THLLY - With The War In Ukraine Thales's Defense Unit Could Surprise

• Thales is a European group focused on aerospace, space, and defense.
• In the last presentation to investors, management noted sustained defense budget growth across key markets and higher defense business sales growth in 2022 and 2024.
• Thales promised to expand its geographic footprint as well as to reinforce the group technology portfolio through inorganic growth.
• In my view, with the current amount of cash in hand, management has tons of liquidity to acquire other competitors as well as to increase total growth.

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