Strong Helicopter Order Growth, but Leonardo’s Profitably Poor in 2Q; Shares Slightly Overvalued
After publication of second-quarter 2017 results, we maintain our EUR 14 fair value estimate and no-moat rating for Leonardo. In line with our expectations, Leonardo recorded solid revenue (down 90 basis points year on year), but its profitability was below our and market expectations. Although the EBITA margin in the quarter saw a decline of 420 basis points versus last year, mainly due to lower helicopter volumes as a result of short-term production issues, we still expect the group EBITA marg...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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