Leonardo’s Helicopter Division Will Not Return To Growth Before 2019 as Production Woes Continue
After publication of third-quarter 2017 results (revenue down 60 basis points year on year, and EBITA down 50 basis points) below our and market expectations, we maintain our EUR 14 fair value estimate and no-moat rating for Leonardo. On the back of our disappointment regarding the continuation of what we previously expected to be short- term production issues of the A169 helicopter, we lowered our 2017 and 2018 revenue and EBITA expectations for Leonardo’s second-largest division (30% of sales)...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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