Equity Research: Thales SA 

Calamatta Cuschieri’s latest equity research gives Thales SA a BUY rating, projecting a 26.9% upside with a price target of €289. As Europe commits to greater military autonomy and increases defence budgets, Thales is expected to be a front-runner in securing major contracts in cybersecurity, radar, missile systems and encrypted communication.  

The firm’s stable operations and growing backlog reinforce our positive stance. With the EU gearing up to invest €800 billion in defence, Thales offers strong potential for investors seeking long-term exposure in this sector. 

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This equity research document is issued by Calamatta Cuschieri Investment Services Ltd (“CCIS”) of Ewropa Business Centre, Triq Dun Karm, Birkirkara, BKR9034, Malta (C13729). CCIS is licensed to conduct Investment Services under the Investment Services Act in Malta by the Malta Financial Services Authority. 

Newly issued research recommendations and target prices supersede previously published research. 

The value of the investment may go down as well as up and may be affected by changes in currency. Any performance figures quoted refer to the past and past performance is not a guarantee of future performance nor a reliable guide to future performance. This information is being provided solely for information purposes and should not be deemed or construed as investment advice, advice concerning particular investments, advice concerning investment decisions, tax, legal, or any other ancillary regulatory advice. This content represents the views of the author(s) based upon information believed to be reliable as of the publication date. There is no guarantee that any forecast or opinion will be realized. The information presented does not take into account your personal circumstances and is provided to You on the express basis that it is not advice, and you may not rely upon it in making any investment decision. Investments in any financial instruments involve risks, you should make your own research before making any investment decisions and should seek the assistance of a financial advisor if in doubt. No person should act upon any opinion and/or information in this document without first obtaining professional advice. CCIS does not accept liability for actions, proceedings, costs, demands, expenses, damages, and losses suffered by persons as a result of information, views, or opinions appearing on this document.