Italian Market Community

Key drivers: Strong order backlog, efficiency gains, higher defence budgets, digital & services growth Margin expansion: From mid-single digits to high-teens EBIT margins by 2029 Risks: Geopolitics, supply chains, cybersecurity, ESG/regulation, talent Valuation: Trading at ~1.5x EV/Sales and ~23x forward P/E Summary: Leonardo benefits from robust global defence spending, a diversified aerospace portfolio and accelerating service revenues. Efficiency programmes and digitalisation underpin margin improvement, while a strong balance sheet supports capital allocation.

Le marché perçoit Racing Force comme une microcap obscure, active dans un marché passion peu scalable. Racing Force est en réalité une plateforme d’équipements de sécurité certifiés dans un marché mondial de niche mais fragmenté, qui combine trois avantages réunis : Une marque culte (Bell) avec un pricing power régulé (normes FIA) → barrières à l’entrée fortes , Une structure légère et rentable , peu gourmande en capital, capable d’autofinancer une stratégie de croissance externe (buy-and-build sur les niches du racing), Une optionalité cachée : Zeronoise (headset racing tech), Racing Spirit (lifestyle), et le potentiel de devenir l’acteur dominant en “safety-as-a-service” dans les circuits.

We firmly believe that UniCredit (UCG) has significant long-term appreciation potential, with a clear path to reaching €78.13 per share within a 10-year horizon. This thesis is supported by a combination of factors, including the current undervaluation of the stock, the ongoing strategic transformation, the focus on efficiency and digitization, the potential for growth in new markets, and the increasing capacity for cash generation.

Key Takeaways d'Amico's modern, eco-efficient fleet and prudent capital strategy position it to significantly outperform peers as regulations and fleet shortages drive up rates and asset values. Long-term global energy trade shifts and constrained new vessel supply set the stage for sustained high utilization, supporting strong shareholder returns and market revaluation.

Key Takeaways Expanding ultra-wealthy demand, personalization options, and new hybrid/electric models are driving revenue growth, pricing power, and margin resilience. Diversification into lifestyle, strong brand engagement, and strict scarcity reinforce high margins and protect against economic downturns.

Key Takeaways Strategic acquisitions and product innovation aim to drive significant future revenue growth, enhancing Sanlorenzo's market position. International expansion and strong pre-orders contribute to financial stability and long-term revenue growth despite geopolitical challenges.

Key Takeaways Fincantieri's operational efficiency and strategic acquisitions bolster net margins, enhance earnings, and support long-term growth. Major projects in cruise and offshore sectors, along with market expansion plans, strengthen revenue visibility and growth potential.

Key Takeaways Rai Way's plan focuses on diversifying services like CDN and Edge Data Centers to enhance revenue predictability and growth. Strong cost management and operational focus are expected to protect net margins despite higher energy costs.

Key Takeaways Strategic focus on low-risk and sustainable projects enhances revenue stability and improves net margins due to lower risk and high demand. Expansion into high-margin sectors and innovative projects, combined with cost efficiency, boosts future growth and profitability.