Leonardo : A trajectory for cash generation that should lead to a re-rating - Target price raised from € 12.5 to € 14
>A marked acceleration in cash generation - Leonardo has published FOCF of € 539m in 2022 which we deem to be very good quality because it factors in i/ reduced recourse to factoring to just € 404m vs € 747m in 2021 and an average of € 1,750m over the past five years; ii/ unlike the majority of its European competitors, there is no booster effect from client downpayments despite a book-to-bill of 1.17x because liabilities on contracts rose by only € 73m vs 2021 (remo...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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