We are initiating coverage on Leonardo with a fair value estimate of EUR 13 per share, and we believe shares are undervalued. The firm's radical transformation from a sprawling conglomerate toward a more focused industrial company with a concentration on aerospace, defence, and security is largely complete with the sale of the transportation assets (2015). The firm is a leading supplier of defence systems in Europe, and we believe it will benefit from the improved outlook for European defence sp...
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