Resetting Leonardo’s Expectations After Disappointing Industrial Plan 2018; FVE Lowered to EUR 12
We lower Leonardo’s fair value estimate to EUR 12 from EUR 14 per share as we rebase our expectations for revenue, costs, and capital expenditures for our 2017-21 forecast period. We maintain our no-moat rating. Insights from Leonardo’s 2018 Industrial plan suggest that the A169 helicopter's production issues are more structural than previously assumed and result from internal issues, especially poor bid control. To win contracts in challenging civil and military helicopter markets (30% of Leona...
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