Another sunny day on the stock exchange for Leonardo's title, which gained 5,9% at the end of the morning, to 5,344 euros, recording the best rise of the Ftse Mib (which in the same minutes floats around parity). The shares of the defense group – which had already registered a 16% surge on Monday – managed to gain 8,4% during Tuesday's session, with a passage in the volatility auction.
The wave of purchases on the Leonardo stock was triggered by some rumors - not denied by the group - on a possible stock exchange listing of the US subsidiary Drs, to be implemented within the first half of 2021.
In detail, according to the rumors, the IPO on the Nyse would predict the placement on the market of 40% of the capital by Drs, against a rating from 3 billion dollars for 100% of the company.
According to Equita analysts, this is a "possible, although this option was not made explicit in the business plan presented in 2018".
Leonardo replied to the rumors limiting itself to saying that, "as usual", the company "constantly evaluates various options with a view to creating value for its shareholders, including the possibility of proceeding with the listing of Leonardo Drs". The group then specified that "no formal decision on the matter has been taken". The Sun 24 Hours writes that the advisor of the operation could be Mediobanca.
If the IPO is confirmed, "the deal at this valuation would be very positive - Equita analysts continue - as DRS alone would represent 87% of Leonardo's market cap", and the company, "by placing 40%, it would raise one billion, strengthening the financial structure and putting doubts about free cash flow into the background".
DRS manufactures products and supports for military forces and intelligence agencies and specializes in defense technology, especially in the development of systems for military missions. Some of its products are also used by the US military.
The company was listed on the New York Stock Exchange until 2008, when Finmeccanica (now Leonardo) bought it and then arranged for its delisting.
