Leonardo still down, brokers reject the hypothesis of a change of CEO
For analysts, a change at the top would be negative, unnecessary and a surprise that the market would not appreciate in light of the results recorded over the past three years
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(Il Sole 24 Ore Radiocor) - Leonardo - Finmeccanica remains weak on the stock market on the Cingolani knot: despite the general recovery of the stock markets, according to traders, the topic of a possible change of operational leadership, never hypothesised until a few days ago, is affecting the quotations.
The share price dropped almost one and a half points, after touching a low of EUR 55 (-2.8%) in early trading on Friday's close. Over the past two weeks, the share price - which hit all-time highs of over EUR 64 in mid-March after the aerospace group's business plan update - has started a correction (-13% approximately) despite the fact that the stock also received an upgrade (to 'buy') from Deutsche Bank.
Since the last days of last week, however, the market has picked up several press rumours on the possibility that the CEO. Roberto Cingolani, whose mandate is expiring along with the entire board of directors, will not be renewed at the next shareholders' meeting on 7 May: the reconstructions call into question recent friction with Prime Minister Giorgia Meloni linked to the new project Michelangelo Dome (the AI-based shield for air defence), which has also raised some criticism from the United States.
At the moment, other sources report, the path of reconfirmation remains the main one. Leonardo is 30.2% controlled by the Ministry of Economy and Finance whilethe free float sees a large presence of foreign investment funds, particularly North American ones. Lists for the renewal of the board of directors must be submitted by 13 April.
"If Leonardo's CEO were to be changed, it would be a surprise that the market would not appreciate in light of the results recorded over the last three years and the strategic impasse that a change at the top would create iat a historical moment that needs continuity and rapid implementation of the recently presented five-year plan," note Equita analysts.
