Leonardo : A normalised trend on FOCF and hidden value
>FY 2022 targets achieved - Leonardo is due to publish FY 2022 results on 9 March and we are expecting a solid publication. We have modelled EBITA of € 1,200m (vs a target of between € 1,170m and € 1,220m and the VA consensus at € 1,190m) for sales of € 14,610m, i.e. a margin of 8.2% (+27bp despite the repercussions of the conflict in Ukraine on the space activity) and likely close to 9.5% excluding pass through. After non-recurring elements but before PPA, we anticip...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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