The main purpose of this dissertation is to determine the target price as of 31st December 2024 for Leonardo S.p.A. (LDO.MI), an Italian Company working in the Aerospace, Defence & Security industry and listed on the Milan Stock Exchange. The company is valued using three intrinsic valuation approaches: the classic DCF method asset side, the APV method and the DCF method equity side, along with a relative valuation approach using trading and comparable transactions multiples. The analysis recommends a BUY investment, with a target price in the range between €28,11 and €32,32 based on the three intrinsic valuation approaches, respectively representing a 8,4% and 24,6% premium over the stock value at the valuation date.
| Date of Award | 6 May 2025 |
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| Original language | English |
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| Awarding Institution | - Universidade Católica Portuguesa
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| Supervisor | José Carlos Tudela Martins (Supervisor) |
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- Leonardo S.p.A.
- Equity valuation
- Discounted cash flow
- Adjusted present value
- Relative valuation
- Aerospace & defence
- Investment recommendation
Leonardo S.p.A. valuation
Bonilauri, F. E. M. (Student). 6 May 2025
Student thesis: Master's Thesis
