Leonardo : Q3 in line – FOCF target met
>Fresh sign of the improvement in cash generation - Leonardo just reported Q3 results fully in line with expectations at the EBITA level with € 201m (ODDO BHF: € 191m, consensus: € 200m), down 2.9% on Q3 2021, on revenues of € 3,341m (+3.8%). Pass-through sliced 80bp off the margin of 6% by our calculations. Relative to our estimates, the gap stemmed on the positive side from helicopters (EBITA of € 83m, +10.7%, i.e. a margin of 8% including an increase in pass-throug...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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