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.ÂReported 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.
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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.
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