather cheap valuation: HO is cheaper than 94.74% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 20.38
EV/EBITDA 16.35
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 high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates HO does not grow enough to justify the current Price/Earnings ratio.
  • HO has a very decent profitability rating, which may justify a higher PE ratio.
  • HO's earnings are expected to grow with 13.88% in the coming years. This may justify a more expensive valuation.
PEG (NY)1.96
PEG (5Y)1.07
EPS Next 2Y14.33%
EPS Next 3Y13.88%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. HO.PA Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 1.65%, HO has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 0.76, HO pays a better dividend. On top of this HO pays more dividend than 85.96% of the companies listed in the same industry.
  • HO's Dividend Yield is comparable with the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 1.65%

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

  • 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 2Y14.33%
EPS Next 3Y13.88%
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 (3/13/2026, 7:00:00 PM)

253.8

-1.1 (-0.43%)

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 Cap52.27B
Revenue(TTM)22.14B
Net Income(TTM)1.67B
Analysts77.86
Price Target290.94 (14.63%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.65%
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 31.22
Fwd PE 22.59
P/S 2.36
P/FCF 20.38
P/OCF 15.73
P/B 6.56
P/tB N/A
EV/EBITDA 16.35
EPS(TTM)8.13
EY3.2%
EPS(NY)11.24
Fwd EY4.43%
FCF(TTM)12.46
FCFY4.91%
OCF(TTM)16.13
OCFY6.36%
SpS107.49
BVpS38.69
TBVpS-12.42
PEG (NY)1.96
PEG (5Y)1.07
Graham Number84.13
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 1.96
F-Score9
WACC9.02%
ROIC/WACC1.41
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 3Y15.56%
EPS 5Y29.08%
EPS Q2Q%151.79%
EPS Next Y15.93%
EPS Next 2Y14.33%
EPS Next 3Y13.88%
EPS Next 5Y13.54%
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 4 / 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 31.22 and the Price/Book (PB) ratio is 6.56.


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%.