Leonardo : Inflection of FCF generation looks more credible
>A more rapid acceleration of FCF generation - The FOCF target of € 500m in 2022 prompts us to revise up our cash generation from € 2.7bn to € 3.1bn in cumulative terms over the period 2021-2025 period. After a rebound to € 209m in 2021, the 2022 FOCF will benefit from i/ milestones on major programmes such as EFA Kuwait and NH90 Qatar, ii/ lower cash burn at the aerostructures division (€ 280m estimated, i.e. +€ 59m vs 2021) thanks in particular to the continued rebo...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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