Leonardo, what merchant banks and IPO analysts say Drs
As Borsa and analysts commented on the words of Profumo (Leonardo) on the IPO of the subsidiary Drs
Actions in evidence for Leonardo on the statements of the CEO on Ipo Drs.
In the first session of the week, Leonardo got into the highest gear and, with an increase of up to 2.5 points, it was the best of the Ftse Mib (+ 0.7% the main list).
Contributing to the comeback were the words of Leonardo's CEO, Alessandro Profumo, who report the current listing of the American subsidiary Drs, expressed last Friday at the Ambrosetti Workshop in Cernobbio.
After the postponement of the IPO last March , Leonardo intends to bring DRS to the market as soon as market conditions allow it.
According to analysts, the listing of Drs would be a positive element, even if, at present, there are no indications on a possible timing.
On the sidelines of the Ambrosetti conference, Profumo also said that Leonardo still hopes to find a buyer or partner for automation activities ( here the in-depth analysis by Start on the former Elsag ), while he did not want to comment on the rumors about a possible sale. by Oto Melara.
All the details.
THE WORDS OF PERFUME ABOUT LEONARDO DRS
Over the weekend, during the Ambrosetti Forum in Cernobbio, the CEO of the former Finmeccanica made it known that the listing project of the American Drs is not archived, on the contrary the documentation continues to be updated.
“We had filed for the listing, we continue to update it continuously, clearly everything will depend on market conditions. As soon as the market conditions are in place to make a successful trade we will make a successful trade, ”said Profumo.
However, Profumo explained that “when we exposed the deal in February, the key issues were what would happen to the US defense budget and inflation. Today the defense budget is stabilized, while the increase remains one of the issues to which the markets are particularly sensitive ”.
THE COMMENT OF EQUITA
"We confirm that for us the listing of Drs represents a positive catalyst for the possibility of obtaining a greater evaluation of Drs as an autonomous entity and to strengthen Leonardo's financial structure, although we believe that it requires the application of a holding discount", observes the 'Equita analyst while noting that “there are no indications on a possible timing to bring the company on the list, after the stalemate of last March”.
WHAT BANCA AKROS THINKS
"The company had offered 22% of Drs at a price of 20-22 dollars per share, valuing 100% of the company about 2.8 / 2.9 billion dollars, 2.35 / 2.44 billion euros" , recalled the experts of Banca Akros (rating buy and target price at € 9.25). “The valuation range for the company remains unchanged,” said Profumo, given the slight improvements in the accounts of Drs. “For Banca Akros the news is neutral / positive as the IPO of Drs would trigger the recognition of the value of an important asset in the group's portfolio” reports Mf / Milano Finanza .
In addition to implying a potential collection for the group of approximately 650 million euros, they explained to Bestinver Securities (buy and target price between 7 and 8 euros), improving its overall financial structure.
FOR KEPLER CHEVREUX IPO DRS BY THE END OF 2021
"I would say that it is quite probable that Leonardo will be able to retry the Drs IPO by the end of the year", predicts a Kepler analyst Cheuvreux Profumo said that Leonardo continues to "update the document for the listing of Drs" and that " it all depends on market conditions, the goal is to make a successful transaction ".
THE CONSIDERATIONS OF MEDIOBANCA SECURITIES
"At present there are no precise indications on a possible timing of the IPO, Profumo merely said" in the coming months ". Therefore, it could happen before the end of the year. This would allow the group, observed Mediobanca Securities (rating neutral and target price at € 7.80), to offset the impact on the balance sheet from the acquisition of Hensoldt, which should also close before the end of the year "reports Mf / Milan Finance .
LEONARDO'S STOCK UNDERVALUED FOR WEBSIM
"We believe that the IPO of Drs is not priced by the market and can contribute to add about 1 euro in value per share", said Websim analysts, also considering positive the statements on the fact that the lack of chips has no impact on the profits and the role of the group in building the national cloud (partnership with Tim and Sogei). “We consider the Leonardo stock largely undervalued at current prices”.
FOCUS ON THE RACE IN THE UK
Finally, according to Banca Akros, Leonardo is also on pole to win the UK tender for the Nmh program with the AW149 helicopter. The institute's analysts have estimated that the program could be worth 1.3 / 1.6 billion euros.
For Banca Akros, the group is well positioned to secure this contract with its medium-sized multi-role helicopter, Aw149.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/che-cosa-dicono-banche-daffari-e-analisi-ipo-drs/ on Tue, 07 Sep 2021 05:34:58 +0000.