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

Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 03/15/2019

...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/15/2019

The group is in the midst of a challenging reorganisation phase which will likely continue to hurt profitability and visibility. The “fleet of ships” strategy is gradually evolving, but the failure of the MO + Alstom deal represents a sizeable setback. We also think that the underlying issues, such as ROCE levels, have not been addressed: we are still at Neutral, and are lowering our target price from € 110 to € 100. See report published last evening. - ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Leonardo - Finmeccanica : Plan 2020 crédibilisé = re-rating enclenché

>La première année passée avec succès… - Après un piteux T3 2018 qui avait réintroduit une dose de doute quant à la vitesse de redressement de la rentabilité de Leonardo, la publication du T4 permet à la nouvelle équipe de management de franchir avec succès sa première année complète en dépassant l’ensemble de ses objectifs. Hors contribution des JV (ATR, MBDA, Espace), la marge opérationnelle a progressé de 44 pb par rapport à 2017, quasi intégralement portée par la ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Leonardo - Finmeccanica : Credence lent to the 2020 plan = re-rating triggered

>A successful first year… - After a lacklustre Q3 2018 which had revived doubts about the speed of the recovery in Leonardo's profits, the reported Q4 figures signify that the new management team has come through its first full year successfully, overshooting all of its targets. Excluding the contribution of joint-ventures (ATR, MBDA and Espace), the operating margin rose 44bp vs 2017, more or less entirely driven by the recovery in helicopters which is reaping the in...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 15/03/2019

...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Leonardo - Finmeccanica : Plan 2020 crédibilisé = re-rating enclenché

>La première année passée avec succès… - Après un piteux T3 2018 qui avait réintroduit une dose de doute quant à la vitesse de redressement de la rentabilité de Leonardo, la publication du T4 permet à la nouvelle équipe de management de franchir avec succès sa première année complète en dépassant l’ensemble de ses objectifs. Hors contribution des JV (ATR, MBDA, Espace), la marge opérationnelle a progressé de 44 pb par rapport à 2017, quasi intégralement portée par la ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Leonardo - Finmeccanica : Credence lent to the 2020 plan = re-rating triggered

>A successful first year… - After a lacklustre Q3 2018 which had revived doubts about the speed of the recovery in Leonardo's profits, the reported Q4 figures signify that the new management team has come through its first full year successfully, overshooting all of its targets. Excluding the contribution of joint-ventures (ATR, MBDA and Espace), the operating margin rose 44bp vs 2017, more or less entirely driven by the recovery in helicopters which is reaping the in...

Denise Molina

Morningstar | Leonardo Posts Strong 2018 Full-Year Results

No-moat Leonardo delivered strong full-year results, with revenue of EUR 12.4 million beating consensus and management guidance. The company managed to re-dress its profitability in the past quarter and delivered a full-year EBITA margin at 9.2% in line with full-year 2017. The shares rallied as the market was less optimistic of the firm's ability to stabilise the margin, given the first three quarters of 2018 saw margin contractions. We are maintaining our fair value estimate of EUR 12. Key revenue drivers were the main segments, helicopters and electronics, and defence and security systems....

Denise Molina

Leonardo Posts Strong 2018 Full-Year Results

No-moat Leonardo delivered strong full-year results, with revenue of EUR 12.4 million beating consensus and management guidance. The company managed to re-dress its profitability in the past quarter and delivered a full-year EBITA margin at 9.2% in line with full-year 2017. The shares rallied as the market was less optimistic of the firm's ability to stabilise the margin, given the first three quarters of 2018 saw margin contractions. We are maintaining our fair value estimate of EUR 12. Key rev...

Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Christophe-Raphaël Ganet
  • Geoffroy Michalet
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 03/14/2019

...

A director bought 100,000 shares at 9.733EUR and

A director at Leonardo Spa bought 100,000 shares at 9.733EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boar...

Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 03/15/2019

...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/15/2019

The group is in the midst of a challenging reorganisation phase which will likely continue to hurt profitability and visibility. The “fleet of ships” strategy is gradually evolving, but the failure of the MO + Alstom deal represents a sizeable setback. We also think that the underlying issues, such as ROCE levels, have not been addressed: we are still at Neutral, and are lowering our target price from € 110 to € 100. See report published last evening. - ...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 15/03/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Sylvain Goyon
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2019

La probabilité d’occurrence des risques majeurs identifiés par le marché (guerre commerciale, hard landing chinois, resserrement monétaire) a effectivement reculé. Le début d’année très dynamique des indices reconnait cet état de fait avec des niveaux qui flirtent avec nos objectifs de fin d’année (Stoxx 600 revu à 379 points). Dans ce contexte, favoriser les secteurs qui combinent : rerating des PE inférieurs à celui du marché, résilience des prévisions de BPA 2019e et 2020e non refl...

Alfred Glaser ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Sylvain Goyon
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/14/2019

The likelihood of the major risks identified by the market actually materialising (trade war, Chinese hard landing, monetary tightening) has receded. The dynamic gains by the indexes at the start of the year reflect this and they are flirting with our year-end targets (Stoxx 600 revised to 379 points). Against this backdrop, investors should favour sectors that combine: re1eratings in terms of PE lower than that for the market, and resilience in 2019e and 2020e EPS forecasts not reflec...

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.

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 €.

Valérie GASTALDY

Analyse moyen terme - LEONARDO : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 8,275 €, puis 5,400 €. Le franchissement de 11,328 € remettrait en cause la suite de la baisse.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch