EARLYThesis forming — early stage, needs conviction
Investment Thesis
Leonardo's helicopter, aerostructures and defense electronics franchises ride European defense rearmament with significant order book acceleration. GCAP next-gen fighter program with UK and Japan provides multi-decade revenue platform. AW139/149/189 helicopters dominate medium-twin defense and parapublic markets globally. Italian government commitments to 2% then 3% GDP defense spend secure domestic baseline.