Wir hatten ja vor ein paar Tagen den Leonardo-Deal diskutiert. Heute bin ich über diesen Artikel gestolpert, der vielleicht für einige interessant ist:
https://www.milanofinanza.it/news/...iu-di-440-mln-202111090955069696 (Vorsicht - italienisch! Übersetzung folgt)
Zusammenfassung: Leonardo verscheuert sein Tafelsilber, die profitable Sparte Oto Melara, die Geschützte für Seestreitkräfte herstellen. Im Artikel wird gerüchtet, dass das passiert, damit Leonardo den HENSOLDT-Deal finanziell stemmen kann. Jeder kann sich seine eigenen Gedanken dazu machen, aber für mich weist das einerseits darauf hin, dass Leonardo den Markt den HENSOLDT bedient langfristig für interessanter hält und andererseits, dass Leonardo eben doch nicht so üppig ausgestattet ist, HENSOLDT mal nebenbei zu "schlucken". Mal sehen, ob sie das Geld für die letzten Anteile von KKR haben werden. Andererseits nährt der Artikel schon Spekulationen um politische Absprachen zwischen Deutschland und Italien um sich den Rüstungsmarkt aufzuteilen.
Mit DeepL übersetzt:
The unions Fim, Fiom and Uilm have organized an assembly for today to protest against the alleged sale of the group's defense systems business unit, which is doing well (possible order for 13 naval gun systems for the Indian Navy). Akros would not be surprised if it were a German player to acquire it, a sort of barter between Italy and Germany between defense electronics, Hesoldt, and defense systems.
by Francesca Gerosa 09/11/2021 10:35
Leonardo wants to sell the former Oto Melara to a European player and the unions Fim, Fiom and Uilm have organized a meeting for today (from 10:30 to 11:30 and from 14:30 to 15:30) to protest against the alleged sale of the business unit defense systems of the group. The protest has been organized following rumors that for some months have been signaling the intention of the company, led by Alessandro Profumo, to sell the activities of the historic company of La Spezia.
At the beginning the rumors reported Fincantieri as a possible buyer, more recently rumors have been circulating about European industrial realities. According to the union, selling the division to European subjects would mean losing "a highly strategic sector, one of the main suppliers of the Italian armed forces" that employs 1500 direct and indirect workers.
Oto Melara produces naval guns and cannons/turrets for land platforms, was merged into Leonardo's defense systems division in 2016. The group does not provide economic data for each individual unit. The most recent ones that Banca Akros found indicate that Oto Melara reported revenues of
356 million euros in 2015 with an ebit of 38 million (ebit margin of 10.7%) and revenues of 390 million euros in 2014 with an ebit of 46 million (ebit margin of 11.8%).
"We believe the business is doing well as Oto Melara has won important tenders for the supply of naval guns to many navies, including the Canadian and Spanish navies in recent months; prospects are also improving in India after the country removed Leonardo from the blacklist a couple of days ago and Oto Melara is expected to win an important order for the supply of 13 naval gun systems for the navy," Banca Akros pointed out according to which there are not many listed European competitors around that could evaluate the acquisition of this Italian company.
So, Bae Systems trades at about 1 times its 2021 sales and about 10 times ebit. "If we assume for Oto Melara revenues of 400 million and an ebit of 44 million, the valuation of this asset falls in the 400-440 million range," Banca Akros assessed. Instead, Rheinmetall's multiples, about 0.7 times ev/sales and about 7 times ev/ebit, suggest an asset valuation of 280-308 million.
Banca Akros favors the valuation based on Bae Systems' multiples and recalls that Leonardo has committed to buy a 25.1% stake in Germany's Hensoldt (radar/defense electronics) by the end of the year, a deal worth about €0.6 billion. The group is also willing to list its U.S. subsidiary Drs on Wall Street to raise funds, but is also studying alternative options such as selling the automation business unit, a leader in automation for the logistics and airport sectors.
"The sale of Oto Melara would represent another option for Leonardo. It is not clear who the potential European buyer could be, but we would not be surprised if it were a German player in a sort of barter between Italy and Germany between defense electronics, Hesoldt, and defense systems," speculated Banca Akros, according to which the news is potentially positive: "Oto Melara would bring out value, with Leonardo trading at around 4.6 times its 2021 ebit, improve the group's focus: more electronics, fewer platforms and remove the question mark on how it will finance the acquisition of Hensoldt," concluded the investment bank that on Leonardo's stock, up at the moment by 0.55% to 6.594 euros on the stock exchange, maintains a buy rating and a target price at 9.25 euros. (confidential reproduction)
Translated with www.DeepL.com/Translator (free version) |
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