Stifel upgrades Fincantieri to "buy" after UAS acquisition
** Stifel upgrades Italian shipbuilder Fincantieri FCT.MI to "buy" from "hold" following the acquisition of Underwater Armament systems (UAS) from Leonardo LDOF.MI for up to 514 million euros ($552.40 million) and the related 500 million euros capital hike
** The "fact the capital increase is solely serving the acquisition is a strong signal," Stifel says, adding that it rules out the existence of refinancing or liquidity issue for the company
** The brokerage adds the deal shows the management is committed to improving revenue quality and executing diversification strategy from cruise business
** It notes that benefits from this acquisition will be visible from 2025, when the integration should be concluded
** In 2025, it estimates that UAS should generate 240 million euros in revenue and have margin around 21%
** Stifel expects Fincantieri 2025 core profit to be 28% higher compared to 2024 and 61% vs 2023, including an organic increase in margin and UAS contribution
** Out of 6 analysts that cover Fincantieri, one rates the stock "buy", five rate it "hold"
($1 = 0.9305 euros)
Reporting by Alberto Chiumento
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