Leonardo: Solid Start Thanks To The Core Businesses

Mare Evidence Lab
5.74K Followers
(8min)

Summary

  • Q1 FCF was negative, but there has been an improvement on a yearly basis. This is supported by sales growth in the underlying core business.
  • Fiscal Year 2025 and medium-term guidance confirmed. Leonardo reached a record high order backlog.
  • Our estimates do not capture Leonardo's potential tailwinds, and the company is still priced below its peers. Our buy is then confirmed.

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Since we initiated our coverage in December 2022, Leonardo (OTCPK:FINMF) (OTCPK:FINMY) has delivered a remarkable total return nearing 500% — ranking among the top performers in our universe. Despite such an extraordinary run, our

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5.74K Followers
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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