Leonardo - Finmeccanica : Neutral vs Buy – still a value stock, but catalysts delayed
>Neutral vs Buy – Value… trap, at least for several months - Having returned to its lowest levels this year, Leonardo is undeniably still a value stock, even after the downward revision to our estimates to a 2021 P/E of 5x, EV/EBIT of 6.9x and an FCF yield of 7%. However, we think that the catalysts that would trigger a re-rating are somewhat moving further away, with postponements to the export order intake and a risk for the FCF generation recovery trajectory. The r...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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