Piazza Affari opens with a decrease. Websim bowl Stellantis
Piazza Affari opens weakly awaiting the ECB and the Fed’s rate hike. The Ftse Mib index is down by 0.54% to 26,691 points. In sharp decline Leonardo, which loses more than 6% after the data of the first quarter and Telecom down by 1.45% awaiting today’s board of directors. The recovery of oil instead pushes Eni (+1%) and Saipem (+1.6%)
Leonardo
Leonardo in sharp decline after the quarterly which showed slightly lower profits than expected. For many it was an opportunity to realize after the year-to-date title run following the war in Ukraine.
In mid-morning it lost 6% to 10.34 euros. Volumes of 2.6 million pieces, already in line with the 30-day average of 2.5 million for an entire session. Since the beginning of the year, the stock has recorded a growth of 29%. The group closed the first quarter with a declining profit but confirmed its guidance for 2023. Orders are growing.
“Lower operating results are more than offset by strong order intake,” writes Equita in the daily.
According to Akros Bank, “Reported Ebita was disappointing, lower than expected, but it must be considered that the first quarter does not play an important role for seasonal reasons”.
Finally, according to a trader, today’s decline is also attributable to realizations after the recent run linked to the expansion of military spending by European countries for the war in Ukraine.
Stellar
Websim lowers the target price of Stellantis to 16.2 euro from 17.4 euro post dividend distribution The data on revenues for 1Q 2023 released yesterday were up by +14% or slightly better than expected. The recommendation remains Neutral in the light of not encouraging signals on the sector in light of the possible recession and the most challenging competitive environment above all. We expect a reduction in pricing power which together with cost inflation should lead to a reduction in margins.