Leonardo is the holding company for The Finmeccanica Group, and is responsible for guiding and controlling industrial and strategic operations, coordinates its subsidiaries. The Finmeccanica Group operates in the Aerospace and Defence sector, which includes the Helicopters, Defence and Security Electronics, Aeronautics, Space and Defence Systems segments; and in the Transportation sector, which also includes Fata S.p.a., in addition to the companies operating in the transportation sector.
  • TickerLDO
  • ISINIT0003856405
  • SectorAerospace & Defense
  • CountryItaly

Analysts

Gabriele Gambarova

LEONARDO - Q2 2019 results: we expect a good quarter

Denise Molina

Morningstar | Leonardo Company Report

Leonardo, previously named Finmeccanica, largely completed its portfolio restructuring with the disposal of its energy business in 2013, followed by the sale of its transportation assets in 2015. With EUR 1.8 billion of proceeds and increasing profitability, management deleveraged from a staggering 7.7 times net debt/EBITDA at the end of 2013 to a more manageable 2.3 times at the end of 2017. The firm is a leading supplier of defence systems in Europe, and we believe it will benefit from the improved outlook for European defence spending.Large orders such as the 2016 contract to supply 28 Euro...

Denise Molina

Leonardo Company Report

Leonardo Spa reported good first-quarter results with revenue up 11.2% year over year and 80 basis points EBIT margin improvement over first-quarter 2018.  Reported revenue of EUR 2.7 billion came in 5% above consensus. EBITA, at reported EUR 163 million, registered less of a surprise, at only 1% above market expectations. While the shares have rallied this year, they are still trading below our fair value estimate. We maintain our no-moat rating and EUR 12 fair value estimate. The start of the ...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

ODDO : 2019 Paris Air Show: fails to hit the heights!

While the 2019 Paris Air Show ended on a lacklustre note in terms of orders, it was marked by the launch of the A321XLR (which complicates the equation for the NMA) and the shelving of a rapid increase in production rates to 70 aircraft per month (a relief for the supply chain). Our hierarchy of recommendations is unchanged and we continue to prefer engine makers with MTU our Top Pick (Buy - € 220). - >A disappointing show - The 2019 Paris Air Show ended on an even low...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

ODDO : Le Bourget 2019 : ça ne vole pas très haut !

Si le salon du Bourget 2019 se clôture comme attendu sur un terne bilan commercial, il reste marqué par le lancement de l’A321XLR (complique l’équation du NMA) et l’abandon d’une hausse rapide des cadences à 70 a/c par mois (un soulagement pour la chaine fournisseurs). Notre hiérarchie de recommandations est inchangée et nous continuons de favoriser les motoristes avec une préférence pour MTU (Achat – 220 €). - >Un salon en demi-teinte - Le millésime 2019 du salon du B...

Gabriele Gambarova

LEONARDO - Q2 2019 results: we expect a good quarter

Denise Molina

Morningstar | Leonardo Company Report

Leonardo, previously named Finmeccanica, largely completed its portfolio restructuring with the disposal of its energy business in 2013, followed by the sale of its transportation assets in 2015. With EUR 1.8 billion of proceeds and increasing profitability, management deleveraged from a staggering 7.7 times net debt/EBITDA at the end of 2013 to a more manageable 2.3 times at the end of 2017. The firm is a leading supplier of defence systems in Europe, and we believe it will benefit from the improved outlook for European defence spending.Large orders such as the 2016 contract to supply 28 Euro...

Denise Molina

Leonardo Company Report

Leonardo Spa reported good first-quarter results with revenue up 11.2% year over year and 80 basis points EBIT margin improvement over first-quarter 2018.  Reported revenue of EUR 2.7 billion came in 5% above consensus. EBITA, at reported EUR 163 million, registered less of a surprise, at only 1% above market expectations. While the shares have rallied this year, they are still trading below our fair value estimate. We maintain our no-moat rating and EUR 12 fair value estimate. The start of the ...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

ODDO : 2019 Paris Air Show: fails to hit the heights!

While the 2019 Paris Air Show ended on a lacklustre note in terms of orders, it was marked by the launch of the A321XLR (which complicates the equation for the NMA) and the shelving of a rapid increase in production rates to 70 aircraft per month (a relief for the supply chain). Our hierarchy of recommendations is unchanged and we continue to prefer engine makers with MTU our Top Pick (Buy - € 220). - >A disappointing show - The 2019 Paris Air Show ended on an even low...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

ODDO : Le Bourget 2019 : ça ne vole pas très haut !

Si le salon du Bourget 2019 se clôture comme attendu sur un terne bilan commercial, il reste marqué par le lancement de l’A321XLR (complique l’équation du NMA) et l’abandon d’une hausse rapide des cadences à 70 a/c par mois (un soulagement pour la chaine fournisseurs). Notre hiérarchie de recommandations est inchangée et nous continuons de favoriser les motoristes avec une préférence pour MTU (Achat – 220 €). - >Un salon en demi-teinte - Le millésime 2019 du salon du B...

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/11/2019

Following our ODDO BHF Nextcap Forum, 44 French and German companies met close to 100 investors in Paris. In the complex small caps market (outflows, limited liquidity, persistently high valuations) and in a more uncertain macroeconomic environment, selectivity is paramount and a number of opportunities are taking shape. We compile 35 feedback articles in the present document, which give rise to six target price revisions: i/ three upward (Esker, ECA, Groupe Gorge), and ii/ three down...

Antoine Boivin-Champeaux ...
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/11/2019

...

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2019

A l’issue de notre conférence ODDO BHF Nextcap, 44 sociétés françaises et allemandes ont rencontré près de 100 investisseurs à Paris. Dans un marché des Small caps complexe (décollecte, liquidité limitée, valorisations encore élevées) et dans un environnement macroéconomique plus incertain, la sélectivité est primordiale et quelques opportunités se dessinent. Nous compilons dans ce document 35 feedbacks, qui donnent lieu à 6 révisions d’objectifs de cours : i/ 3 à la hausse (Esker, EC...

Antoine Boivin-Champeaux ...
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/06/2019

...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Geoffroy Michalet
  • Jean Sassus
  • Jean-François Granjon
  • Louis Boujard
  • Nicolas David
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 21/05/2019

...

LEONARDO SPA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of LEONARDO SPA (IT), a company active in the Aerospace industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 15, 2019, the closing price was EUR 8.90 and its potential was estimated at EUR 9.57.

Expert Corporate Governance Service (ECGS)

Leonardo - AGM and EGM 09 May 2019

In item 3, shareholders are called to an advisory vote on the remuneration policy. The overall remuneration amounts are reasonable (aggregate variable remuneration is capped at 128% of the CEO's base salary), and severance payments are in line with our guidelines (capped at 2 years of remuneration in the event of early termination of office, and no severance to be paid to the CEO at the end of his mandate). We regret that the variable remuneration depends more on annual than long-term results (the annual bonus would represent approximately 52% of the variable remuneration at maximum levels of ...

Leonardo – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Louis AZAIS

Short term view - LEONARDO : Falling.

The trend is bullish. The current fall looks like a consolidation. The support at €9.000 could cause a bullish reaction towards €11.253. The break of €8.266 would endanger the trend.

Louis AZAIS

Analyse court terme - LEONARDO : Baisse en cours.

La tendance est haussière. La baisse en cours s'apparente à une consolidation. Le support à 9,000 € pourrait relancer le mouvement haussier vers 11,253 €. La rupture de 8,266 € mettrait la tendance en danger.

Louis AZAIS

Medium term view - LEONARDO : The bounce is gaining strength.

The background trend is clearly bearish. The bounce is gaining strength. It is too early to qualify this market action as a bullish reversal. The background trend would be questioned should prices rise above €11.300.

Louis AZAIS

Analyse moyen terme - LEONARDO : Le rebond gagne en vigueur.

La tendance de fond est clairement orientée à la baisse. Le rebond gagne en vigueur. Il est trop tôt pour parler de retournement haussier. La tendance de fond serait remise en cause en cas de franchissement de 11,300 €.

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