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    LDO   IT0003856405

LEONARDO S.P.A.

(LDO)
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Leonardo recoups some losses after problems with sub-contractor

10/15/2021 | 05:18am EST

ROME, Oct 15 (Reuters) - Shares in Leonardo rose as much as 3% in early trade on Friday a day after falling when Boeing said parts supplied by the Italian defence group sourced from a sub-contractor had been improperly manufactured.

Leonardo fell more than 7% on Thursday.

The state-controlled conglomerate said the sub-contractor, Italy's Manufacturing Processes Specification (MPS), was among sub-suppliers qualified by Boeing.

"The sub-supplier is under scrutiny by prosecutors therefore Leonardo is an injured party and will not bear any potential costs associated with this issue," Leonardo said on Thursday.

It said MPS was no longer one of its suppliers.

MPS has worked for a broad set of aerospace companies including Spirit AeroSystems, according to industry sources and documents.

It is also an approved supplier to Airbus, according to a list available via the planemaker's website.

"The reaction of the shares already prices in the potential risk of non-recurring expenses, but the reputational problem for (Leonardo's) Aerostructures division remains," broker Equita said.

The division is already suffering from a fall in demand and is expected to burn through cash this year as some of plants operate below capacity.

Shares in Leonardo were up 1.1% at 0833 GMT, outpacing a 0.6% rise in Italy's blue-chip index FTSE MIB. (Reporting by Francesca Landini and Giulia Segreti; editing by Jason Neely)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE -2.52% 98.55 Real-time Quote.9.77%
LEONARDO S.P.A. -0.76% 5.982 Delayed Quote.2.00%
STOXX ITALY TMI (EUR) -0.27% 120.02 Delayed Quote.17.32%
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Analyst Recommendations on LEONARDO S.P.A.
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Financials
Sales 2021 14 107 M 15 960 M 15 960 M
Net income 2021 505 M 572 M 572 M
Net Debt 2021 3 427 M 3 877 M 3 877 M
P/E ratio 2021 6,53x
Yield 2021 2,27%
Capitalization 3 441 M 3 884 M 3 892 M
EV / Sales 2021 0,49x
EV / Sales 2022 0,45x
Nbr of Employees 50 139
Free-Float 69,3%
Chart LEONARDO S.P.A.
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Leonardo S.p.A. Technical Analysis Chart | MarketScreener
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Technical analysis trends LEONARDO S.P.A.
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 16
Last Close Price 5,98 €
Average target price 9,30 €
Spread / Average Target 55,5%
EPS Revisions
Managers and Directors
Alessandro Profumo Chief Executive Officer & Director
Alessandra Genco Chief Financial Officer & Vice President
Luciano Carta Chairman
Dario Frigerio Lead Independent Director
Marina Rubini Independent Non-Executive Director
Sector and Competitors