We lower Leonardo's fair value estimate to EUR 12 after disappointing Industrial Plan 2018.
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)...
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