Relative Value

The Relative Value of one HO stock under the Base Case scenario is 248.12 EUR. Compared to the current market price of 248 EUR, Thales SA is Fairly Valued.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

HO Relative Value
Base Case
248.12 EUR
Fairly Valued
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
3
vs Industry
54
Median 3Y
1.6
Median 5Y
1.5
Industry
4.1
Forward
2.3
vs History
4
vs Industry
30
Median 3Y
23.4
Median 5Y
22.4
Industry
34.5
Forward
25.4
vs History
15
vs Industry
35
Median 3Y
12.8
Median 5Y
9.8
Industry
21.9
vs History
3
vs Industry
15
Median 3Y
15.8
Median 5Y
15.7
Industry
29.5
vs History
3
vs Industry
19
Median 3Y
4
Median 5Y
3.6
Industry
3.8
vs History
3
vs Industry
56
Median 3Y
1.6
Median 5Y
1.5
Industry
4
Forward
2.3
vs History
3
vs Industry
57
Median 3Y
6.1
Median 5Y
5.8
Industry
14.2
vs History
3
vs Industry
41
Median 3Y
10.9
Median 5Y
10.3
Industry
20.3
Forward
14.3
vs History
3
vs Industry
34
Median 3Y
18.7
Median 5Y
18.1
Industry
27.3
Forward
18.6
vs History
17
vs Industry
37
Median 3Y
12.5
Median 5Y
9.5
Industry
22.3
vs History
22
vs Industry
28
Median 3Y
17.1
Median 5Y
12.6
Industry
28
vs History
3
vs Industry
54
Median 3Y
1.2
Median 5Y
1.1
Industry
2.7

Multiples Across Competitors

HO Competitors Multiples
Thales SA Competitors

Market Cap P/S P/E EV/EBITDA EV/EBIT
FR
Thales SA
PAR:HO
51.2B EUR 2.5 35.7 17.2 28.1
US
RTX Corp
LSE:0R2N
196.8B USD 2.4 42.8 21.8 37.1
US
Raytheon Technologies Corp
NYSE:RTX
194.9B USD 2.4 42.4 21.6 36.8
US
Boeing Co
NYSE:BA
148.9B USD 2.1 -12.8 -20.5 -16.7
NL
Airbus SE
PAR:AIR
127.8B EUR 1.8 28.9 15.9 25.7
FR
Safran SA
PAR:SAF
108.1B EUR 3.9 -162 19.5 26.3
US
Lockheed Martin Corp
NYSE:LMT
109.2B USD 1.5 19.8 14.1 17.1
UK
Rolls-Royce Holdings PLC
LSE:RR
75.6B GBP 4 30 22.9 31.7
DE
Rheinmetall AG
XETRA:RHM
77.8B EUR 7.5 103.6 41.9 54.2
US
TransDigm Group Inc
NYSE:TDG
79.5B USD 9.5 46.2 23.7 25.8
UK
BAE Systems PLC
LSE:BA
58.5B GBP 2.2 30 18.5 26.7
P/S Multiple
Revenue Growth P/S to Growth
FR
Thales SA
PAR:HO
Average P/S: 3.6
2.5
8%
0.3
US
RTX Corp
LSE:0R2N
2.4
6%
0.4
US
Raytheon Technologies Corp
NYSE:RTX
2.4
6%
0.4
US
Boeing Co
NYSE:BA
2.1
19%
0.1
NL
Airbus SE
PAR:AIR
1.8
11%
0.2
FR
Safran SA
PAR:SAF
3.9
11%
0.4
US
Lockheed Martin Corp
NYSE:LMT
1.5
4%
0.4
UK
Rolls-Royce Holdings PLC
LSE:RR
4
6%
0.7
DE
Rheinmetall AG
XETRA:RHM
7.5
32%
0.2
US
TransDigm Group Inc
NYSE:TDG
9.5
9%
1.1
UK
BAE Systems PLC
LSE:BA
2.2
10%
0.2
P/E Multiple
Earnings Growth PEG
FR
Thales SA
PAR:HO
Average P/E: 42.2
35.7
23%
1.6
US
RTX Corp
LSE:0R2N
42.8
28%
1.5
US
Raytheon Technologies Corp
NYSE:RTX
42.4
28%
1.5
US
Boeing Co
NYSE:BA
Negative Multiple: -12.8 N/A N/A
NL
Airbus SE
PAR:AIR
28.9
22%
1.3
FR
Safran SA
PAR:SAF
Negative Multiple: -162 N/A N/A
US
Lockheed Martin Corp
NYSE:LMT
19.8
12%
1.7
UK
Rolls-Royce Holdings PLC
LSE:RR
30
3%
10
DE
Rheinmetall AG
XETRA:RHM
103.6
58%
1.8
US
TransDigm Group Inc
NYSE:TDG
46.2
24%
1.9
UK
BAE Systems PLC
LSE:BA
30
13%
2.3
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
FR
Thales SA
PAR:HO
Average EV/EBITDA: 21.7
17.2
13%
1.3
US
RTX Corp
LSE:0R2N
21.8
17%
1.3
US
Raytheon Technologies Corp
NYSE:RTX
21.6
17%
1.3
US
Boeing Co
NYSE:BA
Negative Multiple: -20.5 N/A N/A
NL
Airbus SE
PAR:AIR
15.9
19%
0.8
FR
Safran SA
PAR:SAF
19.5
13%
1.5
US
Lockheed Martin Corp
NYSE:LMT
14.1
10%
1.4
UK
Rolls-Royce Holdings PLC
LSE:RR
22.9
12%
1.9
DE
Rheinmetall AG
XETRA:RHM
41.9
39%
1.1
US
TransDigm Group Inc
NYSE:TDG
23.7
12%
2
UK
BAE Systems PLC
LSE:BA
18.5
11%
1.7
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
FR
Thales SA
PAR:HO
Average EV/EBIT: 31
28.1
24%
1.2
US
RTX Corp
LSE:0R2N
37.1
29%
1.3
US
Raytheon Technologies Corp
NYSE:RTX
36.8
29%
1.3
US
Boeing Co
NYSE:BA
Negative Multiple: -16.7 N/A N/A
NL
Airbus SE
PAR:AIR
25.7
26%
1
FR
Safran SA
PAR:SAF
26.3
17%
1.5
US
Lockheed Martin Corp
NYSE:LMT
17.1
12%
1.4
UK
Rolls-Royce Holdings PLC
LSE:RR
31.7
17%
1.9
DE
Rheinmetall AG
XETRA:RHM
54.2
44%
1.2
US
TransDigm Group Inc
NYSE:TDG
25.8
12%
2.1
UK
BAE Systems PLC
LSE:BA
26.7
17%
1.6