Leonardo - Finmeccanica : Strong COVID impact but fundamentals are sound
>Initial signs of the COVID-19 impact visible in Q1… - Yesterday evening Leonardo reported Q1 2020 (traditionally the smallest contribution of the year) results that fell slightly short of our estimates. EBITA came to € 41m (ODDO BHF: € 59m), down 75%, for sales of € 2.6bn (-4.9%). The strong fall in operating profit (€ 122m fall relative to a fall in sales of € 134m) was due to: i/ the closing of borders, which prevented clients from taking delivery of their aircraft...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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