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Leonardo

Leonardo operates in the aerospace, defence and security sectors, with a majority of their revenue derived from the manufacturing of radars, avionics, surveillance systems and cyber security under the Electronics, Defence & Security Systems segment. The company produces commercial and military rotorcraft, military and civil aircraft, satellites, space transport systems, naval guns and turrets, torpedoes, thermal imaging devices, radars, and electronic warfare. The Italian government has a majority ownership with a 32% holding in Leonardo. (13 Dec 2017)

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US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

March 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 02 Apr 2017, 4:22 PM ET - Our monthly report provides executive summaries for the seventeen company recommendation changes made on European companies during the month of March.
Focused

Leonardo 4Q16: Debt Reduction, M&A and IG Ratings

Earnings Note: 20 Mar 2017, 9:36 PM ET - We welcome the improvement in Leonardo’s balance sheet and credit metrics and move to an Outperform recommendation on the EUR and USD bonds.

Trump, Trade, Germany, and the EU

Strategy Analysis: 08 Mar 2017, 11:15 PM ET - The Trump team focuses on a bilateral deal with Germany distinct from the EU and sets the stage for more tension. We frame the US-Germany trade deficit for 2016 at the industry level.  Trade edges ahead of the Fed as a risk variable?

Aerospace & Defense 2017 Outlook: Underperform

Sector Outlook: 01 Feb 2017, 5:43 AM ET - The DoD is still operating under a continuing resolution in FY17, but there is increased optimism that the new Republican government will lift defense spending caps for the years ahead. Commercial aerospace will face some headwinds in 2017.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.
Focused

FNC 3Q16: Another Weak Quarter

Earnings Note: 06 Nov 2016, 8:00 PM ET - Finmeccanica’s third quarter results were weak and missed consensus estimates driven by revenue declines in the 3 major operating segments, resulting in a 4% decline in the share price, as of Friday’s close.  
Focused

Finmeccanica 2Q16: Prolonged Helicopter Headwinds

Earnings Note: 31 Jul 2016, 8:59 PM ET - Finmeccanica’s second quarter 2016 results were mixed with strong improvements in profitability, particularly in Aeronautics and Electronics and Defence & Security Systems, despite YoY revenue contraction across all business lines.
Focused

FNC 1Q16: Heli Headwinds, Major Eurofighter Deal

Worth Watching: 05 May 2016, 7:57 PM ET - FNC 1Q16: Finmeccanica's first quarter results were mixed. Exposure to headwinds in the oil and gas sectors in the Helicopters segment negatively impacted revenues, while the benefits of a reduced cost base and improved profitability in the Sec ..

March 2016 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Mar 2016, 11:09 PM ET - Our monthly report provides executive summaries for the thirteen company recommendation changes made on European companies during the month of March.

Industrials: Green Shoots During Spring

Sector Analysis: 22 Mar 2016, 12:08 AM ET - Our latest read on what industrial companies are saying on both sides of the pond across their wide ranging end markets. The gist? Still a mixed outlook but early stabilization, even in the more challenging sectors.
Focused

FNC 4Q15: One Company, New Direction

Earnings Note: 20 Mar 2016, 6:47 PM ET - Finmeccanica is continuing to align its business focus in the areas of aerospace, defense and security, having successfully executed the disposal of its underperforming Transportation business and other non-core business areas.

Rheinmetall 4Q15: Defence Operating Improvements

Earnings Note: 20 Mar 2016, 5:54 PM ET - Rheinmetall’s Defence segment is bearing the fruits of completed restructuring efforts with improvements reported in the combat systems and electronic solutions businesses.

Aerospace & Defense: 2016 Outlook

Sector Outlook: 14 Jan 2016, 7:08 PM ET - A&D Underperforms in 2016. The defense operational outlook improved with the budget agreement, but M&A and shareholder rewards should expand leverage. Aerospace uncertainty grows with higher production rates and decelerating growth.
Focused

FNC 2Q15: Restructuring Efforts Taking Hold

Earnings Note: 31 Jul 2015, 12:18 PM ET - The restructuring efforts are taking hold, as evidenced by the improvements in operating margins despite the challenging environment in the defense sector.
Focused

FNC: Tender Offer for €450 mn Notes in Aggregate

Worth Watching: 08 Jul 2015, 9:51 PM ET

Orbital ATK 1Q15: 1% ‘15 Sales Decline, 6% OI Grow

Earnings Note: 29 May 2015, 6:00 AM ET - 2015 guidance points to 1% consolidated revenue contraction and 6% operating income improvement.  OA affirmed longer-term (2015-2017) revenue guidance of 4-5% CAGR.
Focused

FNC 1Q15: Moving in the Right Direction

Worth Watching: 10 May 2015, 8:35 PM ET
Focused

Finmeccanica 4Q14: Heading in the Right Direction

Earnings Note: 19 Mar 2015, 11:56 PM ET - Finmeccanica reported solid 2014 results, and continues to move forward along its restructuring plan.

Huntington Ingalls: Affirming Outperform

Company Spotlight: 05 Mar 2015, 4:12 AM ET - 2014 represented was a solid year. Sales marched 2% higher and program performance remained on track. Margin improvement spurred 31% EBITDA growth.  Leverage metrics strengthened. Execution risk and product concentration risk remain.

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