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Leonardo S.p.A ($LDO.MI)

www.clarksquarecapital.com

Leonardo S.p.A ($LDO.MI)

Global defense prime with accelerating fundamentals trading at a ~20% FCF yield.

Clark Square Capital
Apr 19, 2023
∙ Paid
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Leonardo S.p.A ($LDO.MI)

www.clarksquarecapital.com
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First Leonardo AW169M LUH helicopter for Austria delivered - Frag Out!  Magazine
Leonardo (Augusta Westland) AW169M

Investment Thesis Summary

I believe that an investment in the common shares of Leonardo S.p.A. (trading in Milan, ticker: $LDO.MI) is compelling for the following reasons:

  • An improved backdrop for defense spending is set to drive an acceleration in revenue and earnings for Leonardo over the next 3+ years.

  • Free cash flow …

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