|Bid||6.00 x 0|
|Ask||5.86 x 0|
|Day's Range||5.59 - 5.90|
|52 Week Range||4.38 - 11.89|
|Beta (5Y Monthly)||1.55|
|PE Ratio (TTM)||4.91|
|Earnings Date||Jul 30, 2020|
|Forward Dividend & Yield||0.14 (2.55%)|
|Ex-Dividend Date||Jun 22, 2020|
|1y Target Est||11.47|
Examining how Leonardo S.p.a. (BIT:LDO) is performing as a company requires looking at more than just a years...
(Bloomberg Opinion) -- The anti-politics Five Star Movement may be part of Italy’s ruling coalition, but recent nominations to the boards of Italy’s state-backed companies look as pro-politics as ever.Oil major Eni SpA, utility Enel SpA and defense group Leonardo SpA are among those that get a boardroom review every three years. The quixotic hope is that appointments are made via a clear process and at arm’s length from politics. This time around, unfortunately, one gets the impression of low-level horse trading.Nominations seem to have been crudely carved up between the two sides of the ruling coalition, with the Democratic Party choosing the chief executives and Five Star nominating the chairmen. This turns good governance into a political balancing act.The CEOs have mainly been reconfirmed in their roles. Fair enough. Ditching well-regarded executives in a crisis risks creating instability when it can least be afforded. All the same, the Democratic Party could be seen as merely ratifying the candidates it appointed or confirmed last time around.At the chairmen level, new faces abound. Assuming these are Five Star placements, it’s hard to believe there’s no agenda in forcing change. Eni receives a commercial law professor, who is also on the board of the publisher of newspaper Il Fatto Quotidiano. The paper has recently been critical of CEO Claudio Descalzi, who is the subject of litigation relating to corruption allegations. Meanwhile, Enel gets a banking regulation lawyer, who advised the bailed-out Banca Monte dei Paschi di Siena SpA. Over at defense group Leonardo SpA, the new chairman is, sensibly enough, the head of Italy’s foreign intelligence services. But a different board nominee has created controversy over reported ties to foreign affairs minister Luigi di Maio.The acid test is what independent shareholders will make of all this. The Eni appointment sends a message to Descalzi that governance must be taken seriously and that he should not relax even if the litigation against him (which is now concluding) fails. The snag is that the oil industry is facing its biggest operational and strategic challenge in decades, with Brent crude at a lowly $21 per barrel and clean energy an investment imperative. If a crisis of this magnitude isn’t the time to pair Descalzi with an industry veteran, then when is?Over at Enel, outside shareholders will have questions about the strategic implications of installing a new chairman right now. Enel has been under pressure to combine its fiber broadband unit with that of Telecom Italia SpA, to help provide universal internet access — a central Five Star goal. Thus far, CEO Francesco Starace has been cautious about agreeing to a deal. The logic and terms of such a transaction would be a concern to Enel’s non-state investors who own the majority of the group.Of course, the chairman role at Italian state-owned companies is really more administrative than in, say, a U.K. company where the occupant can fire the CEO. At all three of these firms, CEO and chairman alike answer to the state. The government can phone up Starace and dictate aims any time. Besides, finding the perfect chairman or CEO is tough anywhere. The holy grail is someone who has relevant experience, strategic vision and can strengthen the diversity of the board. They don’t exactly grow on trees.But depoliticizing these appointments has to start somewhere. Pandemic bailouts will see more firms taking on the state as a shareholder. If supposedly anti-politics Italy is anything to go by, those holdings will be kept awkwardly close.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Those holding Leonardo (BIT:LDO) shares must be pleased that the share price has rebounded 42% in the last thirty...
Unfortunately for some shareholders, the Leonardo (BIT:LDO) share price has dived 58% in the last thirty days. Indeed...
ROME , Nov. 18, 2019 /PRNewswire/ -- Leonardo S.p.a. ("Leonardo") and its subsidiary Leonardo US Holding, Inc. (the "Company") today announce the final tender results of the Company's ...
ROME, Nov. 7, 2019 /PRNewswire/ -- Leonardo announces that its subsidiary Leonardo US Holding, Inc. (the "Company") today announced offers (the "Offers") to purchase any and all of the Company's outstanding 7.375% Guaranteed Notes due 2039 (the "2039 Notes") and 6.250% Guaranteed Notes due 2040 (the "2040 Notes" and together with the 2039 Notes, the "Notes") guaranteed by Leonardo S.p.a. The terms and conditions of the Offers are described in an offer to purchase dated today (the "Offer to Purchase").
The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). We'll show how you can use...
(Bloomberg) -- Italy has lined up behind a British bid to build Europe’s next jet fighter in competition with France and Germany.Italian companies including Leonardo SpA and Avio Aero, a division of General Electric Co., signed a statement of intent in London Wednesday to partner with BAE Systems Plc, Rolls-Royce Holdings Plc and other U.K. firms on the Tempest jet, BAE said by email.While Leonardo’s British arm was already a participant in the fledgling program, the division had previously made clear that its Rome-based parent wasn’t involved and remained open to joining the rival program led by France’s Dassault Aviation SA and the German fighter business of Airbus SE.Leonardo’s involvement means BAE is aligned with its existing partner on the Eurofighter program, while Airbus is splitting from Eurofighter to team with Dassault, which currently produces the rival Rafale warplane. Sweden, whose Saab AB builds Europe’s third fighter, the Gripen, is already in the Tempest camp, having signed a memorandum of understanding in July.Britain embarked on the fighter initiative, which includes missile maker MBDA and could extend to non-European partners such as Turkey or Japan, after France and Germany said they’d formed a new combat-aircraft alliance. Some defense experts have said the two programs are still likely to come together to cut costs and compete with the next generation of U.S. warplanes.To contact the reporter on this story: Christopher Jasper in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Palazzo at email@example.com, Andrew Noël, John BowkerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Europe’s determination to build up its own, independent, tech infrastructure took a hit this week.The European Union’s flagship technology project, the 10 billion-euro ($11 billion) Galileo satellite navigation system, went down for at least five days after a problem hit command centers in Italy and Germany. The outage caused no disruption because the EU economy -- not to mention its military -- could rely on existing systems, like the U.S.’s Global Positioning System.But imagine the chaos if the U.S. infrastructure, which Europe is trying to wean itself off, hadn’t been available.Galileo is designed to replace the U.S. system for Europe’s industries, individuals and armies. With self-driving cars, connected factories and 5G communications all close to deployment, having a reliable navigation system of its own will only become more important for the EU.Operations were restored late Wednesday, said the EU Commission, which oversees the program. But the stigma remains.U.S. President Donald Trump is preparing to create a Space Force, China has landed a robot on the far side of the Moon, and Russia is playing cat and mouse with its rivals’ military satellites. All the while, the EU is struggling to track the locations of its assets on Earth.Relying on Rivals“We were pretty surprised this happened because the system was conceived with two control centers," which are supposed to ensure sufficient back up, said Gianluca Marucco, an engineer at the Navigation Signal Analysis and Simulation, a research group based in Turin. "We need to learn the lesson and ensure the mistake is not repeated.”Galileo is one of Europe’s biggest industrial ventures since Airbus in the 1970s.It was conceived to end the EU’s reliance upon the GPS, built by the U.S. Defense Department to help troops and ships navigate. The U.S., Russia and China all have their own satellite navigation systems and could, in theory, shut off access for European users.The outage didn’t create a blackout this time because user devices are able to switch to other countries’ functioning systems.Galileo has been running a pilot service since 2016 and plans to be fully operational next year. By then it will have another four satellites to add to the 26 currently in orbit.Mounting ConcernIt is operated by SpaceOpal, a consortium between the German space agency DLR and Telespazio SpA. Telespazio in turn is a joint venture between defense companies Leonardo SpA of Italy and Thales of France.The EU said last year it will earmark another 16 billion euros in its 2021-2027 budget for space, with most going to Galileo amid mounting concern about the creeping militarization of space.President Emmanuel Macron announced July 14 that France will create its own space command to beef up its military presence in the Earth’s outer atmosphere. His decision was meant as a nudge for the EU to accelerate its own space programs to keep up with its geopolitical rivals.“If the whole world had Galileo, the problem would have caused chaos,” said Marucco. "Fortunately, the international community set agreements to deploy and maintain more satellite navigation systems, to have backup in cases of outage of one of them.”\--With assistance from Alessandro Speciale.To contact the reporters on this story: Helene Fouquet in Paris at firstname.lastname@example.org;John Follain in Rome at email@example.comTo contact the editors responsible for this story: Ben Sills at firstname.lastname@example.org, Giles TurnerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
As Leonardo S.p.a. (BIT:LDO) released its earnings announcement on 31 March 2019, analysts seem cautiously optimistic...