Strong Growth U.S Defense, but Low-Margin Helicopter Contracts Hold Back Leonardo's Profitably in 2Q
After publication of decent second-quarter 2018 results, we maintain our EUR 12 fair value estimate and no-moat rating for Leonardo. We continue to believe Leonardo shares are undervalued and offer investors attractively priced exposure to increasing defense budgets and recovery of helicopter markets. The firm recorded revenue of EUR 3.1 billion (flat year on year), as lower deliveries of new helicopters were offset by strong volume growth in the U.S. of the firm's electronics, defence & sec...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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