Leonardo : A bit too soon to buy into the improving FOCF trajectory
>Undermined by exposure to civil segment and particularly to aerostructures - Leonardo will continue to suffer from its exposure to civil aerospace and to the aerostructure segment. After an EBITA loss of €86m in 2020 (€ 116m excluding one-offs) and cash burn of over € 300m, in 2021 we forecast a loss of € 115m and cash burn of € 350m due to the fresh decline in the production rate for the B787. The company has launched adequate restructuring, with the departure of 1,...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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