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• If you are wondering whether Thales at €229.50 is offering fair value or a potential discount, it helps to line up the recent share performance against what the fundamentals suggest the stock might be worth.

• Over the past week the stock has risen 2.6%, although it is down 12.8% over the past month, 2.3% year to date, and 9.7% over the last year, while the 3 year and 5 year returns of 79.2% and 203.0% show how different time frames can paint very different pictures of performance.

• Recent headlines around Thales have focused on its position in aerospace and…