The positive tone on Leonardo’s Ftse Mib continues, showing growth of over 2% to 7.23 euros. To support the title of the former Finmeccanica several news, including the strategic alliance with the Maire Tecnimont group for the construction of new generation industrial plants in Italy and abroad.
Support also comes from the forecasts pitted by the French Airbus, which offer visibility on the recovery path. In particular, the transalpine group announced that it intends to increase the production of the A320 family from an average of 45 aircraft per month in the fourth quarter of 2021 to 64 aircraft per month by the third quarter of 2023. With repercussions also on Leonardo, as the Banca Akros analysts who maintain the buy recommendation on the group led by Profumo.
“The activities of Leonardo Aerostructures – underline at first by Banca Akros – are more exposed to the Boeing“ 787 ”than to Airbus (A320, A220) and Atr. We estimate that the activities related to Boeing recorded revenues of 725 million euros in 2019, with a weight of approximately 65% of the top line of aerostructures; and the activities relating to ATR account for approximately 20% and the activities relating to Airbus for approximately 15% ”. According to Akros experts, the aerostructures division is expected to absorb liquidity between about 350-400 million in 2021.
“In our current estimates, we assume a moderate recovery in the aerostructures business, destined to remain at a loss and burn cash in the coming years. Any news / confirmation that business is recovering is good, even if Leonardo is clearly more exposed to Boeing than Airbus, ”concludes Akros.