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...
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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