(Alliance News) - It is the surprise and the true star of Leonardo's new industrial plan: the Michelangelo Dome defense shield, a platform symbolizing the multi-domain strategy of the group led by Roberto Cingolani.
As reported by Milano Finanza, this project alone could generate EUR21 billion in opportunities and was mentioned 23 times during the plan's presentation. The system, which Leonardo is currently discussing with around twenty countries, will debut in Ukraine in the coming weeks for its first operational trial, ahead of NATO tests in 2027 against drone swarms and ballistic missiles.
The project will concentrate many of the group's technologies, including artificial intelligence, becoming a hi-tech showcase for Leonardo. Its weight within the plan also surprised investment banks.
"The main upside of the plan is the inclusion of the Michelangelo Dome for the first time," Equita wrote.
Estimates indicate EUR6 billion in orders between 2026 and 2030 and another EUR15 billion in the following five years, for a total of EUR21 billion. According to Equita, the Michelangelo Dome is precisely what makes the plan stronger in the second half of the decade. Between 2028 and 2030, the EUR6 billion in orders could correspond to EUR3.5 billion in revenue, with relatively contained investments and capex between EUR50 million and EUR100 million. The first deliveries are expected in 2028.
The plan received a positive reception from the market. Equita raised its target price from EUR64 to EUR71, maintaining a 'buy' rating. JPMorgan is even more optimistic, seeing the stock at EUR77 compared to the previous EUR66.
The focus on the Michelangelo Dome does not overshadow the plan's other drivers. Leonardo forecasts cumulative orders of EUR142 billion between 2026 and 2030 - an average annual growth of 6.1% - and revenues of EUR126 billion, up 9%. Key dossiers include the Aerostructures partnership, the Space alliance, and M&A operations supported by a solid financial structure.
In the short term, analysts expect further developments, starting with the acquisition of Iveco Defence, with the signing scheduled for March 18: it would bring EUR1.3 billion in additional revenue and an operating margin of around 10%.
By the end of the year, the space joint venture with Airbus could also expand, while the agreement on Aerostructures, which Cingolani is working on, is expected by June. The most likely partner is thought to be the Saudi fund PIF, although the geopolitical context could slow down the process.
For acquisitions, Leonardo has allocated EUR1.8 billion, with potential targets mainly in the cyber and space sectors, in line with the "from bullets to bytes" strategy. The latest move goes exactly in this direction: the agreement to acquire the British cybersecurity company Becrypt.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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