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
Antoine Boivin-Champeaux ...
  • Yan Derocles

Leonardo - Finmeccanica : Guidance for FY2020 EBITA 4.7% ahead of consensus at the mid-range

>A solid Q2 2020 in the end - Leonardo has reported far better than expected Q2 2020 earnings with EBITA of € 251m, or nearly double the level forecast by the consensus (ODDO BHF: € 112m, Cons: € 123m), on virtually stable sales at € 3.3bn, or a margin of 10%. The difference relative to forecasts stemmed primarily from: Higher volumes related to production of the Typhoon EFA Kuwait programme, which more than offset the decline in production of the B787 ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Leonardo - Finmeccanica : Guidance EBITA FY2020 4.7% au-dessus du consensus en milieu de fourchette

>Un T2 2020 finalement solide - Leonardo a publié hier soir un T2 2020 largement meilleur qu’attendu. L’EBITA s’élève à 251 M€, soit près du double du niveau attendu par le consensus (ODDO BHF : 112 M€, Cons : 123 M€), pour des ventes quasi stables à 3.3 Md€, soit une marge de 10%. L’écart par rapport aux attentes vient essentiellement :D’un volume plus important lié à la production du programme Typhoon EFA Koweït qui a plus que compensé le recul de la pr...

Thanks to a better fundamental star rating, LEONARDO sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to LEONARDO (IT), active in the Aerospace & Defense industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date July 17, 2020, the closing price was EUR 6.40 and its expected value was estimated at EUR 6.07.

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.

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 ...
  • Yan Derocles

Leonardo - Finmeccanica : Guidance for FY2020 EBITA 4.7% ahead of consensus at the mid-range

>A solid Q2 2020 in the end - Leonardo has reported far better than expected Q2 2020 earnings with EBITA of € 251m, or nearly double the level forecast by the consensus (ODDO BHF: € 112m, Cons: € 123m), on virtually stable sales at € 3.3bn, or a margin of 10%. The difference relative to forecasts stemmed primarily from: Higher volumes related to production of the Typhoon EFA Kuwait programme, which more than offset the decline in production of the B787 ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

Leonardo - Finmeccanica : Guidance EBITA FY2020 4.7% au-dessus du consensus en milieu de fourchette

>Un T2 2020 finalement solide - Leonardo a publié hier soir un T2 2020 largement meilleur qu’attendu. L’EBITA s’élève à 251 M€, soit près du double du niveau attendu par le consensus (ODDO BHF : 112 M€, Cons : 123 M€), pour des ventes quasi stables à 3.3 Md€, soit une marge de 10%. L’écart par rapport aux attentes vient essentiellement :D’un volume plus important lié à la production du programme Typhoon EFA Koweït qui a plus que compensé le recul de la pr...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Qu’il est loin le temps du surbooking…

Si la trajectoire de retour des capacités en Chine a pu alimenter l’espoir, nous anticipons une reprise une nouvelle fois décalée dans le temps avec une chute du trafic de 60% en 2020 et un rebond limité à 40% en 2021. Les multiples relativement élevés rendent les titres vulnérables à d’éventuelles déceptions ce qui nous pousse à être sélectif. Nous privilégions les valeurs défense comme Thales et Leonardo. Airbus est notre seule recommandation positive sur le civil. Dans l’aérie...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Overbooking now seems like a distant memory...

While the trajectory of the return of capacity in China may have kindled hope, we anticipate a further postponement of the recovery, with a 60% fall in traffic in 2020 and a rebound of just 40% in 2021. The relatively high multiples make the stocks vulnerable to potential disappointments, which leads us to be selective. We prefer defence stocks such as Thales and Leonardo. Airbus is our only positive recommendation in the civil aerospace segment. In the airline segment, we confir...

Olfa Taamallah ...
  • Yan Derocles

ODDO : Overbooking now seems like a distant memory...

While the trajectory of the return of capacity in China may have kindled hope, we anticipate a further postponement of the recovery, with a 60% fall in traffic in 2020 and a rebound of just 40% in 2021. The relatively high multiples make the stocks vulnerable to potential disappointments, which leads us to be selective. We prefer defence stocks such as Thales and Leonardo. Airbus is our only positive recommendation in the civil aerospace segment. In the airline segment, we confir...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - Crédit Agricole, Teva - FR

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - Crédit Agricole, Teva - FR

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 07/10/2019 - Portugal - FR

Portugal : Vers un nouveau rehaussement des ratings  HSBC (Achat) : Pourrait annoncer un plan de restructuration Lagardère (Achat) : Prévoit d’émettre une nouvelle obligation de maturité 5A-6A EDF (Vente) : La réorganisation du groupe va prendre plus de temps que prévue WFS - S1-19 : EBITDA de €55m (-8%) Ineos (Achat) - S1-19 : EBITDA de €1md (+27,3%) Pro.Gest (Vente): S&P dégrade sa note de deux crans à B*-

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/08/2020

...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/05/2020

...

Alain William ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Emira Sagaama
  • Fatma Ayachi
  • Jean-François Granjon
  • Jeremy Garnier
  • Martial Descoutures
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 04/01/2020

We simulated the impact of COVID-19 on companies in our universe of coverage from an operating viewpoint. Setting target prices is a risky business amid uncertainty and very rapid movements in the financial markets, reacting more to political/sanitary news flow than to corporate disclosures. However, we tried to include the increase in the perceived risk premium and the change in aggregates in our valuations. As the current crisis is set to have radically different impacts on the twen...

Thanks to a better fundamental star rating, LEONARDO sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to LEONARDO (IT), active in the Aerospace & Defense industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date July 17, 2020, the closing price was EUR 6.40 and its expected value was estimated at EUR 6.07.

Expert Corporate Governance Service (ECGS)

Leonardo – AGM 13 May 2020

In item 5, the AGM is called to appoint the members of the Board of Directors on slates of nominees submitted by shareholders holding at least 1.0% of the share capital. Two slates of nominees have been submitted, respectively by the Ministry of Economy (30.2% of the share capital) and a group of institutional investors (1.4%).   One of the institutional investors that submitted the slate of nominees is Generali Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note that these partners do not provide consulting services to Generali. Voting ...

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...

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