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Leonardo published its H1 23 figures with a 21.4% increase in the order intake and a 6.4% increase in revenues. However, net income dropped by 22.1% yoy, driven by higher financial expenses and additional restructuring charges. None the less, the company has re-iterated its FY23 guidance and lowered its net debt by 24%. Additionally, the new CEO’s willingness to facilitate cost reduction, makes the company leaner and to make space and cyber the strategic priorities are well accepted by the marke
Companies: Leonardo SpA
AlphaValue
Leonardo published Q1 results below market expectations with revenues in-line with estimates, but EBITA and NI missing the consensus by 13% and 17% respectively. However, the company pleasantly surprise us with a 29% yoy hike in order intake, implying a backlog equivalent to more than 2.5 years of production, and a €400m improvement in FOCF. The company has confirmed its FY23 guidance since it expects an improvement in performance over Q2-Q4.
Leonardo has performed strongly. Its strong traction in military as well as a gradual recovery in its civil aviation businesses have led to a guidance upgrade in both order intake and FOCF. The disposals of GES and AAC have been used to repay two US bonds with high coupons, overall improving its balance sheet’s health. The listing of Leonardo DRS on the Nasdaq is expected to occur in Q4, bringing additional value to the Italian defence firm. However, inflation is worrying.
Leonardo has posted results overall in-line with expectations. This was not appreciated by the market as the previous results coming from Defence companies had been strong with guidance being reviewed upwards thanks to a positive FX effect. However, the commercial traction remains robust and the recent Typhoon contract will continue to drive midterm growth for Leonardo.
Through an all-stock merger, Leonardo DRS and RADA will become one entity by the year end. The objective is to create synergies between the two companies before listing the resulting firm on the NASDAQ and TASE exchanges where we believe the valuation of Leonardo DRS could be significantly improved. It is positive news, as Leonardo has been struggling for the past year to dispose of this valuable division at a fair price.
Leonardo has published strong results to start the year. The good commercial momentum and the increased profitability are strong signals for Leonardo’s bright future. This quarter was also marked by the sale of its GES business to SES, another step towards the streamlining of its Defence portfolio. The FY22 guidance has been reiterated.
Leonardo has confirmed that there will be a before and an after the invasion of Ukraine. Indeed, even though the results and near-term guidance are roughly in line with consensus, the long-term perspectives have never been brighter. The FCOF mid-term guidance has been the greatest surprise, far above the consensus expectations. Its product portfolio is well set to benefit from the increased military budgets in Europe.
Leonardo published results which were globally in line with expectations in terms of sales and profitability. The Aerostructure division is still weighing on the results, as the pandemic and the B787 programme issues are still affecting the business.
Leonardo published yesterday some solid results with good profitability linked to the resilience in the military segment and the recovery in the narrow-body market. The DRS activity also performed well; Leonardo might attract better prices.
Leonardo published a good set of results with an increase in sales and a good order intake. Profit was also better yoy. Overall, Leonardo is well set to reach its 2021 guidance.
Leonardo’s FY20 publication was good, in line with estimates as well as with the preliminary announcement released in late January. Overall, the results showed resilience, supported by the military and governmental activities. The company delivered on its guidance, with a record Q4 FOCF generation. The company should renew with growth in 2021, along with a gradual improvement in both profitability and cash generation.
Leonardo’s Q3 result revealed a strong outperformance compared to expectations, driven by the defence activities. In spite of a flattish top line yoy, the company registered improvements in profitability. All financial guidance is maintained for 2020, but Q4 will be determinant for achieving the FOCF target following delays in Q3. We maintain our Buy rating on the stock.
Leonardo’s H1 release was a strong beat above market expectations, shining by the resilience of its business model (heavily oriented toward defence business where demand remains healthy). The activity is expected to rebound across every major segment in H2 except for civilian, where the impact from the pandemic should last beyond 2020. We reiterate our Buy rating on the stock.
Leonardo released mixed results, showing the early impact of COVID-19 on its profitability, while sales were in line with expectations. The positives of the release were the strong order intake achieved in Q1 and the good management of cash consumption. Q2 will be more impacted, but the usual activity pattern of the company might mitigate the impact on an FY basis, though guidance is withdrawn.
Leonardo published its FY19 results, which came in above the consensus despite a previous communication when the group said it expected to outperform its own guidance. Operational improvements were recorded in all divisions. Going forward, Leonardo was not in position to quantify the COVID-19 impact on its FY20 results, but a downside is expected. In the longer run, we continue to see a fundamental improvement in the operations and cash generation.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Leonardo SpA. We currently have 0 research reports from 4 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Shore Capital
Companies: MPE TRI VNET BVXP HVO
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Companies: James Latham Plc
SP Angel
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Companies: Norcros plc
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Companies: Ilika plc
Liberum
Companies: Gattaca plc
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