Decent End to Leonardo's 2016 as Helicopter Orders Surge in 4Q; Shares Fairly Valued
We are raising our fair value estimate for Leonardo to EUR 14 per share from EUR 13 after fine-tuning our assumptions for 2017 and adjusting for the time value of money. In the fourth quarter, Leonardo’s helicopter orders surged 114% as the firm secured a large order for exploration and escort helicopters from the Italian army. We have increased our 2017 revenue estimate for the helicopter division (now flat growth; previously down 2%) amid challenging market conditions as the AW169 enters full ...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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