Leonardo - Finmeccanica : Neutre vs Achat – Toujours « value » mais les catalyseurs se décalent
>Neutre vs Achat – Value… trap, au moins pour quelques mois - En revenant toucher ses plus bas de l’année, Leonardo reste un titre indéniablement « value » même après nos coupes d’estimations avec un PE 2021 de 5x, un VE/EBIT de 7x et un FCF yield de 6.9%. Toutefois, nous pensons que les catalyseurs qui permettraient d’amorcer un re-rating s’éloignent quelque peu avec un décalage des prises de commandes export et un risque sur la trajectoire de redressement de la géné...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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