UBS reiterates its Buy recommendation on the stock, with a target of E200, following the publication of the 2022 results.

' Sales rose by 7% thanks to the defense business, with deliveries of Rafale (14) and Falcon (32) aircraft announced at the beginning of January. Adjusted EBIT was up 23%, probably thanks to higher-margin modernization work with India and Qatar' says UBS.

Consolidated net income for 2022 IFRS is €716 million, compared with €605 million in 2021. Thales' contribution to Group net income is 275 million euros, compared with 266 million euros in 2021.

' The forecast for 2023 is to deliver 15 Rafales and 35 Falcons. Sales will be lower than in 2022. Éric Trappier, Chairman and CEO of Dassault Aviation.

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