{"id":8457,"date":"2026-08-20T17:40:49","date_gmt":"2026-08-20T15:40:49","guid":{"rendered":"https:\/\/mumak.me\/?p=8457"},"modified":"2026-08-20T20:31:39","modified_gmt":"2026-08-20T18:31:39","slug":"thales-valuation-after-the-price-recovery","status":"publish","type":"post","link":"https:\/\/mumak.me\/en\/portfolio-updates\/company-update\/thales-valuation-after-the-price-recovery\/","title":{"rendered":"Thales: Valuation After the Price Recovery"},"content":{"rendered":"\t\t
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Update to the Valuation Analysis<\/strong><\/h2>

Since our original Thales analysis<\/a><\/strong>, the fundamental assessment has remained unchanged.<\/p>

Instead of recalculating the entire MUMAK-Umbrella Strategy after every market movement or quarterly update, this update focuses on the factors that have changed since our previous analysis: current valuation<\/strong>, analyst expectations<\/strong>, market sentiment<\/strong>, and technical development.<\/strong><\/p>

What has changed since our last analysis?<\/strong><\/h3>

Since our Thales analysis<\/a><\/strong> at the end of July, the share price has continued to recover, temporarily reaching levels last seen in the spring. Following this movement, the stock has recently given back some ground from its August highs.<\/p>

At the same time, the company’s latest financial figures continue to provide a solid fundamental basis. The half-year results offered further insights into the development of revenue, profitability, order intake, and the company’s outlook.<\/p>

Several analysts have also adjusted their assessments and price targets following the recent results. As a result, the relationship between the current share price, fundamental expectations, and analyst valuation has changed compared to our previous analysis.<\/p>

Updated Valuation Perspective<\/strong><\/h3>

The recovery in the Thales<\/a><\/strong> share price has reduced part of the valuation potential that existed at lower price levels. However, the company’s underlying fundamentals continue to support the current valuation.<\/p>

Thales<\/a><\/strong> remains positioned in structurally attractive markets, particularly in defense, aerospace, and cybersecurity. Strong demand and a solid order backlog continue to provide comparatively high visibility of future revenues.<\/p>

The central question from a valuation perspective is therefore no longer whether Thales<\/a><\/strong> benefits from attractive structural growth drivers, but to what extent this expected growth is already reflected in the current share price.<\/p>

Updated Analyst Expectations<\/strong><\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t
Average Recommendation<\/b><\/td>ACCUMULATE<\/b>\n<\/td><\/tr>
Number of Analysts <\/b><\/td>19<\/td><\/tr>
Average Price Target<\/b><\/td>approx. EUR 295\n<\/td><\/tr>
Upside to Average Target<\/b><\/td>approx. +14%<\/td><\/tr>
Highest Price Target<\/b><\/td>EUR 335\n<\/td><\/tr>
Lowest Price Target<\/b><\/td>EUR 250\n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Source: MarketScreener, accessed August 2026.<\/span><\/i> <\/span> <\/p>

Following the half-year results, several analysts have adjusted their estimates and price targets for Thales.<\/p>

Analyst assessments remain supportive overall, although the recent price recovery has reduced the upside potential relative to some analyst price targets.<\/p>

Market Sentiment<\/strong><\/h3>

Market sentiment toward Thales<\/a><\/strong> remains positive, supported by strong structural demand in the European defense sector. However, following the significant recovery in the share price, sentiment has become somewhat more balanced.<\/p>

Technical Analysis<\/strong><\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\"HO_1_Day\"\/\t<\/a>\t\t\t\t
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The technical picture has changed since our previous analysis.<\/p>

After recovering from the previous correction, the Thales<\/a><\/strong> stock gained significantly and temporarily returned to its spring trading range. Recently, however, the share price has given back some ground from its August highs.<\/p>

The medium-term recovery trend therefore remains relevant, while short-term momentum has weakened.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Upcoming Events <\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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Date <\/th>Event<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t
October 22, 2026 <\/b><\/td>Business Development \u2013 Q3 2026<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Thales<\/a><\/strong> will publish its order intake and revenue figures for Q3 2026<\/strong>. This will be the company’s next major financial update and will provide an important opportunity to assess whether the strong business momentum from the first half of 2026<\/strong> continues.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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To the updated valuation analysis<\/a><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Thales impresses with strong half-year results 2026, record order backlog, and positive growth prospects in the defense sector.<\/p>\n","protected":false},"author":2,"featured_media":2171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[151],"tags":[],"aktie":[],"class_list":["post-8457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-update"],"acf":[],"_links":{"self":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/8457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/comments?post=8457"}],"version-history":[{"count":6,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/8457\/revisions"}],"predecessor-version":[{"id":8478,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/8457\/revisions\/8478"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/media\/2171"}],"wp:attachment":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/media?parent=8457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/categories?post=8457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/tags?post=8457"},{"taxonomy":"aktie","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/aktie?post=8457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}