Thales

HO: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€623.00	Kgzy	Dzmmykwfj

We Increase Thales' FVE Slightly to EUR 135

Joachim Kotze

Oct 26, 2022

Business Strategy and Outlook

Thales has attractive positions in European and international defense markets and will benefit from growth in commercial aerospace. We were originally skeptical by the 2019 Gemalto acquisition, but the integration seems to be going according to plan.

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