Buy Or Sell Opportunity • 1h
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €50.45. The fair value is estimated to be €63.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €55.07, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 25x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 448% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €70.72 per share. Buy Or Sell Opportunity • Jun 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to €52.05. The fair value is estimated to be €65.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 9.6% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Upcoming Dividend • Jun 15
Upcoming dividend of €0.63 per share Eligible shareholders must have bought the stock before 22 June 2026. Payment date: 24 June 2026. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Austrian dividend payers (4.0%). In line with average of industry peers (1.3%). Buy Or Sell Opportunity • May 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.3% to €51.77. The fair value is estimated to be €64.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Tillkännagivande • May 08
Wyser-Pratte Demands Independent Investigation into Leonardo SpA AGM Vote On May 7, 2026, Wyser-Pratte Management Co., Inc. demanded an independent investigation into Leonardo SpA Annual General Meeting vote, stating the shareholder meeting was conducted under restrictive and antidemocratic terms with no opportunity to speak, ask questions, or engage, capped at approximately 60 minutes and conducted through a company-designated proxyholder. In addition, Wyser-Pratte stated that while a Webex link for remote access failed at the exact moment the meeting was called to order, and the government slate prevailed by the narrowest of margins at 50.097% versus 49.481%, raising questions and demanding scrutiny, despite ISS and Glass Lewis recommending a vote against the government slate and in favor of the dissident slate submitted by Assogestioni, as a government controlling just 30.2% of share capital secured a majority, sending the wrong signal to global investors, as rules are bent, meetings are closed, shareholders are silenced, and votes are certified under conditions that invite no scrutiny, even as Leonardo reports strong performance including €23.8 billion orders, €19.5 billion revenues, and 91.75% total shareholder return. Reported Earnings • May 06
First quarter 2026 earnings released First quarter 2026 results: EPS: €0.28. Revenue: €4.45b (up 6.9% from 1Q 2025). Net income: €162.0m (down 57% from 1Q 2025). Profit margin: 3.6% (down from 9.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Tillkännagivande • Apr 25
Wyser-Pratte Management Urges Leonardo Shareholders to Vote No on CEO Cingolani's Replace Proposal On April 24, 2026, Wyser-Pratte Management Co., Inc., announced its alarm and disappointment regarding the Italian government's the Ministry of Economy and Finance recent interference in Leonardo S.p.A.'s management, specifically the replacement of CEO Roberto Cingolani. In addition, Wyser-Pratte, together with other minority shareholders, urged all Company shareholders to vote no on proposal, the ousting of CEO Roberto Cingolani, at the annual general meeting on May 7, 2026, citing that the government's actions undermine confidence in the Company's governance and put at risk the significant value created under Cingolani's leadership. Further, Wyser-Pratte Management highlighted that since Cingolani's appointment, Company's share price rose by more than 430%, headcount increased by nearly 9,200, and earnings and revenue compounded annually at approximately 10%, with meaningful acceleration in free cash flow and reduced Net Debt/EBITDA ratio. Furthermore, Wyser-Pratte warned that further government interference could damage shareholder value and stated its intention to pursue all available legal remedies, including litigation, to protect the rights of the company's owners if necessary. Tillkännagivande • Mar 30
Leonardo S.p.a., Annual General Meeting, May 07, 2026 Leonardo S.p.a., Annual General Meeting, May 07, 2026, at 10:30 W. Europe Standard Time. Location: piazza monte grappa 4, roma Italy Board Change • Mar 19
High number of new directors There are 9 new directors who have joined the board in the last 3 years. Independent Director Marcello Sala was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Mar 19
Dividend increased to €0.63 Dividend of €0.63 is 21% higher than last year. Ex-date: 22nd June 2026 Payment date: 24th June 2026 Dividend yield will be 1.0%, which is lower than the industry average of 1.6%. Payout Ratios Payout ratio: 30%. Cash payout ratio: 50%. Tillkännagivande • Mar 19
Leonardo S.p.a. (BIT:LDO) completed the acquisition of ASTRA Veicoli Industriali S.p.A and Iveco Defence Vehicles S.p.A. from Iveco Group N.V. (BIT:IVG) for €1.6 billion. Leonardo S.p.a. (BIT:LDO) agreed to acquire ASTRA Veicoli Industriali S.p.A and Iveco Defence Vehicles S.p.A. from Iveco Group N.V. (BIT:IVG) for an enterprise value at €1.7 billion on July 30, 2025. On completion, Iveco Group intends to distribute the net proceeds of the transaction, subject to closing adjustments, to shareholders via an extraordinary dividend. The transaction will be financed through available cash resources.
For the period ending December 31, 2024, ASTRA Veicoli Industriali S.p.A/Iveco Defence Vehicles S.p.A. reported total revenue of €1.13 billion and EBIT of €108 million.
The closing of the transaction is expected in the first quarter of 2026, subject to anti-trust approval, regulatory approvals and carve-out completion. On completion, Iveco Group intends to distribute the net proceeds of the transaction, subject to closing adjustments, to shareholders via an extraordinary dividend. As of March 17, 2026, all conditions for closing sale of its defense business have been met. The transaction, which is expected to be finalized in the coming days, is a condition, inter alia, for the completion of the voluntary tender offer by Tata Motors Limited for all issued common shares of Iveco Group (after the separation of its Defence Business), as announced on July 30, 2025.
Goldman Sachs Bank Europe SE, Italian Branch acted as financial advisor for Iveco Group N.V. Freshfields LLP acted as legal advisor for Iveco Group N.V. Morgan Stanley & Co. International plc acted as financial advisor for Leonardo S.p.a. Bonelli Erede Pappalardo Studio Legale acted as legal advisor for Leonardo S.p.a.
Leonardo S.p.a. (BIT:LDO) completed the acquisition of ASTRA Veicoli Industriali S.p.A and Iveco Defence Vehicles S.p.A. from Iveco Group N.V. (BIT:IVG) for €1.6 billion on March 18, 2026. According to plan, the net proceeds of the sale will be distributed to the Company’s shareholders through an extraordinary interim dividend. Based on the sale price, the expected closing adjustments and the separation costs borne for the carve out of the Defence Business, such extraordinary dividend (initially assumed at €5.5-6.0 per share) is presently estimated to end at €5.7-5.8 per issued and outstanding common share. In due course, the exact amount to be distributed will be determined by the Board of Directors. It is currently anticipated that payment will take place in April, with ex-dividend date on 20th April as per the Italian Stock Exchange calendar. Tillkännagivande • Mar 18
Leonardo S.p.a. announces Annual dividend, payable on June 24, 2026 Leonardo S.p.a. announced Annual dividend of EUR 0.6300 per share payable on June 24, 2026, ex-date on June 22, 2026 and record date on June 23, 2026. Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: €2.12 (vs €1.86 in FY 2024) Full year 2025 results: EPS: €2.12 (up from €1.86 in FY 2024). Revenue: €19.5b (up 9.8% from FY 2024). Net income: €1.22b (up 14% from FY 2024). Profit margin: 6.3% (up from 6.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 83% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 02
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to €58.36. The fair value is estimated to be €47.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €57.40, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 26x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 638% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €38.29 per share. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €40.40, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 25x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 442% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €40.98 per share. Reported Earnings • Nov 07
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €4.53b (up 11% from 3Q 2024). Net income: €193.0m (up 10% from 3Q 2024). Profit margin: 4.3% (in line with 3Q 2024). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Buy Or Sell Opportunity • Oct 28
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €51.68. The fair value is estimated to be €42.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Tillkännagivande • Oct 23
Airbus, Thales and Leonardo Reportedly Near Deal on Merger of European Space Businesses Airbus SE (ENXTPA:AIR), Thales S.A. (ENXTPA:HO) and Leonardo S.p.a. (BIT:LDO) are nearing an agreement on the merger of their space businesses, the Financial Times reported on October 21, 2025. Under the deal, Airbus will own 35%, with the other two holding 32.5% each, the report added, citing people familiar with the matter. Airbus is expected to receive a payment from its new partners as compensation for limiting its stake to 35% despite its unit accounting for roughly half of the total turnover, the FT reported. Reuters could not immediately verify the report. Airbus, Thales and Leonardo did not immediately respond to Reuters' requests for comment. Reuters reported in September that the three European airspace groups had redoubled efforts to combine their satellite businesses into a EUR 10 billion ($11.66 billion) French-headquartered joint venture, dubbed "Project Bromo". The board of Italy's Leonardo held a crucial meeting on October 21, 2025 to review a tentative deal to forge a new European satellite manufacturer with its existing partner Thales and rival Airbus, Reuters reported earlier in the day. A potential deal could mark the latest attempt to tie together fragmented European assets and draw inspiration from a decision by France, Italy and Britain to set up the MBDA missiles venture in 2001. Buy Or Sell Opportunity • Sep 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.1% to €49.80. The fair value is estimated to be €41.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Buy Or Sell Opportunity • Aug 14
Now 24% overvalued Over the last 90 days, the stock has fallen 2.8% to €47.44. The fair value is estimated to be €38.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: €0.21 (vs €0.14 in 2Q 2024) Second quarter 2025 results: EPS: €0.21 (up from €0.14 in 2Q 2024). Revenue: €4.76b (up 10% from 2Q 2024). Net income: €124.0m (up 57% from 2Q 2024). Profit margin: 2.6% (up from 1.8% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jul 31
Leonardo S.p.a. (BIT:LDO) signed definitive agreement to acquire Iveco Defence Vehicles S.p.A. from Iveco Group N.V. (BIT:IVG). Leonardo S.p.a. (BIT:LDO) signed definitive agreement to acquire Iveco Defence Vehicles S.p.A. from Iveco Group N.V. (BIT:IVG) on July 30, 2025.
For the period ending December 31, 2024, Iveco Defence Vehicles S.p.A. reported total revenue of €1.13 billion and EBIT of €108 million.
The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is March 31, 2026.
Freshfields LLP acted as legal advisor for Iveco Group N.V. Goldman Sachs Bank Europe SE, Italian Branch acted as financial advisor for Iveco Group N.V. Morgan Stanley & Co. International plc acted as financial advisor for Leonardo S.p.a. Bonelli Erede Pappalardo Studio Legale acted as legal advisor for Leonardo S.p.a. Tillkännagivande • Jul 09
Leonardo S.p.a. (BIT:LDO) agreed to acquire Axiomatics AB. Leonardo S.p.a. (BIT:LDO) agreed to acquire Axiomatics AB on July 9, 2025. Finalisation of the acquisition transaction of a 100% share in Axiomatics AB is subject to: (i) confirmation in accordance with several authorities, also including Swedish authorities, concerning direct investment by foreign entities in companies operating in the defence sector (FDI), as well as (ii) the other conditions typically applied to investments of this nature.
PwC acted as accountant for Leonardo S.p.a. Upcoming Dividend • Jun 16
Upcoming dividend of €0.52 per share Eligible shareholders must have bought the stock before 23 June 2025. Payment date: 25 June 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Austrian dividend payers (5.0%). In line with average of industry peers (1.2%). Tillkännagivande • May 28
Leonardo S.P.A. Approves Dividend for the Year 2024, Payable from June 25, 2025 The Ordinary Shareholders' Meeting of Leonardo S.p.a. approved the proposal of distribution of a dividend of EUR 0.52 per share, based on the 2024 fiscal year's profits, before any applicable statutory withholding taxes. The dividend will be paid starting from June 25, 2025, with the 'ex-dividend' date (coupon no. 15) on June 23, 2025, and the 'record date' (the date for determining eligibility to receive the dividend, according to article 83-terdecies of the TUF) on June 24, 2025. This applies to each ordinary share outstanding on the ex-dividend date, excluding treasury shares held at that time, except for those that will be effectively allocated under current incentive plans in the ongoing fiscal year. Reported Earnings • May 10
First quarter 2025 earnings released First quarter 2025 results: Revenue: €3.66b (flat on 1Q 2024). Net income: €447.0m (flat on 1Q 2024). Profit margin: 12% (in line with 1Q 2024). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 59% to €48.03. The fair value is estimated to be €39.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Tillkännagivande • Apr 28
Iveco Group's Defense Unit Reportedly Attracts US Buyout Firms Bain Capital , KPS Capital Bain Capital, LP and KPS Capital (KPS Capital Partners, LP) are interested in Iveco Group N.V. (BIT:IVG)’s defense unit, according to people familiar with the matter, as the Italian truckmaker looks to seize on the rising demand for military assets. The two US buyout firms have been considering bids for the business that makes armored and tactical vehicles, said the people, who asked not to be identified as the information is private. Deliberations are ongoing and they could decide against pursuing any deal, the people said. Shares in Iveco extended their gains and rose as much as 4.8% on April 25, 2025 following the Bloomberg News report. The private equity firms have previously invested in aerospace and defense. The company announced in February that it was considering separating its defense unit through a spinoff. Iveco is seeking as much as €1.5 billion for the business, which includes the IDV brand, Bloomberg News reported in March. Any potential suitors could face an uphill battle to acquire the business. Rome-based defense company Leonardo S.p.a. (BIT:LDO) is considered the likeliest buyer, because the Italian government could prefer to keep the operations in local hands and the two companies already have supply agreements, according to people familiar with the matter. Leonardo — whose biggest shareholder is the Italian government - has been holding on-and-off talks with Iveco to buy the unit since last year, but so far the parties have been unable to agree on a price, people familiar with the matter said last month. Leonardo could make a bid with its joint venture partner Rheinmetall AG (XTRA:RHM), the people said at the time. KNDS NV (KMW+Nexter Defense Systems N.V.) and Czechoslovak Group (CZECHOSLOVAK GROUP a.s.) are also among companies with possible interest in the Iveco business, the people said. Indra Sistemas, S.A. (BME:IDR), the state-backed Spanish defense and technology company that has said it’s looking to expand its military-related business, considered a potential bid but decided against it for now, the people said. Iveco could opt to list the business if it doesn’t get high enough bids, the people said. Representatives for Bain, KPS, Czechoslovak Group and Indra declined to comment. A representative for Iveco also declined to comment, adding that the board will provide an update in due course following all necessary internal and regulatory approvals. A spokesperson for KNDS didn’t immediately respond to queries. Tillkännagivande • Apr 14
Leonardo S.p.a., Annual General Meeting, May 26, 2025 Leonardo S.p.a., Annual General Meeting, May 26, 2025, at 10:30 W. Europe Standard Time. New Risk • Apr 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Mar 26
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 77% to €46.19. The fair value is estimated to be €37.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Declared Dividend • Mar 16
Dividend increased to €0.52 Dividend of €0.52 is 86% higher than last year. Ex-date: 23rd June 2025 Payment date: 25th June 2025 Dividend yield will be 1.1%, which is lower than the industry average of 1.6%. Payout Ratios Payout ratio: 28%. Cash payout ratio: 46%. Tillkännagivande • Mar 14
Leonardo S.p.a. announces Annual dividend, payable on June 25, 2025 Leonardo S.p.a. announced Annual dividend of EUR 0.5200 per share payable on June 25, 2025, ex-date on June 23, 2025 and record date on June 24, 2025. Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: €1.86 (vs €1.14 in FY 2023) Full year 2024 results: EPS: €1.86 (up from €1.14 in FY 2023). Revenue: €18.5b (up 21% from FY 2023). Net income: €1.07b (up 63% from FY 2023). Profit margin: 5.8% (up from 4.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €45.14, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 22x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 482% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €34.37 per share. Buy Or Sell Opportunity • Mar 03
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 73% to €45.14. The fair value is estimated to be €34.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 8.5% per annum over the same time period. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €33.96, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 20x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 449% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €32.63 per share. Tillkännagivande • Jan 15
Fincantieri S.p.A. (BIT:FCT) completed the acquisition of Underwater Armaments Systems business line from Leonardo S.p.a. (BIT:LDO) for €400 million. Fincantieri S.p.A. (BIT:FCT) agreed to acquire Underwater Armaments Systems business line from Leonardo S.p.a. (BIT:LDO) in a transaction valued at €420 million on May 9, 2024. The value of the acquisition is equal to €300 million as fixed Enterprise Value, subject to usual price adjustment mechanisms, in addition to a maximum of €115 million as a variable component based on certain growth assumptions linked to the performance of the UAS business line in 2024, for a total maximum Enterprise Value of €415 million. To finance the acquisition, the Company has proposed the power to resolve upon a capital increase, in one or more events, divisible and with payment, for a maximum amount of €400 million. Rothschild S.p.A., acted as a financial advisor, Studio Legale Cappelli RCCD acted as a legal advisor to Leonardo S.p.a. Deutsche Bank AG, Milan acted as a financial advisor, and Deloitte Italy S.p.A provided due diligence services to Fincantieri. UBS supported Leonardo's Control and Risks Committee in evaluating the transaction, providing a fairness opinion on the economic terms of the transaction. BofA Securities is currently acting as sole Financial Advisor to CDP Equity S.p.A. in relation to their underwriting commitment in the context of Ficantieri SpA €400m capital increase targeted at its acquisition of Leonardo SpA's Underwater Armaments Systems. Lazard S.r.l. acted as financial advisor to Fincantieri S.p.A.
Fincantieri S.p.A. (BIT:FCT) completed the acquisition of Underwater Armaments Systems business line from Leonardo S.p.a. (BIT:LDO) on January 14, 2025. Leonardo received €287 million and variable component, up to a maximum of €115 million, along with standard price adjustments, will be determined following the approval of UAS's final 2024 financial results. Tillkännagivande • Jan 08
Leonardo S.p.a. to Report Fiscal Year 2024 Final Results on Mar 11, 2025 Leonardo S.p.a. announced that they will report fiscal year 2024 final results at 5:25 PM, Central European Standard Time on Mar 11, 2025 Board Change • Dec 30
High number of new and inexperienced directors There are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. 1 experienced director. No highly experienced directors. Chairman of Statutory Auditors Luca Rossi is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Nov 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: €0.27 (vs €0.14 in 3Q 2023) Third quarter 2024 results: EPS: €0.27 (up from €0.14 in 3Q 2023). Revenue: €4.09b (up 21% from 3Q 2023). Net income: €153.0m (up 87% from 3Q 2023). Profit margin: 3.7% (up from 2.4% in 3Q 2023). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Sep 24
Leonardo S.p.a. (BIT:LDO) acquired an additional 35% stake in GEM elettronica srl for €16 million. Leonardo S.p.a. (BIT:LDO) acquired an additional 35% stake in GEM elettronica srl for €16 million on September 23, 2024. Following the closing, Leonardo holds 65% and the control of GEM elettronica.
For the period ending December 31, 2023, GEM elettronica reported total revenue of €30 million.
Leonardo S.p.a. (BIT:LDO) completed the acquisition of an additional 35% stake in GEM elettronica srl on September 23, 2024 New Risk • Aug 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 6.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: €0.77 (vs €0.28 in 2Q 2023) Second quarter 2024 results: EPS: €0.77 (up from €0.28 in 2Q 2023). Revenue: €4.32b (up 12% from 2Q 2023). Net income: €445.0m (up 178% from 2Q 2023). Profit margin: 10% (up from 4.1% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 17
Upcoming dividend of €0.28 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Austrian dividend payers (6.3%). In line with average of industry peers (1.4%). Reported Earnings • May 08
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.78. Revenue: €3.66b (up 21% from 1Q 2023). Net income: €81.0m (up 125% from 1Q 2023). Profit margin: 2.2% (up from 1.2% in 1Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Apr 05
Leonardo S.p.a., Annual General Meeting, May 17, 2024 Leonardo S.p.a., Annual General Meeting, May 17, 2024. New Risk • Apr 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 4.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (4.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.3% net profit margin). New Risk • Mar 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.3% net profit margin). Tillkännagivande • Mar 07
Italy's Fincantieri in Talks to Buy Leonardo's was Unit Italian shipbuilder Fincantieri S.p.A. (BIT:FCT) is in talks with Leonardo (LDOF.MI), to buy the defence group's submarine unit Whitehead Alenia Sistemi Subacquei (Wass), several newspapers reported, sending its shares up more than 5%. The acquisition would have a value of between EUR 200 million and EUR 300 million ($217 million-$326 million), Corriere della Sera and financial daily Il Sole 24 Ore reported. The move by Fincantieri would be part of the group's broader strategy to grow through acquisitions and focus more on the defence sector, which in its last results accounted for less that 25% of its revenues. It would also strengthen its position in the underwater sector, which the group recently identified as a key area for growth. The state-controlled shipbuilder is considering a capital increase of some EUR 400 million to finance the operation, Il Messaggero said, adding that the group is being advised by JPMorgan, Intesa Sanpaolo and Bnp Paribas on the deal. Spokespersons for Fincantieri and Leonardo both declined to comment on the reports. Milano Finanza first reported on Saturday that Fincantieri was considering a large acquisition and that it was examining either a recapitalisation or a convertible bond to do so. Leonardo, also controlled by the Italian state, has been trying to find a buyer for Wass, which designs and builds underwater defence systems such as torpedoes and sonars, for years, but put the decision on hold after the war in Ukraine. At the time the group said Wass, along with its cannon maker OTO Melara, could grow more effectively outside the group. Fincantieri had made a non-binding offer for the two units in the past. New Risk • Dec 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 3.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (43% net debt to equity). Share price has been volatile over the past 3 months (3.9% average weekly change). New Risk • Nov 12
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Buying Opportunity • Oct 06
Now 20% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be €16.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 9.2% in 2 years. Earnings is forecast to grow by 6.2% in the next 2 years. Reported Earnings • Jul 31
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €3.86b (up 8.1% from 2Q 2022). Net income: €160.0m (down 17% from 2Q 2022). Profit margin: 4.1% (down from 5.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. New Risk • Jun 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 4.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (41% net debt to equity). Share price has been volatile over the past 3 months (4.4% average weekly change). Upcoming Dividend • May 15
Upcoming dividend of €0.14 per share at 1.3% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 8.7% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Austrian dividend payers (5.2%). Lower than average of industry peers (1.6%). Reported Earnings • May 07
First quarter 2023 earnings released First quarter 2023 results: Revenue: €3.03b (flat on 1Q 2022). Net income: €36.0m (down 51% from 1Q 2022). Profit margin: 1.2% (down from 2.5% in 1Q 2022). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 28
Now 20% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be €13.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings is also forecast to grow by 2.6% per annum over the same time period. Board Change • Feb 08
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. Chairman Luciano Carta was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Jan 31
Leonardo S.p.a., Annual General Meeting, May 10, 2023 Leonardo S.p.a., Annual General Meeting, May 10, 2023. Board Change • Nov 16
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Chair & CEO of Leonardo UK Norman Bone was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: €0.33 (vs €0.31 in 2Q 2021) Second quarter 2022 results: EPS: €0.33 (up from €0.31 in 2Q 2021). Revenue: €3.57b (flat on 2Q 2021). Net income: €192.0m (up 7.9% from 2Q 2021). Profit margin: 5.4% (up from 5.0% in 2Q 2021). Over the next year, revenue is forecast to grow 6.2%, compared to a 15% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 13
Upcoming dividend of €0.14 per share Eligible shareholders must have bought the stock before 20 June 2022. Payment date: 22 June 2022. Trailing yield: 1.4%. Lower than top quartile of Austrian dividend payers (4.6%). Lower than average of industry peers (1.7%). Tillkännagivande • Jun 04
Rheinmetall Reportedly Bids for Leonardo's OTO Melara Cannon Maker Rheinmetall AG (XTRA:RHM) has sent Leonardo S.p.a. (BIT:LDO) an offer for a minority stake in its OTO Melara cannon maker unit valuing the whole business at almost €430 million($462 million), according to a document and two sources close to the matter. Leonardo put OTO Melara up for sale in 2021 and the Russian invasion of Ukraine in February 2022 has since highlighted the need for more advanced ground combat systems and greater European spending and cooperation on defence. The non-binding offer was presented at the end of May and Rheinmetall is seeking to buy up to 49% of the company, the sources told Reuters on June 2, 2022, seeking anonymity because of the sensitivity of the matter. Rheinmetall has set a value of €190 million to €210 million as an indicative price for the 49% stake in OTO Melara, a document seen by Reuters showed. The document said Rheinmetall would in future be open to acquiring a further 2% or more in OTO Melara, which would give it majority ownership, in line with the company’s industrial plan and its stakeholders’ strategy. Leonardo was not available for comment. Rheinmetall did not respond to a Reuters email seeking comment. Reported Earnings • May 10
First quarter 2022 earnings released First quarter 2022 results: EPS: €0.13. Revenue: €3.01b (up 7.7% from 1Q 2021). Net income: €74.0m (up €76.0m from 1Q 2021). Profit margin: 2.5% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to grow 5.1%, compared to a 14% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Board Change • Apr 27
High number of new directors There are 9 new directors who have joined the board in the last 3 years. Chair & CEO of Leonardo UK Norman Bone was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Apr 09
Leonardo S.p.a., Annual General Meeting, May 23, 2022 Leonardo S.p.a., Annual General Meeting, May 23, 2022. Agenda: To approve the Vitrociset S.p.A. financial statements at December 31, 2021, following the merger of the company into Leonardo effective from January 1, 2022; and to consider the remuneration policy and the compensation paid, approved by today's Board of Directors. Reported Earnings • Mar 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.02 (up from €0.42 in FY 2020). Revenue: €14.1b (up 5.4% from FY 2020). Net income: €585.0m (up 145% from FY 2020). Profit margin: 4.1% (up from 1.8% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 5.1%, compared to a 12% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Tillkännagivande • Mar 06
Leonardo S.p.a., Annual General Meeting, May 31, 2022 Leonardo S.p.a., Annual General Meeting, May 31, 2022. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improved over the past week After last week's 25% share price gain to €8.03, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 20x in the Aerospace & Defense industry in Europe. Total loss to shareholders of 4.3% over the past three years. Tillkännagivande • Jan 05
Leonardo S.p.a. (BIT:LDO) completed the acquisition of 25.1% stake in Hensoldt AG (XTRA:5UH) from Square Lux Holding II S.à r.l. Leonardo S.p.a. (BIT:LDO) entered into a definitive agreement to acquire 25.1% stake in Hensoldt AG (XTRA:5UH) from Square Lux Holding II S.à r.l. for approximately €610 million on April 24, 2021. Under the terms, Leonardo will pay €23 per share. Upon closing of the transaction, Leonardo will propose two candidates to be nominated as members of the Supervisory Board of HENSOLDT. The closing of the transaction remains subject to customary conditions, including regulatory clearances in Germany and a selected number of countries, German merger control and foreign trade and is expected to take place in the second half of 2021. UBS (Italy) S.p.A and Deutsche Bank S.p.A. acted respectively as Lead Financial Advisor and Grimaldi e Clifford Chance acted as legal advisor to Leonardo. Thomas Krecek, Anselm Raddatz, Dominik Heßof, Philipp Klöckner, Marc Besen, Dimitri Slobodenjuk and Giuseppe De Palma of Clifford Chance advised Leonardo on the deal. Christian Schwandtner, Martin Ulbrich, Alf-Henrik Bischke, Dirk Uwer, Dirk Busch, Caspar Haarmann and Matthias Cloppenburg of Hengeler Mueller advised KKR, parent of Square Lux. BofA Securities, Inc. acted as financial advisor to KKR, parent of Square Lux.
Leonardo S.p.a. (BIT:LDO) completed the acquisition of 25.1% stake in Hensoldt AG (XTRA:5UH) from Square Lux Holding II S.à r.l. on January 3, 2022. Tillkännagivande • Dec 24
Leonardo Sees KNDS Proposal as Interesting, No Decision on Units Sale The Chief Executive Officer of Leonardo S.p.a. (BIT:LDO) , which is considering the sale of two of its units, said he saw a proposal from Franco-German consortium KMW+Nexter Defense Systems N.V. (KNDS) as interesting, but added nothing had been decided over the sale. KNDS and Fincantieri S.p.A. (BIT:FCT) have both expressed their interest in buying Leonardo’s OTO Melara and was units, sources have said. The possibility of a foreign consortium buying the two units has raised eyebrows in Italian political circles. Speaking to a parliamentary committee, Leonardo Chief Executive Alessandro Profumo on December 22, 2021 said the group was waiting for the two potential buyers to present a detailed offer for the units before taking a decision. “KNDS is potentially an interesting partner because it has a role in the ‘Main battle tank’ (programme) and does not compete with Leonardo on electronics,” Profumo said, adding that Italy would benefit from being part of the so-called Main Ground Combat System (MGCS) tank project. “We have received two expressions of interests and December 22, 2021 we asked prospective buyers to present non-binding offers,” he said, adding the group would make a decision considering several aspects including the price offered and the possibility of international cooperation. Profumo denied media rumours regarding tensions with Fincantieri over the sale of the two units. “We are not arguing with Fincantieri, we are not arguing with anyone,” Profumo said. Rheinmetall AG (XTRA:RHM) could also join the race to acquire Leonardo’s assets, through a partnership with Fincantieri. Rheinmetall expressed an informal interest for Oto Melara to Italy’s government, “in collaboration” with Fincantieri, daily Il Sole 24 Ore reported on December 21, 2021. Rheinmetall Italy’s head Alessandro Ercolani on December 22, 2021 told a parliamentary committee that the German group was ready to evaluate a possible cooperation with Oto Melara. In a hearing following Profumo’s, Ercolani added that the group is ready to help Oto Melara grow in the terrestrial field, making of it an hub of excellence. However he did not explain how this “cooperation” would work and did not directly mention a possible acquisition of Leonardo’s unit. Tillkännagivande • Dec 04
KNDS Reportedly to Make Binding Bid for Leonardo Units KMW+Nexter Defense Systems N.V. (KNDS) is close to making a €650 million ($736 million) binding bid for Leonardo S.p.a. (BIT:LDO)'s OTO Melara and was units, three sources said on December 2, 2021, in a move that could strengthen its position in the land defence sector. The Franco-German consortium is conducting due diligence on the two units that Italian defence group Leonardo has put on the block and could submit its offer by the end of the year or early 2022, the sources familiar with the matter said. KNDS is pitted against Italian shipbuilder Fincantieri S.p.A. (BIT:FCT), which expressed an interest in the units but has not started formal due diligence and has put forward a less generous proposal so far, the sources said. The Italian government, which controls both Leonardo and Fincantieri, is determined to have the final say on the deal. Fincantieri, which started informal talks with Leonardo over OTO Melara and was before KNDS' approach, could decide to join forces with other groups, the sources said. Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS €0.31 (vs €0.20 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €3.56b (up 8.2% from 2Q 2020). Net income: €178.0m (up 52% from 2Q 2020). Profit margin: 5.0% (up from 3.6% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Tillkännagivande • Jun 09
Leonardo S.p.a. (BIT:LDO) signed an agreement to acquire 70% stakes in Alea Srl. Leonardo S.p.a. (BIT:LDO) signed an agreement to acquire 70% stakes in Alea Srl on June 8, 2021. The closing of the transaction is contingent on fulfillment of conditions precedent, including the experiment of the so-called “Golden Powers” procedure. The transaction is expected to take place during the third quarter of this year. Reported Earnings • May 12
First quarter 2021 earnings released: €0.003 loss per share The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: €2.79b (up 7.7% from 1Q 2020). Net loss: €2.00m (loss narrowed 97% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 26
Leonardo S.p.a. (BIT:LDO) entered into a definitive agreement to acquire 25.1% stake in Hensoldt AG (XTRA:5UH) from Square Lux Holding II S.à r.l. for approximately €610 million. Leonardo S.p.a. (BIT:LDO) entered into a definitive agreement to acquire 25.1% stake in Hensoldt AG (XTRA:5UH) from Square Lux Holding II S.à r.l. for approximately €610 million on April 24, 2021. Under the terms, Leonardo will pay €23 per share. Upon closing of the transaction, Leonardo will propose two candidates to be nominated as members of the Supervisory Board of HENSOLDT. The closing of the transaction remains subject to customary conditions, including regulatory clearances in Germany and a selected number of countries, and is expected to take place in the second half of 2021. UBS (Italy) S.p.A and Deutsche Bank S.p.A. acted respectively as Lead Financial Advisor and Grimaldi e Clifford Chance acted as legal advisor to Leonardo. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS €0.42 (vs €1.25 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €13.4b (down 2.7% from FY 2019). Net income: €239.0m (down 67% from FY 2019). Profit margin: 1.8% (down from 5.2% in FY 2019). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 12
Revenue misses expectations Revenue missed analyst estimates by 0.3%. Over the next year, revenue is forecast to grow 4.3%, compared to a 4.0% growth forecast for the Aerospace & Defense industry in Austria. Tillkännagivande • Mar 06
Leonardo S.p.a. to Report Fiscal Year 2020 Results on Mar 09, 2021 Leonardo S.p.a. announced that they will report fiscal year 2020 results on Mar 09, 2021 
