Thales stock: Morningstar cuts fair value from EUR 308.00 to EUR 306.00

Published on 10/23/2026 at 16:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Organic sales rose 8.1 percent to EUR 16.42 billion. Thales stock costs EUR 227.45 on October 23, 2026, up 0.33 percent versus the Xetra close.

Morningstar lowers fair value

Morningstar cut Thales fair value from EUR 308.00 to EUR 306.00 on October 23, 2026.
Organic sales rose 8.1 percent to EUR 16.42 billion in the first nine months of 2026.
Thales stock costs EUR 227.45 at Lang & Schwarz on October 23, 2026 at 4:37 p.m. CEST, 0.33 percent above the Xetra close of October 22, 2026.
The interim dividend goes ex-dividend on December 2, 2026.

Isometrische 3D-Illustration der Wertschöpfungskette mit Fabrik und Radarturm — Isometrische 3D-Grafik zeigt die Wertschöpfungskette der Luft- und Verteidigungstechnik von Thales S.A. FR0000121329, Illustration mit AI erstellt.

Morningstar cut its fair value estimate for Thales from EUR 308.00 to EUR 306.00 on October 23, 2026, citing a slower recovery in cybersecurity and digital activities. The revised estimate remains 34.54 percent above the EUR 227.45 Lang & Schwarz price, while the stock was 0.33 percent above the Xetra close of October 22, 2026 at 4:37 p.m. CEST.

Sales growth stays broad

Thales reported nine-month 2026 sales of EUR 16,422 million, compared with EUR 15,255 million a year earlier, an increase of 8.1 percent organically and 7.6 percent on a reported basis. The company also recorded order intake of EUR 19,122 million, up 15.00 percent organically from EUR 16,762 million in the first nine months of 2025, according to Les Echos.

Stock sits below its high

At EUR 227.45, Thales is 17.06 percent below its 52-week high of EUR 274.20 and 7.34 percent above its 52-week low of EUR 211.90. The company had a market capitalization of EUR 46.7 billion as of October 23, 2026. The price-to-earnings ratio was 31.34.

What does the target imply?

Morningstar's EUR 306.00 fair value is 34.54 percent above the Lang & Schwarz price, a gap that leaves the analyst view materially higher than the current euro quotation. Morningstar also identified defense as the main earnings driver, with nine-month defense sales of EUR 9,358 million, up 13.0 percent organically, while Cyber and Digital sales rose 0.2 percent organically.

Dates set the next markers

Thales expects full-year 2026 organic sales growth at the upper end of its 6.00 percent to 7.00 percent range or beyond. Its adjusted EBIT margin target remains 12.60 percent to 12.80 percent, and operating free cash flow conversion is targeted at 100.00 percent to 110.00 percent, according to the October 22, 2026 release. The interim dividend goes ex-dividend on December 2, 2026, with payment scheduled for December 4, 2026.

Comparison with peers

Thales: up 0.33 percent, price-to-earnings ratio 31.34, market capitalization EUR 46.7 billion.

Airbus: down 1.48 percent, price-to-earnings ratio 25.58, market capitalization EUR 151.9 billion.

Safran: down 8.87 percent, price-to-earnings ratio 29.52, market capitalization EUR 114.1 billion.

Price remains below the yearly peak

The combination of a 34.54 percent gap to Morningstar's fair value and a 17.06 percent distance from the 52-week high places the quotation between its recent extremes. The next scheduled corporate dates are the interim dividend in December and the full-year 2026 results on March 2, 2027.

Thales was trading at EUR 227.45 at Lang & Schwarz on October 23, 2026 at 4:37 p.m. CEST, up 0.33 percent versus the Xetra close of October 22, 2026 at EUR 226.70. The further course of trading is shown by the continuously updated real-time quote of Thales stock.