Thales Shares Lag as CAC 40's Biggest Loser, with the €230 Support in Sight
Thales shares fell by 1.95% to €231.30 in mid-morning trading, marking the steepest decline in the CAC 40, which itself dropped by 0.82%. The defense electronics group thus erased the 2.2% rebound recorded on Wednesday. The general assembly is scheduled for May 12.
With a decline of 1.95% to €231.30, Thales holds the last position in the CAC 40 in mid-morning trading. The group is closely followed by BNP Paribas (-1.88%), EssilorLuxottica (-1.87%), and Hermès (-1.85%), in a Parisian index that is down by 0.82%. This session breaks with the upward movement seen at the beginning of the week, when the stock had regained 2.2% to €241.50 amid a general rebound in the market. Over three months, the stock now shows a decline of 6.39%, and 7% over one year. The beta of -0.14 confirms the stock's historical disconnection from the benchmark index. The short-term agenda is dominated by the general assembly on May 12, the next event on the financial calendar.
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The share price is very close to its technical support identified at €230.10, which is less than 1% below the current level. A break below this zone would pave the way to the lower Bollinger bands at €217.41. The stock remains well below its moving averages: the MM50 is at €249.62 (7.9% above the current price) and the MM200 at €245.13 (5.9% above). This setup confirms the medium-term bearish momentum, already noticeable during the support test at €237.90 at the end of April after a drop of 11% in one week. The RSI at 41 remains neutral, without a clear oversold signal. The technical resistance set at €270.30 now appears more than 16% distant. The holding of the €230 threshold will be a factual observation point in the coming sessions, four days before the general assembly.
Net income: 2 005 millions d'euros (Résultat Net Ajusté, part du Groupe)
Free cash flow: 2 577 millions d'euros
Net debt: -1 618 millions d'euros
Dividend per share: 3,90 €
Payout ratio: 40 %
Guidance from the release
2025 a été une très bonne année avec des commandes records et une croissance du chiffre d’affaires, démontrant l’excellence opérationnelle du Groupe.
Communiqué indiquant des commandes records, un chiffre d’affaires en hausse et une rentabilité améliorée en 2025, avec des perspectives 2026 positives et un dividende soutenu.
Outlook / guidance
Expected revenue: Entre 23,3 et 23,6 milliards d'euros en 2026
Expected EBITDA: Non précisé publiquement
Expected net income: Non précisé publiquement
Management commentary: Pour 2026, Thales vise un book-to-bill supérieur à 1 et une croissance organique du chiffre d’affaires entre 6 % et 7 %, correspondant à un chiffre d’affaires entre 23,3 et 23,6 milliards d’euros, et une marge d’EBIT Ajusté entre 12,6 % et 12,8 %; le taux de conversion en cash devrait se situer entre 95 % et 100 %.
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