Piazza Affari toned, among the best stock exchanges in Europe in today’s session. On the Ftse Mib the rise of stands out Iveco Group after the first quarter results. They follow Leonardoafter the sale of Wass to Fincantieri, ed Is in the which in turn released the quarterly accounts. Diasorin’s Board of Directors meeting is scheduled today.
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Iveco Group flies after the accounts
Iveco Group closed the first three months of the year with revenues of 3.4 billion euros (in line with the first quarter of 2023), a Adjusted Ebit of 233 million (+59 million), higher than expectedand an adjusted net profit of 153 million (+77 million).
Considering a market evolution in line with sector expectations and a pricing policy in line with the markets, the company has confirmed the financial prospects for 2024which forecast a consolidated adjusted Ebit between 920 and 970 million and an adjusted Ebit of Industrial Activities between 790 and 840 million
For analysts of Morgan Stanley“the focus is on better year-over-year margins in all divisions, but especially in the truck unit“, up from 5.2% the previous year to 6.5%. The negative free cash flow of 436 million is in line with typical seasonality.
Leonardo did well with the sale of Wass to Fincantieri
Among the best of today also Leonardo, after the agreement for the sale of the Wass military submarine division to Fincantieri for a sum that could reach i 415 million of Euro.
Fincantieri will pay a fixed amount of 300 million euros, in addition to a variable component of up to 115 million subject to the achievement of certain performance targets in 2024. The companies have announced that the transaction will be finalized early next year.
Leonardo also benefits from the upgrade by UBSwhich raised the recommendation on the stock from “neutral” to “buy”bringing the target price from 16.6 to 30 euros. On May 7, the defense company announced its first quarter results, which exceeded expectations in terms of revenues and profits.
Enel, profits above expectations and record in market cap
Enel is also in good shape, at its highest level in four months after the quarterly accounts. Thanks to the decline of Ferrari, the utilities giant returns to the top of the ranking of the most capitalized companies on Piazza Affariwith a market cap of approximately 68.5 billion euros.
In the first three months of the year Enel recorded a turnover of 19.43 billiondown 26% year over year and below estimates, but Ebitda grew by 12% to 6.09 billion, exceeding analysts’ expectations, thanks above all to the strong production of hydroelectric energy in Italy, Spain and Chile, as well as reducing supply costs. Enel Green Power’s margin increased by 59%, more than any other Enel division.
Ordinary net profit grew 44% to 2.18 billion, much above the 1.8 billion Bloomberg consensus. Net financial debt, equal to 60.7 billion, is almost in line with expectations.
Morgan Stanley highlights how the first quarter net result represents 29% of the guidance (confirmed), compared to the historical seasonality of 25%, reducing execution risks.
