July 13, 2026 05:01 AM GMT Thales SA | Europe M Idea H1 Preview and Exail Pro Forma Analysis | What's Changed | | | | --- | --- | --- | | Thales SA (TCFP.PA) | From | To | | Price Target | €280.00 | €253.00 | If completed, the proposed acquisition of Exail will position Thales in high-growth priority areas of defence spend. The deal looks modestly accretive to earnings, although comes at a full price. We provide a pro forma analysis of the announced deal, alongside a rebuild of our Defence division model. H ...