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Thales SA
SWB:CSF

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Thales SA
SWB:CSF
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Price: 265.4 EUR 9.94%
Market Cap: €29.2B

EV/EBITDA

15.3
Current
33%
More Expensive
vs 3-y average of 11.5

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
15.3
=
Enterprise Value
€48.1B
/
EBITDA
€3.3B

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
15.3
=
Enterprise Value
€48.1B
/
EBITDA
€3.3B

Valuation Scenarios

Thales SA is trading above its 3-year average

If EV/EBITDA returns to its 3-Year Average (11.5), the stock would be worth €199.29 (25% downside from current price).

Statistics
Positive Scenarios
1/4
Maximum Downside
-52%
Maximum Upside
+13%
Average Downside
24%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 15.3 €265.4
0%
3-Year Average 11.5 €199.29
-25%
5-Year Average 10.7 €185.82
-30%
Industry Average 17.3 €300.38
+13%
Country Average 7.3 €126.15
-52%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
€48.1B
/
Jan 2026
€3.3B
=
15.3
Current
€48.1B
/
Dec 2026
€3.9B
=
12.2
Forward
€48.1B
/
Dec 2027
€4.3B
=
11.1
Forward
€48.1B
/
Dec 2028
€4.7B
=
10.2
Forward

Forward EV/EBITDA shows whether today’s EV/EBITDA still looks high or low once future ebitda are taken into account.

Peer Comparison

All Multiples
EV/EBITDA
P/E
All Countries
Close
Market Cap EV/EBITDA P/E
FR
Thales SA
SWB:CSF
54.1B EUR 15.3 30.5
US
Raytheon Technologies Corp
NYSE:RTX
262.5B USD 20.4 37.3
US
RTX Corp
LSE:0R2N
262.1B USD 21.1 38.9
US
Boeing Co
NYSE:BA
176.6B USD -55 92
NL
Airbus SE
PAR:AIR
136.3B EUR 14.3 25.5
FR
Safran SA
PAR:SAF
126.3B EUR 19.7 16.5
UK
Rolls-Royce Holdings PLC
LSE:RR
106.6B GBP 18.7 17.1
US
Lockheed Martin Corp
NYSE:LMT
133.1B USD 15.5 26
US
Howmet Aerospace Inc
NYSE:HWM
102.7B USD 41.8 65.7
US
Northrop Grumman Corp
NYSE:NOC
93.3B USD 17 20.9
UK
BAE Systems PLC
LSE:BA
67.2B GBP 18 31.2
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
FR
Thales SA
SWB:CSF
Average EV/EBITDA: 20.2
15.3
13%
1.2
US
Raytheon Technologies Corp
NYSE:RTX
20.4
11%
1.9
US
RTX Corp
LSE:0R2N
21.1
11%
1.9
US
Boeing Co
NYSE:BA
Negative Multiple: -55 N/A N/A
NL
Airbus SE
PAR:AIR
14.3
18%
0.8
FR
Safran SA
PAR:SAF
19.7
17%
1.2
UK
Rolls-Royce Holdings PLC
LSE:RR
18.7
5%
3.7
US
Lockheed Martin Corp
NYSE:LMT
15.5
9%
1.7
US
Howmet Aerospace Inc
NYSE:HWM
41.8
16%
2.6
US
Northrop Grumman Corp
NYSE:NOC
17
7%
2.4
UK
BAE Systems PLC
LSE:BA
18
13%
1.4
P/E Multiple
Earnings Growth PEG
FR
Thales SA
SWB:CSF
Average P/E: 36.5
30.5
20%
1.5
US
Raytheon Technologies Corp
NYSE:RTX
37.3
19%
2
US
RTX Corp
LSE:0R2N
38.9
18%
2.2
US
Boeing Co
NYSE:BA
92
53%
1.7
NL
Airbus SE
PAR:AIR
25.5
19%
1.3
FR
Safran SA
PAR:SAF
16.5
-6%
N/A
UK
Rolls-Royce Holdings PLC
LSE:RR
17.1
-10%
N/A
US
Lockheed Martin Corp
NYSE:LMT
26
16%
1.6
US
Howmet Aerospace Inc
NYSE:HWM
65.7
20%
3.3
US
Northrop Grumman Corp
NYSE:NOC
20.9
3%
7
UK
BAE Systems PLC
LSE:BA
31.2
16%
2

Market Distribution

In line with most companies in France
Percentile
59th
Based on 1 558 companies
59th percentile
8.8
Low
0.1 — 5.3
Typical Range
5.3 — 11.7
High
11.7 —
Distribution Statistics
France
Min 0.1
30th Percentile 5.3
Median 7.3
70th Percentile 11.7
Max 1 862.3

Thales SA
Glance View

Thales SA has long stood as a beacon of innovation and reliability in the world of aerospace, defense, and security. Originating from France, this multinational corporation has intricately woven a vast network of technological prowess, primarily driven by its deep-rooted expertise in advancing communication systems, defense electronics, and cybersecurity solutions. Its operations span across over 68 countries, employing a workforce skilled in blending traditional craftsmanship with modern technological advancements. The company’s strength lies in its ability to secure lucrative contracts from governments and large-scale enterprises, which rely on Thales' sophisticated systems for everything from air traffic management to satellite technology. By consistently pushing the boundaries of innovation, Thales positions itself not merely as a service provider but as a strategic partner dedicated to enhancing global security and safety. Revenue streams for Thales emerge from a diverse yet interconnected array of sectors. The defense segment serves as a cornerstone, generating significant income through comprehensive offerings that include cutting-edge radar systems, avionics, and military communication tools. In the civil market, Thales shines by supplying avionics and in-flight entertainment solutions to major airlines and aerospace manufacturers. Another vital pillar is the digital security segment, where Thales capitalizes on the growing need for cybersecurity and secure transactions, offering solutions that protect data and secure electronic transactions worldwide. Through mergers, acquisitions, and continuous R&D investments, Thales has fortified its position in these markets, ensuring resilient growth by adeptly navigating the intricate landscapes of technology and geopolitical demands.

CSF Intrinsic Value
210.87 EUR
Overvaluation 21%
Intrinsic Value
Price €265.4
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