Leonardo : Une trajectoire de génération de cash qui doit amener un rerating - OC relevé de 12.5 € à 14 €
>Forte accélération de la génération de cash - Leonardo a publié un FOCF de 539 M€ en 2022 que nous jugeons de très bonne qualité puisqu’il intègre i/ un recours au factoring réduit à seulement 404 M€ contre 747 M€ en 2021 et 1 750 M€ en moyenne sur les 5 dernières années ; ii/ à la différence de la plupart des concurrents européens, aucun effet booster des avances clients en dépit d’un book-to-bill de 1.17x puisque les passifs sur contrats ne pr...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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