Leonardo : Solid Q2 2021 at all levels – target price raised from € 7.7 to € 8.4
>Solid Q2 in terms of EBITA and FOCF - Yesterday evening Leonardo reported a clearly solid Q2 with EBITA of € 305m (ODDO BHF: € 263m, consensus: € 252m), +21.5% vs Q2 2020, for sales of € 3,555m, i.e. a margin of 8.6% (+94bp). The gap with our estimates stems mainly from i/ defence electronics with a strong improvement in the margin visible in the European part (+470bp to 10.5%), which cancels out the effects of COVID, and also at DRS (+370bp to 8.8%) thanks to progra...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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